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Tuesday, January 06, 2009

Alcoa to Eliminate Jobs, Cuts Capital Spending Plans

by Calculated Risk on 1/06/2009 05:51:00 PM

From the WSJ: Alcoa to Eliminate 15,000 Positions

Acknowledging that earlier cost-cutting moves are insufficient due to the sustained economic downturn, aluminum maker Alcoa Inc. announced deeper work-force cuts, more plant closures and a 50% reduction in capital expenditures.

By the end of this year, there will be 15,000 fewer positions at the company, or roughly 14.5% of its current employees and contractors, Alcoa said Tuesday.
Also Bloomberg is reporting: IBM May Cut Thousands of Jobs, Employee Group Says
International Business Machines Corp., the biggest technology employer, may cut thousands of jobs this month amid the global economic slowdown, according to the employee group Alliance for IBM.
A post on the Alliance’s Web site said the company may cut 16,000 jobs ...
Obviously earlier cost cutting efforts were insufficient. And the beat goes on ...