It's Good to Be King, Job Security Division

Worker bees got the axe in a big way in May. Companies announced more than 103,000 layoffs that month, the highest monthly total since December 2005, according to Challenger, Gray & Christmas, the Chicago outplacement agency.

Predictably, the credit crunch and massive losses on Wall Street took their toll on people working at financial firms. Banks, brokerages, and fund managers said they planned to shed more than 85,000 jobs -- and more downsizing cannot be ruled out.

Computer makers, telecom providers and automakers also announced large layoffs in May, though nothing to rival finance.

Employers overall also slashed payrolls by nearly 82,000 in June, bringing job losses to more than 275,000, the most since the last quarter of 2005, according to Challenger. But June downsizing is still significantly -- 21 percent -- lower than May's 29-month high, according to the firm's figures.

Even so, if the pace of job losses continues, the annual total could exceed one million for the first time since 2005.

How did denizens of the executive floor fare? Challenger, Gray won't have those numbers until next week, but it's a safe bet that C-levels did better than cubicle dwellers.

Another recent report, this one from the consulting firm Booz & Co., found that even flagging stock prices don't seem to trigger exits from the corner office. Only about 2 percent of chief executives got the shove for poor performance, Booz found.

by Elizabeth Olson

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