Friday proved to be an awful day on the jobs front -- and that's an understatement.
Several news reports and company announcements came out Friday that detailed the latest in thousands of job cuts at several Fortune 500 companies in the coming weeks, as all sectors and industries continue to face tough business conditions and a struggling worldwide economy.
The names mentioned ranged from struggling chip maker Advanced Micro Devices (AMD) to corporate conglomerate General Electric (GE). There was also Circuit City’s announcement that it would close up shop and go into liquidation -- a move that will leave some 30,000 sales associates and corporate staff without jobs.
Here's a look at the companies that made headlines:
Pfizer Cuts Sales Staff
Dow member Pfizer (PFE) is expected to lay off as much as 2,400, or approximately one-third, of its sales staff this quarter, The Wall Street Journal reported citing anonymous sources.
This comes after Pfizer recently announced it would lay off 800 highly-paid scientists and researchers, bringing the cuts at the drug company to 3,200 people in this .
According to sources telling the Journal, the cuts would primarily comes from sales representatives and middle management.
GE Chops Staff at GE Capital
General Electric (GE) made some “internal announcements” this week regarding its staff at GE Capital, a company spokesman said – referring to reports that GE cut its staff at the company’s giant finance arm.
Bloomberg News and other media reported that GE slashed at least 7,000 jobs at GE Capital this week, with a maximum cut of 11,000. A GE spokesman would confirm that the company did announce internal layoffs this week, but declined to give specific figures.
GE announced last November that it would restructure GE Capital after the credit markets froze up late last year. The company said it expects to take $2 billion in cuts at the division, with a good portion of those being directed at personnel.
While GE makes everything from nuclear reactors to television programming, it made a large portion of its profits from GE Capital for several years. The somewhat-opaque finance arm provides loans for large infrastructure purchases to consumer credit cards.
WellPoint Cuts 1,500 Positions
Health insurance company WellPoint (WLP) said it would cut 1,500 jobs, or about 3.5% of its work force.
The cuts would come from all points of the company, WellPoint said, primarily from eliminating 900 open positions. The company would also eliminate 600 current employees, providing them severance pay.
WellPoint, which is the largest administrator of Blue Cross Blue Shield healthcare plans, has seen a drastic slowdown in business as companies cut jobs, meaning there’s less employees to administer health plans to.
Circuit City Liquidates
The now-bankrupt electronics retailer Circuit City (CCTYQ), formerly stock ticker CC, said it could not find a buyer for its operations and would now go out of business.
All 30,000 employees at Circuit City will now be out of work, the company said.
Circuit City, which operated 567 stores across the nation, was unable to compete on the electronics front against Best Buy (BBY) and Wal-Mart (WMT).
The liquidation sales will begin this weekend, the company said, and the employees at the retailer will be laid off as soon as the company’s inventory is sold.
Advanced Micro Devices Cuts 1,100 Jobs
Advanced Micro Devices (AMD), the second-largest chip maker after Intel (INTC), said it would cut 1,100 positions and would impose temporary pay cuts on its remaining staff.
The cuts equate to approximately 9% of its staff, the company said.
This is the third round of major layoffs for the struggling AMD, who has lost considerable market share against its rival Intel. AMD cut 600 workers just last month, and earlier in 2008 jettisoned 1,600.
No Rentals at Hertz
Hertz (HTZ), the rental car company, said it will eliminate approximately 4,000 jobs both here in the U.S. and internationally. The cuts would come both at its rental car operations and corporate support positions.
The cuts are expected to take place in the next two quarters, the company said.
Clear Channel Not So Clear When it Comes to Layoffs
Clear Channel Communications (CCO), the media company, is looking to eliminate $400 million in costs, according to the New York Post. Layoffs tied to the massive cost-cutting plan could begin as early as Jan. 20, according to the paper, and will involve employees in the company's radio, outdoor advertising and international division.
The company did not comment on the report.
Oil Giant Spilling 4% of Work Force
Houston-based oil company ConocoPhillips (COP)said it will eliminate 4% of its work force and cut capital spending by more than 12%. The company, which has nearly 34,000 employees across the globe, made no definitive announcement on which divisions would see the cuts, but did say it would cut back on contractors.
Unisys to Cut 1,300 Jobs, Consolidate Plants
AT&T to cut at least 22 workers by spring
AT&T to Ring In New Year With Quarterly Dividend Increase
