6. Wells Fargo & Co.

Job cuts: 5,236

Number of employees: 274,300

Lower demand for mortgage refinancing took a toll on Wells Fargo, which is the fourth largest bank in the U.S. Plagued by severe losses, the company decided to cut-short its work force by about 2,300 employees from its mortgage production unit in August. Financial meltdown and the subsequent impact on home buyers further added to the misery of the firm and it resulted in continued large scale layoffs.

5. American Express Co.

Job cuts: 5,400

Number of employees: 63,500

Increased reliance of travelers on online travel booking had a major impact on the revenues of American Express. The profits of the company best known for its credit card, charge card, and traveler's cheque businesses, took a major beating and this resulted in a major reshuffle. The company decided to sack 5,400 employees from its workforce and unsurprisingly a majority of them were from the company’s travel division.

The company even arranged to sell its publishing division to Time Inc with a view to revive the fortunes of the company.

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