The January U.S. jobs report just came out, and it showed that the unemployment rate climbed to 7.9 percent and companies added just 157k jobs.
Despite beginning its recovery in early 2009, the labor market recovery continues to be painfully slow.
Part of the problem is that companies continue to layoff employees in their efforts to control costs.
With the help of Bloomberg, we compiled a list of the 18 biggest layoff announcements of the past year.
The companies include banks, airlines, and consumer goods companies. But the tech companies dominate the rankings.
18. Yahoo Inc: 2,000
Percent of Employees Cut:
14.18%
Number of Employees After Cuts:
14,100
Just three months after Yahoo's new CEO, Scott Thompson took charge, in April the company announced that it would be laying off 2,000 employees. The cuts would save the company $375 million annually, and help revive slumping earnings and a stock price.
Source: Huffington Post
17. First Solar: 2,000
Percent of Employees Cut:
28.57%
Number of Employees After Cuts:
7,000
First Solar announced that it would layoff almost a third of its workforce early last year, as it was planning on shutting down operations in Germany completely, and on letting its operations in Malaysia sit idle. The European market for green energy had deteriorated for too much to sustain business operations, according to the company.
Source: Business Insider
16. Colgate-Palmolive Co: 2,316
Percent of Employees Cut:
6%
Number of Employees After Cuts:
38,600
Colgate-Palmolive, which makes a variety of consumer products like shampoo and toothpaste, announced that it would be laying off 2,316 employees by 2016, in an effort to cut costs, after its third quarter earnings dipped by 1% year-over-year. The layoffs would save the company more than $365 million annually.
Source: The Motley Fool
See the rest of the story at Business Insider
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