Today might go down in history as DarkGray Money.  It seems that companies across all industries have decided to trim their work force today. “Companies today announcing at least 72,500 job cuts.”
�
Whybanksfail is speechless, wanting to know how spending more money, giving more bailouts, paying for more wars is going to soften the blow [...]

Just in, Microsoft plans to eliminate up to 5,000 positions over the next 18 months.
The news follows an 11% drop in net income.  Revenue increased 2% to $16.63 billion (still not bad from my perspective, given the adoption issues with Vista, and what seems like a speed up in development of “Windows 7″).  Net income [...]

We’ve been following job cuts here quite a bit, here’s an amazing number:
693,000 jobs cut in December 2008
According to an article on Reuters, Private job losses mount in December — the job cuts in December were up sharply from November.  Added to the fact that most employers would want to avoid cuts during the holiday [...]

Alcoa announced today that earlier cost-cutting changes weren’t enough due to the economic downturn.  They will make more work-force cuts, close plants, and reduce capital expenditures by 50%.
The layoffs will affect 14.5% of the current employees and contractors totaling 15,000 fewer positions. �
Aluminum, Alcoa’s main business, prices have dropped significantly since earlier in 2008, when growing [...]

After McCann quits, Dan Sontag will take over the head of Bank of America’s newly acquired merrill Lynch wealth-management division.

The AP announced recently, Dow Chemical to cut 5,000 jobs, close 20 plants. �
That equates to 11% of the company’s total workforce. �
We should change the name of the site to Why Jobs Get Cut … there have been so many job cuts recently.  That is, however, how banks fail. �
The article says the move [...]

The most jobs lost in 34 years.
This doesn’t even take into account the recent layoffs in December.
According to November: Most jobs lost in 34 years, we’re in for one hell of a new year.
While unemployed jumped to 6.7%, that is just shy of estimates of 6.8%.  If you can take that as a good thing.
Not [...]

CNBC reported, Jobs Cuts in BofA-Merrill Merger May Reach 30,000.
Now we’re adding Bank Of America to the list?
Going to be some depressing Christmas parties out there.
Take a look at some more depressing news from Seven Corporate Developments, at The Path to the Pegasus Letter.

More job cuts (it just doesn’t stop) … at least this one isn’t only in the US. �
Credit Suisse announced an additional 5300 jobs to be cut from its global workforce.  This comes after already losing 1800 jobs this year.
That accounts for 11% of the Credit Suisse Work force.
So we have layoffs in:

Credit Suisse – [...]

Where’s FuckedCompany.com when you need it?
In a press release announced on adobe.com, Adobe will be laying off roughly 600 full-time positions globally. �
Adobe, a crucial partner in the realm of Apple, is not going to have a booth at Macworld this year. �
In talking with some friends in larger companies, they have said that even [...]

We have been following the JP Morgan / WaMu story for a while (there should be some related links below).
According to the BBC, JP Morgan Axes 9,200 jobs at WaMu.
WaMu, Washington Mutual, was the largest US bank to fail.  It was sold by regulators to JP Morgan at the bargain price of $1.9 billion. �
4000 [...]

The Breakdown:

Washington Mutual (WaMu) failed on September 29, 2008
Biggest bank failure in history
Federal regulators seized operations and sold to JP Morgan
WaMu cuts payroll by 13% in California
1600 call center jobs cut

Another day, more layoffs announced.  In this case it may be better news than it seems.  Washington Mutual (now owned by JP Morgan) is cutting [...]

The Saudi Prince has spoken, but it’s not enough to help Citigroup out of the downward plunge it is on.  Citibank opened 4% lower, but it got much worst as the day went one. Losing more then 26% to trade close the day at 4.71
�
Breakdown: Citibank Losses

$20.3 billion in losses on declining mortgages and bad [...]