Meltdown: Thousands of jobs to go globally!

Kingfisher to cut 300 jobs, Lehman 2,500

Most of the 2,500-odd employees working for investment banking giant Lehman Brothers in India stand to lose their jobs.

With the financial crisis spreading and oil prices rising, the airline industry too is under heavy pressure. Just a fortnight after it launched international operations and integrated low-cost carrier Simplify Deccan with it, Vijay Mallya-promoted Kingfisher Airlines has laid off at least 300 employees.

The move closely follows a recent announcement by value carrier, JetLite, fully-owned subsidiary of Naresh Goyal-promoted Jet Airways that it was downsizing by at least 750 employees.

It is also believed that of the 300 employees, only five per cent are from Kingfisher Airlines, and the rest from the erstwhile Simplify Deccan.

HSBC to cut 1,100 jobs

British banking major HSBC will cut almost 1,100 jobs worldwide following the financial meltdown in US and European markets. The cuts will affect the bank's global banking and markets operation.

The reduction in jobs will be equal to nearly 4 per cent of the total workforce at its global banking and marketing division. HSBC currently has 335,000 employees.

Washington Mutual: 1,000 to lose jobs

Tumbling profitability, a slowdown in business in the global financial services sector and a major dip in confidence about the current turbulent market conditions have all contributed to a rise in job fears.

Washington Mutual's 'fall' too will lead to over 1,000 jobs being laid off.

GSK to cut 1,000 R&D jobs

GlaxoSmithKline, Britian's largest pharmaceuticals firm, plans to axe almost 1,000 people at its American and British R&D units. The cuts are likely to improve productivity and save costs.

AkzoNobel to cut 3,500 jobs

AkzoNobel, the Dutch chemicals giant, will cut 3,500 jobs across its global operations and will save close to $200 million dollars.

AkzoNobel has recently taken over paints major Imperial Chemical Industries (ICI). AkzoNobel has recently also divested its pharma unit Organon to US-based Schering-Plough Corp.

H-P to sack 24,600

Hewlett-Packard will lay off as many as 24,600 people over the next three years as it seeks to cut costs at Electronic Data Systems, the IT major that HP recently acquired.

Although most of the jobs will be cut at the Plano, Texas-based EDS, some HP workers too will be affected.

HP said the cuts will produce an annual cost savings of $1.8 billion. HP employs more than 178,000 people worldwide.

UBS to lay off 2,000

European banking giant UBS plans to cut 2,000 jobs in its investment banking, equities, and fixed income units.

Some support staff jobs will also be lost. The current financial crisis has hit European banks hard.

UBS is downsizing its investment banking operations, after rising writedowns led to big clients withdrawing funds from the bank.

25,000 may lose jobs at Lehman

Employees of Lehman Brothers Holdings Inc, ever since the investment bank filed for the biggest bankruptcy in American history, are in a state of fear.

If the administrators at the bankrupt investment bank manage to salvage some parts of the Lehman Brothers business, then employees in those divisions will not lose their jobs.

However, as things stand, most of Lehman's 25,000 employees globally will have to find new employment.

Wachovia to see heavy downsizing

Lloyds TSB, which took over HBOS in a $21.5-billion buyout, also said that the deal will create one of the strongest banks in the UK but lead to thousands of job losses and branch closures.

Similarly, Wachovia which was acquired by Citigroup will also see some jobs being lost.

Chrysler to cut 250 white-collar jobs

US carmaker Chrysler is set to give the pink slip to 1,000 white-collar workers.

The job cuts are in line with Chrysler's plan to cut costs and streamline its operations.

Merrill Lynch jobs to go

The takeover of US investment giant Merrill Lynch by Bank of America for $50 billion will also lead to hundreds of employees losing their jobs.

Renault announces 2,000 job cuts

French automaker Renault says it plans to cut 6,000 jobs at its European subsidiaries over the next few months.

The auto company has been affected by a slowing down in sales due to the deceleration in the global economy.

Volvo to cut 1,400 staff

Swedish auto giant Volvo will lay off around 1,400 workers at truck plants in Belgium and Sweden because of falling demand in Europe.

The company said 400 jobs will go at a plant in Ghent, Belgium, and 980 at two Swedish plants in Gothenburg and Umea.

Sony Ericsson to sack 2,000

Cellphone firm Sony Ericsson will cut 2,000 jobs within a year as it restructures its worldwide operations. The move is likely to save $422 million for the company.

Wal-Mart to cut hundreds of jobs

Wal-Mart Stores Inc plans to cut about 500 jobs. A weak financial and economic climate has led to a significant drop in consumer buying causing a proportionate decline in corporate earnings.

And even as workers the world over shiver with fear, economists believe that more jobs may be lost over the next few months as major global economies experience a slowdown.