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The Layoffs Thread
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this is just unbelievable. And all those greedy CEO's with there millions walking away with sh$t eating grins
That's not a bad idea. I'd much prefer a pay cut and/or reduced hours over being laid off.
The real recession has not even begun yet. 2009 and 2010 will be much worse than 2008 has been so far.
However, I think Marc Fleury (http://www.thedelphicfuture.org) is right when he blogged that several parts of the IT industry, mainly systems integration and general maintenance services, won't be negatively affected by the recession (or depression or whatever you want to call it). However, businesses relying on hardware and software licenses sales will experience tough times over the next few years, because nobody will be spending money on new equipment.
I also expect deep investment cuts in research and development. Although RD departments are the future of any company, they are the first ones to suffer from budget cuts.
Since this is an Apple forum... Well, they are a hardware and software company, and although they are still doing very well right now, the depression will also hit them sooner or later. Apple mainly sells consumer products, and when consumers loose their jobs, they are not likely to spend money on toys.
Times will get tough for everybody, and as I've said in the beginning of my post, the worst is yet to come. Those governmental safety nets are only delaying the inevitable a bit.
However, I think Marc Fleury (http://www.thedelphicfuture.org) is right when he blogged that several parts of the IT industry, mainly systems integration and general maintenance services, won't be negatively affected by the recession (or depression or whatever you want to call it). However, businesses relying on hardware and software licenses sales will experience tough times over the next few years, because nobody will be spending money on new equipment.
I also expect deep investment cuts in research and development. Although RD departments are the future of any company, they are the first ones to suffer from budget cuts.
Since this is an Apple forum... Well, they are a hardware and software company, and although they are still doing very well right now, the depression will also hit them sooner or later. Apple mainly sells consumer products, and when consumers loose their jobs, they are not likely to spend money on toys.
Times will get tough for everybody, and as I've said in the beginning of my post, the worst is yet to come. Those governmental safety nets are only delaying the inevitable a bit.
I work for CitiFinancial in a smaller branch in a smaller town...we were on the chopping block but looks like we missed it...they just did a head count here in Ky sending a few employees home. Makes me work THAT much harder everyday just so i can make sure i have a job tomorrow.
Part that sucks is I am a loan officer and the restrictions we have now are just out of control! Makes my job so so hard! I work mostly on delinquency and renewals.
Hope this crap ends soon.
Part that sucks is I am a loan officer and the restrictions we have now are just out of control! Makes my job so so hard! I work mostly on delinquency and renewals.
Hope this crap ends soon.
Well yesterday was a big meeting at my work were the good news was no layoffs next year, and our division exceeded it profits estimates. Bad news, other divisions didn't do so well so no cost of living increase next year and the company match on the 401k are being lowered.
Denny Hecker's auto group in the Twin Cities area closed 6 dealerships and 400 people lost their jobs on Friday.
http://www.startribune.com/business/34937249.html?elr=KArksUUUU
http://www.startribune.com/business/34937249.html?elr=KArksUUUU
I work for Volvo Trucks here in the UK and while people are getting layed off around me, I've been told I'm safe...
I saw this one, as well.
It got to a point where between the first post getting too long to hold them, and the layoffs happening more frequently than I could keep up with them, it was pointless for me to keep this thread up to date.
However, it's probably worth noting ones that are just HUGE like these:
State Street - 1,700
Credit Suisse - 5,300
Gannett - 1,800
Nomura - 1,000 (all in London)
(And the AT&T announcement, of course...)
Or ones that have a significant impact on Mac related topics like this:
Adobe - 600
I just ran into an old co-worker who now does work as a security guard at a large data bank. He just informed me that half of the data bank people were laid off and a number of them from the Atlanta location had to take an $8 pay cut.
i maybe joining this thread a little late but.. i haven't seen any significant changes in employment in the aerospace industry. in fact, a lot of smaller companies are aggressively hiring.
one thing i do notice, however, is companies aren't willing to pay what they used to. i've seen the world "bloated" pop up throughout this thread and i think this is a key term. a lot of people are used to their "bloated" salaries. there are a lot of young, capable college grads who will do the same jobs for much less, so there isn't much incentive to keep a 25+ vet on the job pulling in 3 times as much money.
another thing i noticed is that companies are actually competing for business. i haven't seen this in a long time. for the first time, i have 2 different roofing companies in a bidding war for the job.
