Friday, February 5, 2016

Mass Layoffs Return With A Vengeance..........

Mass Layoffs Return With A Vengeance

Note that nearly all of these companies are in the Energy, Finance and Tech sectors -- the three biggest engines of growth, profits and market value appreciation within the economy over the past 7 years.

And as stock prices cease to rise, and in fact fall within many industries, layoffs are beginning to make a return as companies jettison costs in attempt to reduce losses.

2016 is fast proving to be the year that the laws of financial physics are starting to matter again, and our rocket is now beginning its descent back to Planet Earth. How far we fall this year vs next is still unknown, but the direction of the trajectory is becoming increasingly hard to dispute. And as we lose altitude, we're going to start losing jobs along with it.

Since January 1st, here is a but of subset of the headlines we've seen:

Johnson & Johnson to slash 3,000 jobs
Wal-Mart pulls plug on smallest store format, shuts 269 stores
GE plans to cut 6,500 jobs in Europe
BP to slash thousands more jobs in face of oil downturn
Macy's to cut 3,000 jobs, close 36 stores
Sprint cutting 2,500 and closing call centers to cut costs
Canadian Pacific Railway plans to cut 1,000 positions
Brazil economy shed 1.5 million payroll jobs in 2015
Pearson to cut 4,000 jobs in latest restructuring
Barclays to slash about 1,000 investment bank jobs worldwide
Southwestern Energy to lay off 1,100 workers amid oil slump
Major banks are making cuts: Bank of America, Citi Group and JPMorgan Chase are trimming jobs and branches.
Autodesk to cut 10 pct of workforce
Caterpillar closing 5 plants, cutting 670 jobs
VMware posts higher-than-expected revenue, announces job cuts
AIG to cut jobs in sweeping overhaul
Monsanto to slash 1,000 more jobs, total planned cuts at 3,600
Instacart layoffs may be a sign of things to come
EMC plans layoffs as it cuts annual costs by $850M

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