Massive lay-offs have been the norm for many companies since the recession started – but in terms of actual body count of employees who have been terminated, the following companies are the top job “terminators”.
- Citigroup – Although a Fortune 500 company, it had to get a $25 billion government bailout loan just to keep the business afloat. Also, despite having cut as much as 57,700 employees to save up, it has reported a loss of $1.6 billion in 2009.
- Time Warner – A media giant, Time Warner terminated 56,000 jobs which left only 31,000 employees.
- Starbucks – More than 800 stores had been closed by the coffee retailer in 2008 and 2009, and along with it, 34,000 jobs were eliminated.
- Alcoa – The aluminum manufacturing company cut jobs by more than a third – although 59,000 employees remain, in 2007, its global workforce was twice its current size.
- General Motors – While the number of employees remaining are still high, the beleaguered car manufacturer reduced its worker force by 26,000 employees.
- Berkshire Hathaway – Ranked 11th in the Forbes 500, the company has cut more than 24,083 jobs.
- American International Group – It suffered the biggest loss of any Fortune 500 company in history and has laid off a total of 20,000 workers.
- AT&T – Aside from a 5 percent reduction of its workforce when it reorganized, more employees were laid off, amounting to 19,940 in total.
- Caterpillar – The machine manufacturer has laid off more than 27,000 employees since the construction and housing industry soured.
- General Electric – The top-ranking conglomerate has not been impervious to the recession, while the number of employees is high, it has laid off a total of 19,000 jobs.
- YRC Worldwide – Mass lay-offs for the freight and trucking company have yielded 19,000 jobs lost since the economic downturn.
- United Parcel Service – Restructuring has eliminated 18,000 jobs for the package delivery company.
- Hewlett-Packard – Although the computer company has cut as much as 17,000 jobs, it will have 900 job openings since it acquired Compaq and EDS.
- United Technologies – The manufacturing giant has cut as much as 7 percent of its global workforce and 16,400 jobs have been lost since then.
- Sprint Nextel – Because the telecom has been losing revenue to business rivals, the company reduced its workforce by a third and 16,202 jobs have been lost in total.
In case of a lay-off and you lost your job through no fault of your own, you may file for unemployment benefits.