Market Overview

Major Companies Shed Record Jobs In 2009 (WMT, JPM)

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Major Companies Shed Record Jobs In 2009 WMT, JPM

Fortune 500 companies slashed a record 821,000 jobs in 2009. According to Reuters, these companies collectively increased their profits three-fold in 2009. However, there was a 8.7% decline in sales revenue. Business magazine Fortune has released its latest business rankings. Shawn Tully, Fortune’s editor-at-large, said, “By mid-2009, companies were making fewer goods with far fewer workers. A pivotal turn began midyear. Sales bottomed, then began to rise gently, as headcounts continued falling.”

Wal-Mart Stores Inc. (NYSE: WMT) is back at the top spot. The retail giant was placed second in last year’s rankings. Fortune ranks companies on the basis of sales. The list also features major banks such as JPMorgan Chase (NYSE: JPM) among its Top10.

Posted-In: Fortune Fortune 500 ReutersNews Intraday Update

 

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