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U.S. Companies Cut at Least 616,247 Jobs Since Obama’s Election
By Rodney Yap
Feb. 5 (Bloomberg) -- U.S. companies have announced more than 616,247 job cuts since the Election Day victory by Barack Obama, who has proposed a plan to create as many as 4 million jobs to boost the economy.
Following is a list of dismissals announced since Nov. 1, based on information compiled by Bloomberg News and Challenger, Gray & Christmas, the Chicago-based executive search firm. Only companies with 500 or more job cuts are included in the table.
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DATE COMPANY CUTS
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Nov-08 Citigroup 75,000a
Dec-08 Merrill Lynch (Bank of America Merger) 35,000
Jan-09 Circuit City 34,000
Jan-09 Caterpillar 22,110
Jan-09 Pfizer 19,000
Nov-08 Lehman Brothers 16,000
Dec-08 KB Toys 15,000
Nov-08 DHL Express 14,900
Jan-09 Alcoa 13,500
Dec-08 AT&T 12,000
Dec-08 Dow Chemical Co. (contractors & full time) 11,000
Jan-09 General Electric (GE Capital) 11,000b
Dec-08 DuPont 10,500
Jan-09 Boeing 10,000
Dec-08 JPMorgan Chase (Washington Mutual) 9,200
Jan-09 Sprint/Nextel 8,000
Nov-08 Circuit City Stores 7,305
Jan-09 Home Depot 7,000
Feb-09 Macy’s 7,000
Jan-09 Starbucks 6,700
Nov-08 Sun Microsystems 6,000
Jan-09 Eaton 5,200
Jan-09 Ford 5,000
Jan-09 Intel 5,000
Jan-09 Microsoft 5,000
Jan-09 Schlumberger 5,000
Dec-08 Federal-Mogul 4,600
Jan-09 Kodak 4,500e
Jan-09 STMicroelectronics 4,500
Jan-09 International Paper 4,400
Nov-08 ArvinMeritor 4,000
Jan-09 Hertz 4,000
Jan-09 Motorola 4,000
Dec-08 Wyndham Hotel Group 4,000
Jan-09 Avery Dennison 3,600c
Jan-09 Corning 3,500
Dec-08 Omnicom Group 3,500
Dec-08 United States Steel 3,500
Dec-08 Bristol-Myers Squibb Co (wound-care unit) 3,400
Jan-09 Texas Instruments 3,400
Jan-09 Xerox 3,400
Nov-08 Pepsi Bottling Group 3,150
Dec-08 Ryder Systems 3,100
Nov-08 Fidelity Investments 3,000
Jan-09 Jabil Circuit 3,000
Nov-08 Lehman Brothers (Barclays) 3,000
Nov-08 First American 2,950
Jan-09 IBM 2,800j
Jan-09 Cummins 2,700
Dec-08 Tyco Electronics 2,500
Dec-08 Western Digital 2,500
Jan-09 EMC 2,400
Nov-08 Freescale Semiconductor 2,400
Jan-09 3M 2,400
Feb-09 Carlisle Companies 2,300
Dec-08 Avis Budget Group 2,200
Jan-09 Cooper Industries 2,200
Dec-08 Newell Rubbermaid 2,200
Dec-08 Office Depot 2,200
Jan-09 Textron 2,200
Jan-09 Freightliner 2,100
Jan-09 Cessna Aircraft (1/12/09) 2,000
Jan-09 Cessna Aircraft (1/29/09) 2,000
Jan-09 Delta 2,000
Feb-09 Estee Lauder 2,000
Dec-08 General Motors 2,000
Nov-08 General Motors (salaried workers) 2,000
Jan-09 MeadWestvaco 2,000
Dec-08 Stanley Works 2,000
Dec-08 Viasystems Group 2,000
Dec-08 Air Transport Services Group (ABX Freight Unit) 1,900
Jan-09 Bank of America 1,900
Jan-09 Dell 1,900
Jan-09 Clear Channel Communications 1,850
Nov-08 Applied Materials 1,800
Nov-08 Bank of New York Mellon 1,800
Dec-08 Belden 1,800
Feb-09 PNC 1,800i
Dec-08 State Street 1,800
Dec-08 Danaher 1,700
Nov-08 Fidelity National Investments 1,600
Dec-08 Pentair 1,600
Dec-08 Praxair 1,600
Nov-08 Washington Mutual (Pleasanton Campus) 1,600
Jan-09 Freeport-McMoran 1,550
Jan-09 Baker Hughes 1,500
Dec-08 Kemet 1,500
Dec-08 ON Semiconductor 1,500
Jan-09 WellPoint 1,500
Dec-08 Con-Way 1,450
Dec-08 Cooper Tire & Rubber 1,400
Dec-08 Furniture Brands International 1,400
Dec-08 InBev (Anheuser-Busch) 1,400
Jan-09 Williams-Sonoma 1,400
Feb-09 Wabco 1,400
Dec-08 Hutchinson Technology 1,380
Dec-08 Air Products & Chemicals 1,300
Jan-09 ConocoPhillips 1,300
Nov-08 Morgan Stanley 1,300
Dec-08 Unisys 1,300
Nov-08 ArvinMeritor (hourly & salaried) 1,250
Feb-09 Time Warner Cable 1,250
Jan-09 Black & Decker 1,200
Jan-09 Compass Bank 1,200
Jan-09 Ford (Credit Unit) 1,200
Jan-09 Kennametal 1,200
Jan-09 Huntsman 1,175
Jan-09 Bon-Ton Stores 1,150
Jan-09 Advanced Micro Devices 1,100
Jan-09 Cigna 1,100
Jan-09 Electronic Arts 1,100
Dec-08 Fairchild Semiconductor 1,100
Feb-09 Harman International 1,100
Jan-09 Harley-Davidson 1,100
Nov-08 HSBC North America Holdings (Investment Bank) 1,100
Jan-09 Rio Tinto Alcan 1,100
Jan-09 Saks 1,100
Jan-09 Target 1,100
Feb-09 Tenneco 1,100
Jan-09 Oshkosh 1,050f
Jan-09 McGraw-Hill 1,045
Dec-08 Aetna 1,000
Dec-08 Alcatel-Lucent (management jobs) 1,000
Jan-09 Allstate 1,000
Jan-09 Alltel 1,000
Jan-09 Ashland 1,000
