2010 Layoffs: What Do They Mean for 2011?

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NEW YORK (TheStreet) -- The job market did not witness the same recovery the overall economy did in 2010, and remains the biggest wildcard to continued improvements in 2011.

The year started with the national jobless rate at a whopping 10%. That number tapered a bit, dropping to 9.5% midway through 2010, before rising again to 9.8% in November.

While those who have jobs are more confident that they will keep receiving a paycheck, there doesn't seem to be much of a reprieve for those still unemployed.

What has seen growth within the labor market is temporary hiring, which has increased across all sectors, not just among retailers beefing up their staff for the holiday season.

It shouldn't come as a surprise that businesses handed out pink sheets at a steady rate throughout the year, as companies looked to cut costs and create more efficient operating models. And while a chunk of excess fat has effectively been cut at most companies, layoffs are expected to continue at the same pace.

Overall, most economists don't foresee any significant boost in hiring until well into 2011.

Here's a look at companies that laid off workers in 2010. Here, then, is a look at those corporations that have laid off workers since the beginning of the year.

Yahoo

After announcing it will eliminate about 600 employees, Yahoo (Stock Quote: YHOO) reportedly will also shutter some of its online services.

Yahoo announced on Dec. 14 that it will cut about 4% of its workforce. Then, on Dec. 17, a list began circulating on the Internet outlining sites that are in danger. Reportedly included on the list are Yahoo's content-sharing site Delicious and search site AltaVista.

Last year Yahoo eliminated about 700 workers on top of 1,400 layoffs back in 2008.

General Motors

General Motors (Stock Quote: GM) is offering buyouts to several thousand skilled trade workers, according to reports.

The auto maker could be looking to eliminate up to 3,000 workers, the Wall Street Journal reported. GM is said to be offering these employees $60,000 to leave the company by March.

General Motors spokesman Chris Lee told the Associated Press the company estimates it has 2,000 more skilled workers than it needs.

According to GM's Web site, the company has roughly 209,000 employees worldwide. Its U.S. workforce is 79,000 with a breakdown of 26,000 salaried workers and 53,000 hourly workers.

T.J. Maxx

T.J. Maxx said on Dec. 10 that it is slashing 4,400 jobs as it consolidates its A.J. Wright business.

The off-price retailer said it will convert 91 A.J. Wright stores into T.J. Maxx, Marshalls or HomeGoods stores and close the remaining 71 stores, two distribution centers and its home office.

The A.J. Wright stores will close between late January and mid-February.

A majority of the layoffs are part-time employees. According to the company, these associates will have the opportunity to be compensated at least through the holiday season and most will remain on board until January.

TJX expects the consolidation to improve profitability and focus on its other divisions. It expects to incur costs of $250 to $280 million as a result of the restructuring, which would reduce net income by $150 to $170 million, or by 38 cents to 43 cents a share.

Management expects to benefit by $25 million to $30 million annually, once the consolidation is complete.

Sunoco

Sunoco (Stock Quote: SUN) announced today that it will eliminate 175 positions at four of its facilities in Delaware and Pennsylvania.

The layoffs will be spread among salaried personnel throughout the first quarter of 2011.

Last week the company announced the sale of its Toledo, Ohio, refinery, Toledo Refining, a subsidiary of PBF. It also said it will separate SunCoke Energy.

Sunoco has about 4,000 employees in the Delaware Valley region.

FedEx

FedEx (Stock Quote: FDX) said on Nov. 30 that it will eliminate 300 jobs as it shutters its shipping terminal in southwest Ohio.

The layoffs will occur in January when it closes its National LTL facility. Those who are losing their jobs have been notified.

In September, FedEx said it will slash 1,700 jobs as it deals with a decline in its trucking business.

At the time FedEx said it will combine its FedEx Freight and FedEx National less-than-truckload, which take goods from many manufacturers and consolidates them into one truck for delivery.

Apollo Group

Apollo Group (Stock Quote: APOL) confirmed on Dec. 1 that it is laying off 700 employees at its University of Phoenix facilities.

The for-profit education company said most of the cuts will be admission personnel.

"These staffing reductions are intended to better align our operations with these business decisions," according to the prepared statement. "We are working closely with all impacted individuals to provide a fair and competitive transition package."

As a result of the restructuring, Apollo expects to incur charges of $5 million in the current quarter that ended on Nov. 30. It also expects to realize related employee compensation expense reductions of $8 million per quarter.

Novartis AG

Novartis AG (Stock Quote: NVS) said on Nov. 30 that it plans to eliminate 1,400 jobs at its U.S. general-medicines unit in an effort to boost efficiency.

