Layoffs Mount: AT&T, DuPont, Viacom Announce Job Cuts
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While the stock market is holding in strong this morning, the layoff news from a number of large companies is concerning. The big fear is that job losses will lead to the next leg down. Of course, the first leg was driven by housing and the credit freeze. The market is certainly expecting job losses to accelerate, but how deep the cuts will be remains a question.
Below are today's big layoff announcements:
AT&T Inc. (NYSE: T) announced planned reduction of approximately 12,000 jobs, or about 4% of the company’s total workforce.
DuPont (NYSE: DD) said approximately 2,500 employee positions will be eliminated.
Viacom Inc. (NYSE: VIA) will reduce its workforce by approximately 7%, or 850 positions.
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