U.S. firms announce massive layoffs

Deutche Presse-Agentur, New York

Adding more bad economic news as the year reaches its final weeks, three U.S. companies announced a total of 17,000 layoffs on Thursday.

Qwest Communications International said it would lay off more than 10 percent - or 7,000 people - by mid 2002, reducing its work force to 55,000. The U.S. telecommunications firm cited slacking demand as a result of a weakening economy.

The largest U.S. insurance firm, Aetna Inc., intends to lay off 13 percent - or 6,000 people - reducing its work force to 37,000. Lay offs began in the fourth quarter of this year and will be spread over the coming year, an adjustment that Aetna said would bring its employee numbers into proportion with the number of its clients.

Bristol-Myers Squibb, the pharmaceutical concern, said after markets closed that it has cut 4,000 positions, including some at DuPont Pharmaceutical, which it bought in October.