The bankruptcy of Hostess Brands Inc., the baker of Twinkies and Wonder bread, is likely to be one source of joblessness for some time. The Irving, Texas-based company on Nov. 22 began firing 15,000 workers, temporarily keeping about 3,200 of its remaining employees to clean plants and mothball equipment.
Among others reducing employment, Citigroup Inc. yesterday announced it will cut more than 11,000 jobs and pull back from some emerging markets to drive down costs as revenue dries up at global banks.
Declining dismissals, combined with a sustained pickup in hiring, are needed help spur consumer spending, which accounts for about 70 percent of the economy.
Companies adding employees as business grows include Sitel, a call-center operator owned by Onex Corp., Canada’s largest publicly traded buyout firm. Sitel this week said it plans to immediately begin hiring 3,000 workers at customer care locations in the U.S. and Canada.