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Half a million jobs to be cut globally! Check out which cos are slashing jobs

We give a list of some of the major companies of the world that are cutting jobs.


Half a million jobs to be cut globally! Check out which cos are slashing jobs
Pic for representational purpose

Zee Media Bureau

New Delhi: Even as unemployment rate in Eurozone fell to a 4-year low in December and is still lingering at 5 percent in the US, various companies across the globe are slashing jobs in hundreds and thousands.

These cutting of jobs have been done mainly on bad or low quarterly/annually profits thus leading to cost-cutting act.

We give a list of some of the major companies of the world that are cutting jobs.

  • BP: Britain's leading energy company BP to cut upto 7,000 jobs by 2017, i.e. 4,000 jobs in 2016 and up to 3,000 by the end of 2017.
  • Standard Chartered: The Asia-focused British bank said it would axe 15,000 jobs and raise USD 5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
  • Yahoo: With investors calling for Marissa Mayer to be removed, the CEO is laying out a cost-cutting plan which includes chopping 15 percent of the work force which is an estimate 1,600 positions.
  • Ford: Though no exact number was given, US auto giant Ford plans to cut hundreds of jobs in Europe in a bid to strengthen profitability in the region.
  • Barclays: As per reports, the British bank plans to lay off about 1,000 jobs worldwide.
  • Tata Steel: One of the world's largest steel maker, Tata Steel plans to lay of 1,050 jobs in Britain.
  • Lloyds Banking Group: The company is cutting 1,755 jobs and closing 29 branches as part of a plan by its chief executive, António Horta-Osório, to cut costs as he prepares the bank for privatisation.
  • France's Vallourec SA: The maker of high-strength steel for the oil sector will axe more than 2,500 jobs - 2,150 positions in Europe and another 500 in other countries, mainly in Brazil.
  • British Gas: As the gas company tries to reduce its costs, it plans to to cut 500 jobs primarily in its energy efficiency business.
  • DuPont: The company's cost-cutting plan includes 10 percent reduction of its workforce of about 54,000 employees, as per reports.
  • Sprint Corp.: America's fourth-largest wireless carrier is eliminating 2,500 jobs, or about 7 percent of its total workforce, and closing several call centers as part of a plan to cut $2.5 billion in costs.
  • Sanofi: The French drugmaker is considering the launch of a voluntary early retirement plan in France that could lead to around 600 job cuts over three years, the company said.
  • Alpha Natural Resources: The US company plans to lay off 831 miners and dozens more support staff in southern West Virginia as a result of the downturn in the coal industry.
  • China steel industry: An estimated 400,000 steelworkers in China will lose their jobs, in line with the country's plans to slash crude steel production capacity by between 100 million and 150 million tons.

From Zee News

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