Baker Hughes
- Job cuts: 10,500
Baker Hughes has been among the most aggressive energy companies to respond to the oil price shock.
In January the Texas-based oil services company revealed plans to lay off 7,000 employees and cut capital spending by 20%. Last month Baker Hughes (BHI) said it's boosting layoffs to 10,500, representing 17% of its workforce.
Baker Hughes has also closed or consolidated 140 facilities around the world and idled excess inventory as part of efforts to save $700 million a year.
It's hardly the only company to hand out pink slips due to the oil crash. Since oil prices peaked in June, American companies have announced more than 51,000 jobs cuts directly attributed to falling oil prices, according to data provided by Challenger, Gray & Christmas.
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