German firms cut back on their labor force by not employing people.

Such job openings have dwindled now as these firms cut back because of hard times.

Then firms, selling less, cut what they pay staff.

The firm will cut gas bills by around 5pc.

It had to state clearly that the firm was cutting edge, yet tempered by the traditional in its approach to the law.

Within a year, the firm was cutting wages and laying off workers, but not quickly enough.

Merrill Lynch and several other firms also cut growth estimates.

Earlier this year, the firm cut the jobs of 350 people who worked in the technology, human resources and legal departments and other support areas.

"The major firms are all cutting back, and we will continue to feel the after effects."

Since the start of 2001, the firm has cut 18,600 jobs, about 26 percent of its work force.