For almost two months, a new headline about some company announcing a “restructuring plan” or “reducing its workforce” has been a constant presence in news cycles. According to a report published by consulting firm Challenger, Gray & Christmas, the month of September saw 58,877 job cuts, an increase of nearly 43% from August. And, the report found that the number of layoffs during the third quarter of 2015 were the worst since the third quarter of 2009.
Yesterday, German-based Deutsche Bank (DB) announced a major reduction of 35,000 workers and a withdrawal from operations in 10 countries, due to a record net loss of £6 billion (or $6.56 billion)in the third quarter of this year.
What other companies have cut jobs? Let’s take a look at 12 companies who have chosen to reduce their workforces.
Twitter (
TWTR
)
Photo: Dashtab
Earlier this month, struggling social networking company Twitter announced that it would lay off up to 336 people, or roughly 8%, of its workforce as part of a restructuring plan. Many of the affected positions will come from the Product and Engineering teams. Twitter expects the plan to cost somewhere between $5 million-$15 million.
Wal-Mart (
WMT
)
Photo: Yahoo News
In order to keep its pricing competitive and reduce expenses, Walmart announced earlier this month that it will lay off 450 employees at its headquarters in Arkansas. The affected employees include senior and department managers in various company sectors.
Biogen (
BIIB
)
Photo: Biogen
Announced as part of its third quarter earnings release, biotech company Biogen will be cutting 11% of its workforce, or 889 employees, after two of its main multiple sclerosis drugs underperformed. The company hopes the restructuring plan, which also includes cancelling some drug development programs, will save then $250 million per year.
Whole Foods Market (
WFM
)
Photo: leshistory.com
At the end of September, upscale specialty grocer Whole Foods Market said that it will cut roughly 1,500 jobs over the next 8 weeks. The layoffs are due to improving cost structures as well as investing in technology upgrades. Whole Foods hopes that the newly displaced employees will find other positions within the company, as there are 2,000 new open positions in the 100 in-development store locations.
Procter & Gamble (PG)
Photo: Procter & Gamble
Back in April, consumer good producer Procter & Gamble said that it would be laying off up to 6,000 office jobs worldwide. This is nothing new for the company, as they have been considerable reducing their workforce since 2012, when it first announced it would cut 5,700 jobs, or roughly 10%, of its nonmanufacturing jobs.
Microsoft (MSFT)
Photo: AP
In July, tech pioneer Microsoft said that as part of a restructuring plan, 7,800 employees will be laid off, which is nearly 7% of its workforce. A majority of the cut positions will be in its phone hardware business, reflecting Microsoft’s shift in focus from hardware to software and cloud-based technology.
Caterpillar (CAT)
Photo: Caterpillar
At the end of September, construction equipment manufacturer Caterpillar said that it will be cutting up to 5,000 salaried and management jobs by the end of 2016. However, the total workforce reduction could rise to 10,000 if one factors in potential manufacturing closures through 2018.
Schlumberger (SLB)
Photo: Schlumberger
Schlumberger, a company that provides tools and services to oil and gas companies, has been forced to make job cuts twice this year. The first round of job cuts occurred in January when the company cut 9,000 jobs, or 7% of its workforce. And then in April, Schlumberger eliminated another 11,000 jobs. Schlumberger has said that the continued falling price of oil is the main cause.
Halliburton (HAL)
Photo: OilOnline
Another oil services provider, Halliburton felt the same effect from the fallout of cheap oil. Back in February, the company laid off 6,400 workers, or roughly 8% of its total workforce, as it scrambled to reduce costs.
Baker Hughes (BHI)
Photo: Flickr
The third oil services provider on this list, Baker Hughes, cut 7,000 employees, or about 11% of its workforce, from its payroll back in January of this year. The company too felt the negative effects of the falling price of oil, in particular when crude oil prices plummeted 60%.
JPMorgan Chase (JPM)
Photo: NYTimes
This financial services company, in a reflection of the bank’s move to technology-focused service, announced back in May that it will cut more than 5,000 jobs by next year. The cuts will affect all of JPMorgan Chase’s business units and 5,570 branches.
Hewlett Packard (HPQ)
Photo: The Guardian
In preparation for its split into two companies, tech company HP will cut up to 30,000 jobs in its enterprise business. The main reason for reducing its workforce is to reaffirm HP’s investors that its continued long-term focus is on reducing costs and increasing profitability.
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