Another 15,000 job cuts

Sony, Wyndham, Novellus, Danaher, NFL, Principal Financial are the latest companies to add to the dismal employment picture, bringing the December tally to about 50,000 job cuts.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Aaron Smith, staff writer

Can the markets sustain a stock rally through the end of the year?
  • Yes
  • No

NEW YORK ( -- The job toll continued Tuesday, as Sony Corp. and five other companies announced cuts totaling nearly 15,000 positions.

Sony, Danaher Corp., Wyndham Worldwide, the National Football League and Principal Financial Group announced job cuts totaling about 14,400 positions.

In addition, Novellus Systems said it was cutting 10% of its global work force without specifying a number of employees, but the company had a headcount of 3,678 staffers on Dec. 12, 2007.

Sony (SNE), based in Tokyo, on Tuesday announced the most sweeping job-cutting plan of the three companies. Sony said it planned to "reduce headcount" in its electronics business by 8,000 jobs by March 30, 2010. The cuts will be implemented worldwide, the company said, from a total workforce of 160,000, according to a Sept. 30 headcount.

Sony, which produces a wide variety of consumer electronics, blamed "the acute downturn in the economic climate" for the job cuts. The company also said it was reducing its seasonal and temporary staff.

The Wyndham Hotel Group (WYN), based in Parsippany, N.J.., said late Monday it would "eliminate" about 4,000 positions through the first quarter of 2009. Wyndham's hotels include Ramada, Days Inn and Super 8 chains.

Danaher Corp (DHR, Fortune 500)., a manufacturer based in Washington, said late Monday that it was "eliminating" about 1,700 jobs and 13 facilities in the fourth quarter, to save about $100 million in 2009. The company blamed the "current economic backdrop." Danaher makes tools, sensors and medical equipment.

Novellus (NVLS), a provider of equipment for the semiconductor industry, said on Tuesday that it was cutting one-tenth of its work force "through a combination of attrition and layoffs." The company, based in San Jose, Calif., said the reductions would occur through Jan. 31, 2009.

The NFL said on Tuesday that it planned to reduce its staff by about 150 employees over the next 60 days. The company employs 1,100 workers in its league headquarters in New York City, NFL Films facilities in Mt. Laurel, N.J., and its Los Angeles facilities houses NFL Network and

"These are difficult and painful steps, but they are necessary in the current economic environment," said Commissioner Roger Goodell in a memo to his staff, which was provided to

He said the NFL would "emerge strong, more efficient" as a result of cuts.

Principal Financial Group (PFG, Fortune 500) said it is eliminating about 550 positions. This includes 300 jobs at its Des Moines, Iowa, headquarters and 250 jobs in 45 other locations, the company, equating 3.5% of its total workforce.

"Since September, when market conditions worsened, we have been continuously reviewing expenses and expected revenues," said Mary O'Keefe, senior vice president of Principal Financial, in a prepared statement. "In order to bring expenses more in line with projected revenues, we have already cut many expenses. Unfortunately, this must include eliminating some jobs."

Job cuts have been mounting all year. According to the Labor Department, the U.S. economy hemorrhaged 533,000 jobs in November, the largest monthly loss in 34 years. Through November, the economy lost of total of 1.9 million jobs, the government said, raising the unemployment rate to 6.7%.

The December of our discontent

This does not include December's brutal onslaught of job eliminations, totaling around 50,000 so far.

Just in one day - Dec. 4 - 11 companies announced a total of about 25,000 job cuts. Nearly half of that tally comes from one company: Dallas-based telecom AT&T (T, Fortune 500). Also on that day, Credit Suisse Group (CS) announced 5,300 cuts and DuPont (DD, Fortune 500) reported 2,500.

Also in December, Washington Mutual said it was cutting 7,600 jobs, U.S. Steel said it was cutting 3,500 and State Street Corp. (STT, Fortune 500) announced plans to eliminate 1,800.

Dow Chemical (DOW, Fortune 500) said it was eliminating 5,000 positions and closing 20 plants. The battered automaker General Motors (GM, Fortune 500), which is awaiting a bailout decision from Congress and the White House, said it was cutting 2,000 jobs. Car rental company Avis Budget Group (CAR, Fortune 500) said it plans to eliminate 2,200 jobs.

The Belgian-based brewer Anheuser-Busch InBev said it would reduce 1,400 positions and 3M (MMM, Fortune 500) reported 1,800 job cuts.

Going forward, the Labor Department is scheduled to release its weekly report on initial jobless claims on Thursday. The government is expected to announce 525,000 total jobless claims for the week ended Dec. 6, according to a consensus of economists compiled by To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.