7 Biggest Layoff Proclamations of 2012

4. Citi Group

The third biggest U.S. bank, Citigroup decided to plunk 4 per cent of its man power out of the total work force which is around 11,000 jobs. Shedding jobs have been a common trend in banking sector while planning the restructure. The decision was praised by investors and boosted up the Citigroup shares by 6.3 percent.

It is estimated that the move will help Citi group to save $1.1 billion in the 2014 fiscal year. The bank further plans to close many of its branches in Brazil, Hong Kong, Hungary, and South Korea etc. The cost cutting action of Citi group has been on since the financial crisis began. More than 60 business and holdings worth $600 billion were sold by the bank.

5. PepsiCo

PepsiCo will layoff 3 percent of its global work force in order to increase advertising and marketing fund, this what the press release by PepsiCo on 9th February. The company has been facing trouble for quiet a time now. The PepsiCo stock is in definite need of a boost. Compared to rival Coca-Cola’s return of 41 percent, PepsiCo lacks far behind with mere 3 percent.

CEO Indra Nooyi said 2012 will be a "transitional year" as economic uncertainty persists, quotes Huffingtonpost.com. After many strategies like increased rates of food and beverage products failed, the company is left with no other option except to go for cost cutting which primarily involves shed off man power.

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