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A dark phase for jobs

November 3, 2008

These are tough times for job seekers and employees across the world. As the corporate world reels under a economic recession, more and more people are losing their jobs in the US.

However, in India, IT majors Tata Consultancy Services and Wipro have denied any job cuts, stating that the recession would not hit the IT industry.

Meanwhile, Jet Airways, Kingfisher Airlines which are going through a turbulent time have slashed salaries and bonuses. Campus placements in premier institutes have also been hit in India. Those who were hired on campus have been asked to wait.

Several global companies Motorola Inc, Nissan Motor, Goldman Sachs, Xerox Corp have announced more job cuts. Many companies have also cut down their hiring plans for the coming year. Experts say the gloom will continue through the next year.

Goldman Sachs plans to cut 3,300 jobs as the crisis worsens in the United States. The company also reported a 70 per cent fall in its third quarter profit. The total revenues for the quarter dropped 51 per cent compared to the same period last year.

Image:Goldman Sachs headquarters in New York. Goldman Sachs announced third-quarter earnings dropped 70 percent in the midst of one of the worst market slumps in U.S. history.| Photograph: Mario Tama/Getty Images

Also read: Obama's mantra: More jobs, less outsourcing
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