Monday Bloody Monday

(About 70,000 job cuts announced today - AM)

'General Motors Corp. said Monday it will cut 2,000 jobs at plants in Michigan and Ohio.'

'In addition to confirmed cuts, an analyst said as many as 1,000 Starbucks Corp. employees could be laid off within weeks, according to published reports.'

'Deere& Co. (DE, Fortune 500) , the world's top farm-equipment maker, said it would cut nearly 700 jobs'


January 26, 2009 10:34 AM ET
U.S. News and World Report

Pfizer said it would cut 15 percent from its combined workforce (that's a bit less than 19,500 jobs). Meanwhile, Caterpillar is faring poorly in the global recession. It's cutting its workforce by 20,000 including 11 percent of its workforce, or 12,000 jobs, and 8,000 contractors. Home Depot, a lingering victim of the downturn in both consumer spending and housing, said it would slash another 7,000 jobs as it shutters its high-end EXPO business. And finally, Sprint Nextel is eliminating 14 percent of its workforce, or 8,000 jobs.

Update: Add another 6,000 to the tally above. Philips Electronics is cutting too.

DALLAS (AP) — Texas Instruments Inc., which makes chips for cell phones and other gadgets, said Monday that it will cut 3,400 jobs because demand has slackened amid a slowing economy.