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These 3 Companies Have Cut the Most Jobs So Far This Year


Just 10 companies are responsible for 20 percent of planned cuts for 2013, according to data from Challenger, Gray & Christmas, as reported by MSN.


(Photo Credit: jdhancock/Flickr)

“The companies that are cutting the most jobs this year are, not surprisingly, in industries that are eliminating the most positions overall,” write Alexander E.M. Hess and Michael B. Sauter at MSN. “The financial services sector is leading the way with 48,874 planned layoffs year to date, while retail and aerospace companies were also shedding many thousands of positions.”

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These are the three at the top:

1. JPMorgan Chase

Jobs cut: 19,000, out of 254,063 positions.

Reasons for the cuts: Automation and the continuing effects of the housing bust. JPMorgan Chase plans to eliminate some customer service staff in banks and lay off 15,000 mortgage workers.

2. JCPenney

Jobs cut: 15,020, out of 116,000 positions.

Reasons for cuts: It’s been a rough couple of years for the budget retailer. Former CEO Ron Johnson attempted to revitalize sales by creating a new pricing strategy that focused on low prices every day, instead of regular sales. Bargain-obsessed consumers rejected the plan. A few days ago, amid rumors that the company had hired bankruptcy lawyers, its stock prices fell to their lowest levels since the 1980s.

3. IBM

Jobs cut: 9,400, out of 434,246 positions.

Reasons for cuts: A drop in sales and a continuing move to outsource jobs to India. IBM now has more workers in India than in the U.S., according to The New York Post.

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Jen Hubley Luckwaldt
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