Monday, January 19, 2009

Carlyle's Hertz to Cut 4,000 Jobs

The Carlyle Group purchased Hertz Corporation in 2005. Times are tougher. The private equity underwriter (PEU) announced it eliminated 100 corporate jobs a month ago. Today, affiliate Hertz achieved a number 40 times that size, a cut of 4,000 jobs. The BBC stated:

Hertz has already cut its workforce by 22% in the last two years. The new cuts mean the firm has trimmed its staff numbers by 32% since August 2006.

Last month, the Carlyle Group praised the impact of private equity on employee relations. They used a European study and did their best to polish their penny pinching on jobs, pay and benefits. Next time, let's hope the study includes Hertz and Carlyle's laid off workers.