HSBC, Merck, Borders layoff 54,000

Image by The Library of Congress via FlickrA new wave of corporate layoffs could pick up momentum if the economy does not kick into a higher gear soon. International banking firm HSBC was the latest big company Monday to announce job cuts, trimming an astounding 30,000 workers from its global workforce.

Just last Friday, Merck announced a new round of job cuts, saying it would pare 13,000 employees from its work force of 91,000 by 2015. Failed book seller, Borders is letting go another 10,700 workers, as it shuts down all of its retail stores.

"These heavy cuts are a sign the economy is stalling. The GDP numbers back it up. This is a concrete result of what you get when you see GDP stalling under 2 percent, like we've seen for two consecutive quarters," said John Challenger, CEO of Challenger Gray and Christmas, which monitors layoffs.

The announcements come as economists look to Friday's employment report, expected to show that just 90,000 jobs were added in July. More...