These Companies Slashed Thousands Of Jobs This Year

BANGALORE: The economic crisis of 2008 was a huge blow to companies around the globe, but we have moved past that episode and are slowly recovering. All economies are at a stronger place than before but this has brought no relief to workers in some of the biggest companies. This year has witnessed some of the largest job cuts according to number statistics, than compared to any previous job cuts by companies.

This act of killing jobs to revive a company is welcomed by investors and company management because it will allow the business to grow again and remain strong in the future, but this is a nightmare for the workers. It is their jobs on the line and their futures that are in question, especially when some of these employees could be long standing workers who have had a good tenure with the company. Here is a list of companies that are killing jobs in huge numbers, complied by CNN.

Barclays: The great British Bank, associated with the most famous football league in the world, The Barclays Premier League, is right now cutting tons of jobs. The company has a huge presence in New York at the former Lehman Brothers headquarters.

Early this year around May the company hinted at axing over 19,000 jobs and has already eliminated around 7,000 jobs in its investment sector. This plan to minimize the company’s workforce will happen over the next three years. Surprisingly, the company had an increase of 7 percent in their shares at the announcement of the layoffs.

Macy: The retail brand has been suffering huge losses since Americans have decided to rely more on online shopping instead of driving out to malls. Due to this new rise in online reliance for delivery, Macy’s have decided to cut over 2,500 jobs and also shut down at least five stores.

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