To save costs in troubled times, just 10 companies together have announced nearly one lakh jobcuts worldwide since the start of the year, including HP, Google and Citigroup. Despite their diverse businesses, the reason behind layoffs has mostly been cost-cutting in their operations. Others which had layoffs in 2012 were AMR Corporation, PepsiCo, MetLife, Hostess Brands, JC Penney Co, Procter & Gamble and Morgan Stanley. Collectively, these layoffs have affected at least 95,500 jobs in their operations globally.
The technology giant HP tops the job cuts with 27,000 jobs to save up to $3.5 billion, followed by the Hostess Brands, the bankrupt maker of Wonder bread and Twinkie, with 18,500 job cuts as it liquidates the company's assets and brands. Citigroup, with 11000 job cuts, has been the most recent to announce layoffs to save $1 billion.
Google also announced 4,000 layoffs from the 20,000-person work force of Motorola Mobility, which Google had acquired earlier. About two-thirds of the proposed job cuts by Google would take place outside the USA while Morgan Stanley expects a 7% decline in staff from 2011, implying the loss of about 3,200 jobs.