Challenger, Gray & Christmas reports that 10 companies plan to cut a total of nearly 75,000 jobs this year. These companies include J.P. Morgan Chase & Co. and J.C. Penney Company Inc., which plan to cut 19,000 and 15,020 jobs, respectively.
International Business Machines Corp., meanwhile, plans to cut 9,400 jobs, while Boeing Co. plans to eliminate 5,800 jobs. Other firms planning to cut jobs this year include American Express Co. (5,400), Wells Fargo & Co. (5,236), Cisco Systems (4,500), MetLife Inc. (3,150), Blockbuster (3,000), and United Technologies (3,000).
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