i cannot say that the layoffs are a good thing, but i think it's a part of balancing the economy. and in the long run, it can (Hopefully) be a good thing.
one thing i do notice, however, is companies aren't willing to pay what they used to. i've seen the world "bloated" pop up throughout this thread and i think this is a key term. a lot of people are used to their "bloated" salaries. there are a lot of young, capable college grads who will do the same jobs for much less, so there isn't much incentive to keep a 25+ vet on the job pulling in 3 times as much money.
another thing i noticed is that companies are actually competing for business. i haven't seen this in a long time. for the first time, i have 2 different roofing companies in a bidding war for the job.
i cannot say that the layoffs are a good thing, but i think it's a part of balancing the economy. and in the long run, it can (Hopefully) be a good thing.
I couldn't see this listed in the thread maybe as it was announced before this thread was set up. However Xerox is laying off 3000 workers.
http://news.digitaltrends.com/news-article/18228/xerox-laying-off-3-000
http://news.digitaltrends.com/news-article/18228/xerox-laying-off-3-000
well, it seems this thread is getting quite depressing. and it seems there will be a number of big layoffs coming soon. even if they bail out GM and chrysler it still will mean they lay off ten's of thousands plus the fall out.
is there somewhere a good statistic of lay offs in the boston area and what industries are affected in boston?
would be good to know to decide to stay or move......
is there somewhere a good statistic of lay offs in the boston area and what industries are affected in boston?
would be good to know to decide to stay or move......
Funny you should mention that:
GM to lay off 2,000 more workers at 3 factories
I don't have any direct knowledge of the Boston area but from what I've seen while updating this thread, it looks like the financial industry there has been hit pretty hard (I know lots of mutual fund companies are based in Boston) and I'd also guess the higher education sector can't be doing well with all the endowments being cut lately since Boston is supposed to be a big college town.
And if all the previous news wasn't gloomy enough:
Employers Axe Over Half a Million Jobs in Nov., Most in 34 Years
I too joined the thread late, and I was surprised to find people downplaying the significance of all these layoffs -- until I read the date of the first posts: mid-November. And of course, it's gotten worse since then.
On a personal level, my nephew, his wife and my brother-in-law have all been laid off. My son says more people are being laid off at his employer every Friday, so he's living in fear week-to-week. And while I haven't spoken to him yet, a neighbor down the street who is a steel mill foreman has been home a lot, so I think he also is the victim of a locally-publicized steel layoff. Which makes sense. If construction and the auto industry are in the dumper.....
What it all adds up to is, it's frightening. You can just see the domino effect happening. People without jobs stop buying, and more companies suffer, so more companies lay off, which means more people stop buying....
Which is why I don't worry excessively about "bloated" salaries. I don't know what "bloated" is, but to some people making $10/hr., that can mean $60K a year. Sure, you can cut back even those salaries, but again, if you're reducing someone's disposable income, you're just hurting the overall economy.
sorry to hear that your family is hit by the lay offs and i hope your son keeps his jobs. in the beginning i thought this would be limited mostly to the financial industry. i thought the real world industry would be less impacted. guess i was wrong.
my hope is that real world jobs will come back because people will need to buy cars eventually. i guess all industies that produce stuff we really need will recover (cars, food, drug companies, car repair shops, plumbing and such).
however the financial industry will be much smaller than before. same is true for a lot of other services. in addition i'm not sure if you have to run a financial service in NYC or Boston where salaries in financial services are outragesly high. i guess a lot of those jobs will go to other places where salaries are much lower.
Look for a bounce back around early 2010. Yep, 2009 is going to be ugly. That said, you also won't see the peak of the unemployment happen until around early 2010. Unemployment usually peaks just after the recovery starts. Mainly because companies won't hire until they feel that the recovery is for real, which may take 2 or 3 quarters.
I'm not sure how to answer this. Wealth doesn't just dissapear, it goes up and down from time to time. When a firm goes out of business, the customers don't just dissapear, they go other places. So while one may lose another wins. So far people have been getting absorbed in other places, but it's definitely survival of the fittest.
You haven't seen nearly the worst of it. The big layoffs will be happening soon, as most companies don't want to carry the expenses past the end of the year. I worry mainly about the city and state governments being able to remain solvent with so many folks on the unemployment lines and taking benefits.
You have to remember that the top 5 or 10% of earners pay nearly 40% of the taxes. When those jobs go away, everyone suffers.
