The top 15 companies in layoffs
CNNMoney has the top 15 list for companies who shed the greatest number of jobs. Number one? Citigroup. According to the site, Citigroup laid off more than 55,000 employees in 2008. Last year, the bank laid off another 50,000-plus people, as it struggled to pay back a $25 billion government bailout loan. And it still posted a loss of $1.6 billion in 2009.
Number two? Time Warner.
But what caught me a little by surprise is that our dear coffeemaker Starbucks is listed as number three. Starbucks closed more than 800 stores in the U.S. in the last two years, and 100 overseas. But unlike Citigroup, Starbucks’ cost-cutting measures worked. The company increased profits last year by 24 percent.
You can see the rest of the list here.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.