Monday, September 6, 2010

25 companies responsible for 700,000 lost jobs

25 companies responsible for 700,000 lost jobs

Daily Finance has compiled a list, from Challenger and Gray layoff data, of the top 25 companies with the biggest job losses this recession.

From The Layoff Kings: The 25 Companies Responsible for 700,000 Lost Jobs author Douglas McIntyre, compiled the list below. I've added whether or not that company is known for offshore outsourcing jobs. The actual jobs offshore outsourced is unknown, if some ambitious researcher wishes to correlate layoffs with jobs created offshore, or offshore outsourcing contracts written, we'd appreciate the specifics. From the list we have, these top companies, the number of layoffs and whether or not they are an offshore outsourcer.

  1. General Motors, 107,357, outsourcer
  2. Citigroup, 73,056 , outsourcer
  3. Hewlett-Packard, 47,540, outsourcer
  4. Circuit City Stores, 41,495
  5. Merrill Lynch, 40,650, outsourcer (BoA)
  6. Verizon Wireless, 39,000, outsourcer
  7. Pfizer, 31,771, outsourcer
  8. Merck & Co., 24,400, outsourcer
  9. Lehman Brothers, 23,340
  10. Caterpillar, 23,024, outsourcer
  11. JPMorgan Chase, 22,852, outsourcer
  12. Starbucks, 21,316
  13. AT&T, 18,401, outsourcer
  14. Alcoa, 17,655, outsourcer
  15. Dow Chemical, 17,530, outsourcer
  16. DuPont, 17,000, outsourcer
  17. Berkshire Hathaway, 16,900, unknown
  18. Ford Motor, 15,912, outsourcer
  19. KB Toys, 15,100
  20. United States Postal Service, 15,000
  21. DHL Express USA, 14,900
  22. Sprint Nextel, 14,500, outsourcer
  23. Sun Microsystems, 14,000, outsourcer
  24. Boeing, 13,715, outsourcer
  25. Chrysler, 13,672, outsourcer

As you can see, there are many Tech companies on the list, when supposedly the recession was about finance and real estate. Some of these companies have reported record profits, most are reasonably healthy.

Caterpillar literally demanded U.S. taxpayer dollars, in the form of Stimulus, all the while firing Americans and offshore outsourcing jobs.

So, while the blame continues to focus on the housing market and financial Armageddon, it appears we have the same issues that were the cause of the 2001 recession, global labor arbitrage with corporations offshore outsourcing, moving manufacturing abroad as well as the profits.

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