Reporting a first loss quarter of 57 m euros the Dutch electronics consumer giant said that it did not have plans of cutting jobs. Europe’s biggest consumer electronics and hospital equipment manufacturer that had earlier announced 6000 job cuts said that the company will emerge out of this recession much stronger and more resilient.
The CEO’s of various companies have got their hike in the salary comparing to the year 2008 where many lost their jobs due the high recession that happed during the year. The Wall Street which cut the pay of its CEO drastically during the previous year. The citi Group CEO made $38 million in 2008 compared with roughly $11 million.
The economic crisis saw the closing of two other small banks in Washington. It is being speculated that there are more banks and financial institutions that are under scrutiny and that if the crisis situation is not regulated it would effect in the shutting down of many of the other major institutions which in turn would effect the world economy.