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Multinationals take an axe to jobs

090130_jobs.jpgForced leave, wage reductions, hiring freezes and shorter hours simply did not do enough. A year into this recession, companies across the board are resorting to mass job cuts. Home Depot, Caterpillar, Sprint Nextel and at least eight other companies announced on Monday they would cut more than 75,000 jobs in the US and around the world – a gloomy start to the work week for employees anxious about holding their own as the economy sinks. Caterpillar, the heavy equipment maker, is slashing its payrolls by 16 per cent. Texas Instruments said it would eliminate 3400 jobs, 12 per cent of its workforce. Drug maker Pfizer, which announced it would acquire rival Wyeth for $US68 billion ($A104 billion), said it would cut about 8000 jobs from its workforce. Once the companies are merged, another 15 per cent of the workforce, nearly 19,000 jobs, could be eliminated. Image source:

News selected by Covalence | Country: Global | Company: Home Depot, Caterpillar, Sprint Nextel, Caterpillar, Texas Instruments, Pfizer, Citigroup, General Electric, Nokia, Harley-Davidson, Microsoft | Source: New-York Times /

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