Browse > Home /

Business

/ Disappointing 1st quarter res...

Disappointing 1st quarter results leads to job cuts

2008-04-19 16:19:57 (GMT) (Caymanmama.com - Business News)

Print & Social Options


New York: CNN reported that as the quarterly results of the economy are disappointing, profit minded companies are cutting their costs by decreasing the number of jobs in the market. “We know that the economy is in or near a recession, so that puts great pressure on companies’ bottom lines,” says John Challenger, the CEO of outplacement company Challenger Gray and Christmas. “Companies are looking to keep staffing levels even with demand for their services.”

After the announcement of Friday reporting the quarterly loss of $5 million, the Citigroup has announced that it is going to cut 9000 jobs, while it had announced to cut 4200 jobs in the previous quarter. On Thursday, Harley Davidson, the motorcycle manufacturer, also announced that it will be cutting 8% of its workforce, 50% of which will be coming from its production unit. Yahoo, Eli Lilly, AMD, Motorola, Dell and the New York Times have also announced recently about their plans to cut jobs. “Companies can’t afford to keep extra staff on hand anymore,” says Challenger, according to whom the companies will continue to decrease or increase their staff as per their business success or failure.

Apart from that, there are some sectors that are even adding jobs. Google announced that it has hired over 2300 employees in the quarter. Other sectors that are unaffected by job cutting include energy, accounting, agriculture and health care.



NewsReporter · Filed Under Business 

CaymanMama.com - Press Release Distribution Service

Comments

Comments are closed.



Articles