In just one day, companies have forecast more than 85,000 job cuts across the globe as the financial crisis hit workers in factories and offices and brought down a government.
In the United States, construction equipment giant Caterpillar, drug maker Pfizer and General Motors all announced an avalanche of job cuts, piling pressure on US President Barack Obama to succeed in his plan for a $1 trillion economic stimulus.
The financial catastrophe's also claimed the scalp of Iceland's Prime Minister Geir Haarde, who announced the resignation of his Government after months of protests over economic policies that brought the country close to bankruptcy.
Japan's top 12 carmakers expect to cut a total of 25,000 jobs by the end of March and thousands more cuts have been announced by Dutch banking and insurance group ING and the country's electronics giant Philips.
The US Congress, meanwhile, is due to begin debate this week on President Obama's stimulus bill designed to haul the world's largest economy out of a paralysing recession.
Local fallout
Local representatives from Pfizer and Wyeth refused to comment on the likely impact on their Australian operations, which are unlikely to be spared from global efforts to cut up to 20,000 staff.
The companies together employ 2000 workers in Australia.
Already Pfizer announced it would slash 8000 jobs around the world after it revealed a 90% drop in income on Monday.
Pfizer employs 1700 people in Australia across its Sydney head office and three factories, including one at Parkville.
Staff roles include sales and marketing, research and development, administration and manufacturing for the company's suite of pharmaceutical products, which include cholesterol-lowering drug Lipitor, rheumatoid arthritis drug Celebrex and impotence pill Viagra.
Wyeth has between 300 and 400 staff in Australia working across its pharmaceuticals and consumer health divisions, with more working in a semi-autonomous animal-health division.
While none of the company's manufacturing is done locally, staff are employed in sales and administration.
At least 50 employees at Caterpillar's Tullamarine truck body plant will be affected by the lay-offs announced by the US parent company overnight, according to a local union representative.
AAP, with Ari Sharp, The Age
