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U.S. job losses continue to mount. (BBC)
The job cuts just keep on coming while economic analysts try to decide whether the U.S. is in a recession. But forget the technical definition - if you're one of the hundreds of thousands of U.S. workers who have lost their jobs this year, there's no doubt about it.
American Express is the latest company to announce bad news - the New York-based credit card company said it plans to cut 7,000 jobs, about 10 percent of its global work force, as it tries to slash $1.8 billion in costs in 2009.
The company said the cuts will affect several business units, but the bulk of layoffs will be from management positions.
Several major U.S. employers have announced layoffs recently, including all the Detroit automakers and many airlines. Others who have announced job cuts include Merck, General Electric, Xerox, Yahoo, Pratt & Whitney, Goldman Sachs, Whirlpool, Bank of America, Alcoa, Coca-Cola and eBay.
By the way, on a sidenote - check out the Business News Examiner's article about what U.S. banks are doing with their bailout money. It's likely not what was originally intended - or at least what folks needing loans were hoping for ...
Comments
I have worked for one of these companies for several years and still struggle, however, it has been like my home and a long term committment til retirement. Hopefully the thought in mind is to cut and lay off those who make the million dollar figures and receve millions of dollars in bonuses yearly and who make changes without speaking to those who face our customers everyday and having to implement changes that occur for someone to fix, get credit and make more money for a temp fix that dissatisfies employees and customer base. We are going through a very tough time and there are some of us who have been loyal to our job, have made it a part of our everyday lives and is our livelyhood.. Realizing that this economic crisis is affecting everyone and I am a very small piece of the pie and have contributed my all for the good of the business I am in fear of my job at this point... and it is not fair for most of the small pieces of this pie to fear this with all of the dedication that has been put forth for the benefit of our company, life and livelyhood. Cuts have been made that directly affect employees and what they look forward to like going from grand holiday parties, to cafeteria meals and now nothing! But yet the million dollar bonuses are still given!!! I make an extra incentive and always put it back in to my team, even with all of the cuts and it gets harder and harder to incent my team. I am not speaking of anything grand it is simple day to day incentives like gas cards, balloons and cake for birthdays. (motivational items). I need to save money, may lose my job, however I am committed to making my team happy. (Wish the higher ups would do the same)....Care for the company and people that they manage. CEO's are getting million dollar bouses, we are cutting costs and giving up dedicated people.
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