2. J.C. Penney Company, Inc.

Job cuts: 15,020

Number of employees: 116,000

Lack of sales and continued decline in earnings have left J.C. Penney high and dry. The fall in revenues has kick started a massive layoff and has turned more than 15,000 workers unemployed.

1. J.P. Morgan Chase & Co.

Job cuts: 19,000

Number of employees: 254,063

With approximately 19,000 job cuts this year, J.P. Morgan Chase, one of the largest banks in the world, has garnered the top honors in the list.

Increased reliance of customers on self-service technologies has forced the firm to cut down on its employees in consumer banking sector by about 4,000. The company has also made it clear that it will trim down 15,000 mortgage workers, a majority of whom were employed due to defaulted mortgages during the housing crisis.

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