CEOs Who Announced The Biggest Layoffs In History
The company was witnessing huge decline in profits and revenue; in order to save the company it was necessary. This is one of the worst layoffs in history.
Citi Group: In November 2008, the financial firm cut down 50,000 jobs, which made it one of the biggest layoffs in history. The company was affected when the country was going through the second phase of economic slow during 2007 and 2008.
The company under the CEO Vikram Pundit had to cut the jobs to save the future of the company. He was quoted telling the employees “There is nothing easy about these decisions and the impact on our people. We do this because we must and not because we want to.”
Hewlett-Packard, hp: The software multinational company had cut jobs back in 2012 under Meg Whitman, the CEO, due to the reduced sales of its PC and services businesses. The company cut 25000 jobs in it’s office at “Ballpark”. The company’s sale had fallen 15 percent and since the company’s hopes of reviving its profits in this department has not seen much of a change.
The problem for HP was that the world had changed from PCs to Mobile handsets and as a computer company; it did not have a smartphone product that could help shift sales from PCs to Mobile Phones.
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