Article, CNN.com, April 20
http://money.cnn.com/2005/04/20/news/economy/challenger_job_cuts/index.htmThe first quarter was a doozy in terms of job loss caused by company acquisition. According to job search firm Challenger, Grays, and Christmas, over 77,000 jobs were lost in this quarter do to merger downsizing. This number is more than six times the number from the previous quarter.
Most of the damage done in this quarter was in the telecommunications industry. Forty-two percent, or 32,380, of the merger-related cuts occurred in telecom.
"Several telecom deals have yet to be finalized, but once they are we can expect to see more fallout, especially since many of these deals were made with the sole purpose of cutting costs," mentioned John Challenger, CEO of the firm conducting the study.
