Sunday, October 13, 2013

CUT THROAT CAPITALISM

AMERICA'S JOB CUTTERS
Johann Wagener 10-13-13

Rest assured these job cuts will not affect those at the top;

The average CEO salary broke records in 2011 at $9.6 million — and now, that record high has been topped by 2012 salaries, which averaged out to $9.7 million. Health care and media CEOs enjoyed the highest pay, while utility CEOs had the lowest at $7.5 million. Sixty percent of CEOs got a raise last year.

Though CEO pay dropped slightly after the financial crisis, it quickly rebounded to reach new heights in 2010, 2011, and now 2012. Simultaneously, the pay gap between CEOs and workers has also broken records, as the average CEO in 2012 earned 354 times more than the average worker.
Planned job cuts in the third quarter rose 25% from a year ago. With September jobs cuts up 19% from last year, it represented the fourth month in a row in which job cuts were higher than the same month last year. Despite the current trend, employers are on pace to cut roughly the same number of jobs that were cut last year.

According to data compiled by Challenger, Gray & Christmas, 10 companies alone have announced close to 75,000 job cuts this year, combined. This represents nearly 20% of all the announced cuts in 2013.

Click here to see which companies have cut the most jobs

1. JPMorgan Chase & Co.
> Job cuts: 19,000
> Number of employees: 254,063
> YTD share price change: +15.7%


JPMorgan Chase is one of the nation’s largest banks. More than half of U.S. households are customers of the bank, according to the company. However, as customers increasingly use self-service technologies, the firm announced plans to trim back its consumer banking staff by 4,000. The company also announced its intentions to lay off 15,000 mortgage workers, many of whom were brought in to process defaulted mortgages during the housing crisis. JPMorgan continues to be one of the most profitable companies in the U.S.