December layoffs exceed 100k

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December layoffs exceed 100k
« Thread Started on Dec 12, 2008, 2:28pm »

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December layoffs exceed 100k
Posted: 12:55 PM ET
By Jessica Dickler
CNNMoney.com
NEW YORK (CNNMoney.com) — The second week of December was another brutal
one for jobs, as Bank of America and at least 20 other companies announced more
massive cuts.

“The recent news does not bode well,” said Rich Yamarone, director of
economic research at Argus Research. “This is the reason it’s going to be the
longest recession we’ve had in post World War II history.”

The week got off to a rough start on Monday when Dow Chemical said it
would eliminate 5,000 positions and close 20 plants. In addition, Belgian-based
brewer Anheuser-Busch InBev said it would reduce 1,400 positions; 3M also
reported 1,800 cuts.

On Tuesday Sony, Danaher Corp., Wyndham Worldwide, the National Football
League and Principal Financial Group announced job cuts totaling another 14,400
positions. Novellus Systems and electronics gaming company EA also announced
staff reductions without specifying a number of employees.

On Wednesday, Office Depot unveiled its plan to cut about 2,200 jobs;
British mining company Rio Tinto said it would cut 14,000 jobs worldwide; and
SKF, a Swedish manufacturer of bearings, revealed plans to lay off 2,500
workers globally.

Thursday was particularly bad, thanks to news that Bank of America plans
to slash up to 35,000 jobs over the next three years as it absorbs Merrill
Lynch and contends with the deepening recession.