These job cuts will be effective on Jan. 1.

The restructuring will cost about $85 million. The company did not specify how much it will save as a result of the layoffs.

Lockheed Martin

Defense company Lockheed Martin (Stock Quote: LMT) will eliminate or move 1,000 employees, as it plans to shutter its Minnesota plant by 2013.

The company said 650 of the Minnesota jobs would move to Owego, N.Y., San Diego, and Manassas, Va. The layoffs and transfers will begin in the first three months of 2011.

The restructuring is expected to save Lockheed about $150 million over 10 years.

Earlier in the year Lockheed Martin informed 472 employees, including some managerial positions, that they would be laid off.

ING Group, N.V.

Insurer ING Group, N.V. (Stock Quote: ING) announced on Nov. 12 that it plans to layoff 400 workers by the end of the year.

Those employees losing their jobs, which includes insurance and retirement products, will be notified by Friday.

As part of the layoffs, there will be a rearrangement of management effective January. Tom McInerney, chief operating officer, will leave the company as a result.

The move constitutes part of ING's ongoing goal to reduce administrative expenses as it readies itself for a U.S.-focused initial public offering.

Raytheon

Defense contractor Raytheon (Stock Quote: RTN) announced on Nov. 9 another round of layoffs.

The Massachusetts-based company did not disclose how many jobs it would eliminate.

The announcement comes following the election of Massachusetts Gov. Deval Patrick, who reportedly asked Raytheon to delay announcing layoffs until after the election. Patrick denied these claims, according to the Associated Press.

Genzyme

Biotechnology company Genzyme (Stock Quote: GENZ) started the first phase of layoffs in its plan to eliminate 1,000 employees on Nov. 5.

The company cut 352 positions this week, with plans to layoff another 650 workers by the ends of the year. The layoffs exclude jobs in its genetic testing and diagnostic products and pharmaceutical intermediates business units.

As a result of the restructure, Genzyme expects to incur charges between $24 million and $27 million in its fourth quarter.

This is part of a larger plan Genzyme announced last year to reduce costs and propell efficiency.

Northrop Grumman

Defense contractor Northrop Grumman (Stock Quote: NOC) said on Dec. 17 that it will eliminate 120 positions in New York due to lack of new orders.

The layoffs will come at its Amherst Systems business unit near Buffalo at the end of February.

Northrop Grumman has been announcing job cuts steadily throughout the year. In November, it said it is laying off 318 salaried workers at its Newport News, Va., shipbuilding facility.

Earlier in the year it handed out pink slips to 642 workers at its Pascagoula, Miss., 95 at its Tallulah, La. shipyard, and 110 at its Avondale, La., shipyard.

Biogen

Biogen Idec (Stock Quote: BIIB) said on Nov. 3 that it will cut its workforce by 13%, as it looks to improve efficiency.

The biotechnology company expects the approximately 650 layoffs will result in annual savings of about $300 million. It its planning for charges of $115 million, including $70 million in the fourth quarter.

Biogen will combine its business development, venture development and corporate strategy divisions into a new "Corporate Development Group." The company is currently searching for a head of the new division.

Biogen's eastern Massachusetts operations will be consolidated at existing Cambridge and Weston facilities.

CVS

CVS (Stock Quote: CVS) said on Oct. 28 that it will cut 300 positions in customer support and other operations in an effort to reduce costs.

Layoffs will occur across the country, but the majority of customer support positions are located in Woonsocket, R.I., the Associated Press reported. The eliminations do not include store staff.

Electronic Arts

Electronic Arts (Stock Quote: ERTS) has begun its third year of seasonal layoffs, according to reports.

Joystiq, a video game blog, confirmed the reports, which surfaced on Twitter, with the company.

"As you know, seasonal roll-offs that follow game launches are common and vital to maintaining a healthy business," Jeff Brown, a spokesperson for Electronic Arts, explained to Joystiq. "Because so many of our games ship in the holiday quarter, the team size adjustments tend to follow in the same timeframe. However, EA is growing and several of our studios are looking to hire talented people."

The company did not reveal how many workers would be let go.

Borgata Hotel & Casino

Atlantic City's major casino, Borgata, said on Oct. 26 that it is cutting its workforce by 3%.

The resort-casino, which Boyd Gaming (Stock Quote: BYD) holds a 50% stake, did not specify how many jobs would be lost.

According to report, the Borgata employs about 6,685 workers, which would mean a 3% cut would amount to about 200 layoffs.

