Nearly 29,000 Jobs Cut Reported In Almost 24 Hours Across All Sectors

New York, NY - Nearly 29,000 jobs cut were announced across the globe on Thursday as weak credit market conditions and on-going recession in major economies are hurting the profit margins on several companies across all sectors.

AT&T Inc. (NYSE: T) led the bad news as the U.S. entered the holiday season by decided to slash as many as 12,000 employees or 4 percent of the company's total workforce, citing economic pressures, a changing business mix and a more streamlined organizational structure.

The Dallas, TX-based company said that due to the current crisis and economic factors, AT&T is expected to reduce its 2009 capital expenditures from 2008 levels. The details on expenditure cuts will be disclosed when the company releases its fourth quarter results in late January.

The company also reported with the reductions in workforce, which will occur in December and throughout 2009, AT&T will take a charge of almost $600 million in the fourth quarter of 2008 to pay severance to affected employees.

Chemical company DuPont Co. reported that it is expected to slash as many as 6,500 workers, including 4,000 contractors by year-end 2008 with additional contractor reductions in 2009, as a part of its restructuring plan, increasing cash flow and reducing expenses.

With the elimination of 2,500 full-time employees, the company will take a pre-tax charge of around $500 million, or $.40 per share, in the fourth quarter 2008. These actions are expected to generate a pre-tax earnings rise of about $130 million for 2009 and about a $250 million annual run rate.

DuPont expects a loss of $.20 to $.30 per share for the fourth quarter 2008, excluding an estimated $.40 per share significant item charge for the company’s restructuring plan. The company expects 2009 earnings in the range of $2.25 to $2.75 per share, anticipating the current global recession will continue well into 2009.

The company said that the current quarter's sales are expected to be at least 15 percent lower than fourth quarter 2007. But it reaffirmed that it expects year-end free cash flow of about $1.3 billion and to generate about $2.5 billion in free cash flow in 2009, about double the level anticipated in 2008.

Viacom Inc. (NYSE: VIA and VIA.B) announced that it expects to reduce workforce by approximately 7 percent, or 850 positions as a part of restructuring plans and reduce overall costs with evolving economic conditions. The company said that it is also suspending senior level management salary increases for 2009.

The firm added its restructuring and write-down together will result in a pre-tax charge of $400 million to $450 million, or $0.42 to $0.48 per share, in the fourth quarter of 2008. Similar steps will be taken by the company in 2009, which will result in pre-tax savings of $200 million to $250 million.

Separately, Belden Inc. (NYSE: BDC) reported that it will reduce as many as 1,800 position, or 20 percent of its jobs and consolidate manufacturing operations, which will result in charges of between 85 cents to $1 a share.

The St. Louis-based maker of signal-transmission solutions for automation, data networks and electronics applications will generate $30 million in 2009 and $50 million a year beginning in 2011.

"As we reported in October, we have seen softening of our major markets globally, and we expect that economic conditions will remain challenging for some time," John Stroup, president and chief executive officer of Belden, said in a statement on late Wednesday.

He"Therefore it is necessary for us to further adjust our cost structure so that we can continue to be competitive under such conditions. We regret the hardship these actions will impose on our associates."

Zurich, Switzerland-based Credit Suisse Group Inc. on Thursday reported that it estimates a net loss of 3 billion Swiss francs ($2.46 billion) in the first two months of the fourth quarter and plans to cut as many as 5,300 jobs or 11 percent of its total workforce, primarily in investment banking segment.

The reduction in headcounts will save 2 billion Swiss francs ($1.64 billion), representing 9 percent of the bank's reported nine-month annualized 2008 cost base, the company said.

Nomura Holdings Inc. reported Thursday that it plans to hand out pink slips to as many as 1,000 employees out of its 4,500 total staff in London as the jobs overlap during the merger of the equities and investment banking operations of Lehman Brothers Holdings Inc.

Adobe Systems Inc. (ADBE) reported late Wednesday that it plans to slash up to 600 positions after it posted weak preliminary results for its fiscal fourth quarter and a sales outlook for the first quarter.

As a result of the cuts, the company is expecting to take pre-tax charges between $44 million and $50 million, including almost $30 million to be recorded in the current quarter.