These Companies Slashed Thousands Of Jobs This Year

This step comes after the company announced that many people are not opting to buying PCs. The company has reported bad earning, slowly growth and the process of downsizing is to meet the ‘target employment rate’ of the year.

JPMorgan Chase: The largest U.S bank by assets is on a downsize program and announced in February that it will cut 8,000 jobs in its consumer and community banking division by the end of 2014. Out of the 8000 jobs the company will position 3000 jobs in various other departments thereby cutting only 5000 jobs. This should be a relief to lucky 3000 workers.

Cisco:  The Company has announced that it will cut 6000 jobs across its global workforce, which adds up to about 8 percent. This job cuts come in the wake of decline in the sales of Cisco products though not revealing which business divisions will be affected.

The company however did say that the money from the cost savings will be invested into its big data software, cloud services, and cyber security divisions. Expecting to see a growth in stocks came with disappointment for the company as it witnessed a decline in shares of 2 percent. 

Sony: The electronics behemoth has been issuing a large number of pink slips this year. The play station maker has revealed that it will cut 5000 jobs and also in the process of restructuring will separate the PC and TV divisions.

Though the company beat Microsoft’s sales of the gaming console, it witnessed a loss of $1.2 billion in 12 months. Investors have welcomed this move of restructuring by Sony, especially when there was a 3.9 percent increase in the company’s stocks.

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