This comes as MGM Resorts (Stock Quote: MGM), which co-owns the Borgata with Boyd, said earlier in the month that it received a bid for its stake. MGM did not disclose the name of the bidder, but said the offer amounted to about $250 million.

Nokia

Nokia (Stock Quote: NOK) announced on Oct. 21 that it will slash its workforce by 1,800.

This comes as the company looks to restructure its lagging smart phone business. The job cuts will come from its Symbian smart phone unit.

The layoffs are one of the first significant moves from new chief executive officer Stephen Elop.

Nokia had about 132,000 employees at the end of September.

Xerox

Xerox (Stock Quote: XRX) said on Oct. 21 that it plans to cut more costs by eliminating 2,500 jobs.

These layoffs, which will occur over the next year, represent about 2% of the company's total workforce, and are in addition to 2,500 positions Xerox previously said it would eliminate in January.

Xerox is now planning for $400 million in restructuring charges, up from a prior forecast of $280 million.

IBM

IBM (Stock Quote: IBM) announced on Oct. 20 that it will cut 190 manufacturing jobs in Ireland, moving production to China.

IBM has about 3,000 employees in Ireland. The 190 layoffs will come from its main facility in Mulhuddart, west Dublin, and will be completed by March. The company expects to rehire some workers for new jobs at its software services division in Ireland.

Earlier this year, IBM began seeking 310 voluntary resignations from senior staff in Ireland. It also announced plans to hire 200 workers for a new development center for urban-planning software.

Avon

Avon (Stock Quote: AVP) announced on Oct. 15 that it will shutter a plant in Ohio, resulting in about 400 layoffs.

Production that was taking place in the Cincinnati plant will be moved to other facilities in Illinois, Mexico and China, as well as a contract manufacturer in New Jersey.

Layoffs are expected to start in December and should be completed by mid-2012.

The closure of this plant is part of Avon's restructuring that is announced last year.

KB Home

KB Home (Stock Quote: KBH) said on Oct. 14 that it will eliminate 66 jobs in Denver as it consolidates two regional accounting centers into one.

The company said it will shift operations in Denver to a center in Phoenix over the next three to four months.

Some of the Denver employees will be offered jobs in the Phoenix office, but did not reveal how many positions will be made available.

"The decision to consolidate our accounting centers allows us to better manage our costs and streamline our operations without sacrificing quality or customer service," said Jeff Kaminski, KB Home's chief financial officer.

KB's Denver homebuilding operations are not included in this consolidation.

Aon

Insurance conglomorate Aon (Stock Quote: AON) will cut between 1,500 to 1,800 jobs over the next three years, the company revealed on Oct. 14.

This comes two weeks after its closed on its $4.9 billion acquisition of Hewitt Associates, a human resources firm. Hewitt has about 36,000 employees, and the layoffs will trim the staff by about 4% to 5%.

Aon expects to save $355 a year as a result of the restructure, with $280 million coming from eliminating jobs. The company plans to incur $325 million in costs related to the restructure.

Lloyds Banking

Lloyds Banking (Stock Quote: LYG) announced on Oct. 13 that it will slash 4,500 jobs by 2012.

The bank will eliminate 1,600 full-time jobs, 1,150 temporary and contract positions and 1,750 offshore contractor jobs in its IT division.

Lloyds Banking has laid off 20,000 jobs since the takeover of Halifax/Bank of Scotland in January 2009. Lloyds had about 106,500 employees in the middle of the year.

Sanofi-Aventis

Drugmaker Sanofi-Aventis (Stock Quote: SNY) announced on Oct. 8 that it is slashing 1,700 jobs in its U.S. pharmacy business.

The figure represents about 25% of its U.S. pharmacy business. Sanofi-Aventis will finalize which employees will be let go by December.

Quad Graphics

Quad Graphics (Stock Quote: QUAD) warned New York employees on Dec. 17 that it will be reducing its workforce by 20% in early 2011.

The printing company will layoff about 95 workers at its Buffalo facility starting Jan. 3. The work being done at this plant will be moved to other parts of the country to improve efficiency.

The news comes after Quad Graphics said in November that it will shutter its Fredericksburg, Va., facility in January, which will result in about 300 layoffs.

"Today's announcement is part of our ongoing plan to integrate operations following our acquisition of Worldcolor, and will further strengthen the efficiency and competitiveness of our manufacturing platform," said Joel Quadracci, Chairman, President & CEO, at the time of the announcement. "We have a clear vision for the future of our company and are moving aggressively to implement plans that will benefit our customers and drive value for our shareholders."

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