Corporate bellwethers in the US and Europe slashed more than 76,000 jobs from their payrolls to confront the deepening economic downturn, marking one of the most brutal days yet for workers on both sides of the Atlantic.
US corporate groups such as Caterpillar, General Motors, Sprint Nextel. Texas Instruments, and Home Depot led the retreat, as the domestic recession coupled with tough export markets continued to take a heavy toll on their businesses. Pfizer, the drugs group, added to the tally saying jobs would be lost in its takeover of Wyeth.
Large European companies such as Philips, the Dutch electronics company, financial group ING and the Anglo-Dutch steelmaker Corus, which is owned by India?s Tata Group, struck the same downbeat tone as they unveiled plans to axe staff.
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