Widespread job cuts as companies slash costs

The jobs carnage has continued today, with Virgin Blue, Macquarie Bank, CSR and accounting firm KPMG announcing staff cuts as the global financial crisis continues to bite.

Virgin will sack up to 400 staff after announcing it will cut its domestic flights by 8% in a bid to reduce costs. While the company says it will explore options to keep staff on – including shifting them to other units, leave without pay and part-time work – heavy job losses appear inevitable.

Building materials and sugar supplier CSR says it will cut almost 540 staff after downgrading its profit outlook by 20% from $192 million last year to between $125 million and $140 million in 2008-09. The company’s shares dived 17% after the announcement.

Accounting firm KPMG has sacked 100 staff while Macquarie Bank, which sacked around 1000 staff last year, is cutting another 100 employees.

Yesterday, brewing giant Foster’s cut 300 staff and logistics company Brambles made 700 workers redundant.

Further job losses are possible at car maker GM Holden, after its parent company General Motors announced plans to sack 47,000 workers around the world in a desperate attempt to avoid bankruptcy.

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