Jan-09 Bose 1,000
Jan-09 Ecolab 1,000
Dec-08 Genworth Financial 1,000
Nov-08 GlaxoSmithKline (US sales) 1,000
Nov-08 Mattel 1,000
Jan-09 Mosaic 1,000
Nov-08 Neptune Orient Lines 1,000
Jan-09 PPG Industries 1,000
Dec-08 Sovereign Bancorp 1,000
Jan-09 UAL Corp (United Airlines) 1,000
Jan-09 Walgreen 1,000
Jan-09 Starwood Hotels 900
Nov-08 USG 900
Feb-09 Lincoln Electric 899c
Nov-08 La-Z-Boy 850
Dec-08 Viacom 850
Jan-09 Marshall & Ilsley 830
Jan-09 Barnes Group 800
Jan-09 Suntech Power 800
Jan-09 Time Warner (Warner Bros.) 800
Jan-09 Autodesk 750
Feb-09 Liz Claiborne 725
Jan-09 Ferro 704h
Jan-09 Monster Worldwide 700
Dec-08 Sonoco Products 700
Jan-09 Time Warner (AOL) 700
Jan-09 Deere 692
Dec-08 U.S. Steel 677
Dec-08 Adobe Systems 600
Jan-09 Cytec Industries 600
Nov-08 Lam Research 600
Jan-09 Seagate 600
Feb-09 THQ 600
Jan-09 Wells Fargo 600d
Dec-08 Principal Financial 550
Feb-09 Sanmina-SCI 550
Jan-09 Bridgestone 543
Jan-09 Lincoln National 540
Jan-09 Teradyne 532g
Jan-09 Sepracor 530
Dec-08 Agilent Tech 500
Jan-09 Belo 500
Jan-09 Cabot 500
Feb-09 Capital Group 500
Jan-09 Citrix Systems 500
Nov-08 Hartford Financial Services 500
Dec-08 Las Vegas Sands 500
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Total 616,247
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Source: Challenger, Gray & Christmas, Inc. and Bloomberg
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Job Cuts by Sector Total
Cuts
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Financials 165,270
Consumer Discretionary 142,918
Industrials 114,101
Information Technology 70,512
Materials 58,806
Health Care 28,290
Telecommunication Services 21,000
Energy 7,800
Consumer Staples 7,550
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Grand Total 616,247
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Job Cuts by Industry Total
Cuts
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Diversified Financial Services 86,100
Specialty Retail 66,905
Capital Markets 61,900
Machinery 37,951
Chemicals 31,379
Road & Rail 27,750
Pharmaceuticals 24,690
Semiconductors & Semiconductor 21,932
Metals & Mining 20,327
Computers & Peripherals 18,780
Industrial Conglomerates 17,900
Auto Components 16,293
Aerospace & Defense 14,600
Hotels Restaurants & Leisure 12,100
Diversified Telecommunication 12,000
Automobiles 11,300
Media 10,495
Multiline Retail 9,850
Household Durables 9,750
Wireless Telecommunication Ser 9,000
Software 8,550
Communications Equipment 8,500
Insurance 8,140
Electronic Equip., Instruments 8,050
Commercial Banks 6,530
Energy Equipment & Services 6,500
Paper & Forest Products 6,400
Leisure Equipment & Products 5,500
Electrical Equipment 4,800
Beverages 4,550
Commercial Services & Supplies 3,600
Health Care Providers & Servic 3,600
Office Electronics 3,400
Airlines 3,000
Thrifts & Mortgage Finance 2,600
Personal Products 2,000
Air Freight & Logistics 1,900
IT Services 1,300
Oil, Gas & Consumable Fuels 1,300
Food & Staples Retailing 1,000
Marine 1,000
Building Products 900
Textiles, Apparel & Luxury Goods 725
Containers & Packaging 700
Professional Services 700
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Grand Total 616,247
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Job Cuts by Company’s State Location Total
Cuts
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NY 205,920
VA 52,305
IL 41,802
CA 32,600
TX 32,050
MI 31,900
FL 25,300
MA 24,762
CT 20,300
OH 17,603
PA 14,567
WA 13,300
NJ 12,200
GA 11,200
DE 10,500
MN 7,980
MO 5,200
TN 5,160
IN 4,200
NC 4,200
KS 4,000
WI 2,980
DC 2,800
RI 2,200
SC 2,200
LA 1,550
AZ 1,500
AL 1,200
MD 1,200
UT 1,175
IA 1,150
ME 1,100
AR 1,000
KY 1,000
NV 500
na 17,643
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Grand Total 616,247
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a -- Combined total cuts for the year.
b -- May cut 7,500-11,000 this year.
c -- Estimated 10 percent of workforce.
d -- 3,600 total cuts for 2008.
e -- Company expects to cut between 3,500-4,500 jobs.
f -- Total cuts about 2,400.
g -- Estimated 14 percent of workforce.
h -- Estimated 12 percent of workforce.
i -- 4,000 jobs announced in Oct. 2008 for a total of 5,800.
j -- Obtained from severance agreements sent to employees.
To contact the reporter on this story: Rodney Yap in Los Angeles at ryap@bloomberg.net.
Last Updated: February 5, 2009 11:52 EST
