Merger-Related Job Cuts Double
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WASHINGTON — U.S. job cuts in the last four months as a result of mergers and acquisitions more than doubled those of the same period a year ago, according to employment company Challenger, Gray & Christmas Inc.
Of the 182,077 payroll reductions announced between April and July, 24,350, or 13.4%, were a result of mergers, the New York-based company said. During the same period last year, 11,190 job cuts, or 11.2%, were a result of mergers.
The overall number of job cuts almost doubled as well.
One in eight job cuts during the 1998 period was the result of a merger compared with one in nine last year, Challenger said.
“The huge unknown is that most of the participants in the most recent string of record-breaking mergers and acquisitions have not announced any job cuts yet,” said John A. Challenger, executive vice president of the company.
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