“CFOs are unsure what reopening will look like and have little visibility into when revenue will start to normalize.”
The automaker is cutting 9% of its global workforce after reporting a 99% plummet in operating profit.
"Companies appear to be preparing for a contraction in the market," says Challenger, Gray & Christmas.
The automaker’s global cost-cutting effort starts with eliminating thousands of jobs, discontinuing slow-selling models, and combining headquarters.
The company raised its profit outlook and said the cost savings would begin to show up next year.
Most of the cuts will be in Deutsche’s corporate and investment bank, in particular equities sales and trading personnel.
The struggling furniture and equipment rental firm has been under pressure from activist investors to sell itself.
The 12,000 job cuts are "painful but necessary for GE Power to respond to the disruption in the power market."
The German manufacturing giant will lay off 6,900 workers as it adjusts to the global surge in solar and wind capacity.
The Japanese lender is streamlining amid concern over the prospect of finance technology upstarts "overrunning traditional banking operations."
The drugmaker is seeking to become "a leaner, more nimble global organization" as it invests in a new generation of medicines.
While there was a 19.4% gain in announced layoffs last month, job cuts are still down 26.1% so far this year.
