- The new highs and lows of stocks
- IT seeing a U turn again
- Reduction in the jobs for freshers
- Industrial Production@1.2 %, which was around 10% last year in the same period
- Inflation still a 2 figured percentage
- Global meltdown
- Decreasing export orders
1. 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.
2. HSBC to cut 1,100 jobs
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.
3. 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.
4.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.
5. 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.
And the story is still on...
These crisis are one of the largest downfall stories in the history of Finance, I wish the countries take the best decisions to survive...