|The 30,000 planned job cuts announced today by Bank of America is the largest single workforce reduction announcement by a U.S.-based employer so far this year, according to Challenger, Gray & Christmas, Inc., the global outplacement consultancy that tracks job-cut announcements daily. The Bank of America job cut is actually the largest since the United States Postal Service announced 30,000 job cuts in 2010. In 2009, General Motors announced 47,000 job cuts and closures by retailer Circuit City resulted in 34,000 job cuts. Prior to today’s announcement, the largest layoff announcement this year came from pharmaceutical giant Merck & Co., which reported plans to shed 13,000 workers as part of a cost-cutting initiative designed to make the company more competitive and keep profits propped up following the loss of patent protection for one or more of its drugs. The third largest cut this year came from retailer Borders Inc., which was unable to rebound from bankruptcy protection filed earlier in the year and was forced to shutter all of its remaining stores; a move that impacted nearly 11,000 workers. Are other banks at risk of heavy job cuts? How do big layoffs like this impact the economy? What should Bank of America workers be doing right now to prepare for job loss?
TOP FIVE JOB CUTS, 2011
TOP FIVE JOB CUTS, 1993-2011
Source: Challenger, Gray & Christmas, Inc.