Even so, it appears to be the single largest example of the industry's recent wave of downsizing.
The recession and recent wave of downsizing have forced many corporations to eliminate in-house services and use independent contractors instead.
In an exchange with a reader after his essay was published, the economist wrote: "Since the second economy began, in the early and mid-1990s, we've had wave after wave of downsizing and layoffs, and now we have ongoing structural joblessness.
For political reasons, we may not see the wave of downsizing we saw here, but companies are doing everything within their means to slim down their labor force," Rogge says, citing retirement incentives and freezes on hiring.
In a city in which business and friendship are intertwined, the cutbacks have provoked a wave of social downsizing as well.
During a wave of newspaper downsizing, Martinez received a buyout from The Times in 2007.
The basic cyclical friction involved in waves of downsizing and upsizing is unchanged.In this section Beyond the business cycle?
This includes insecurity and distrust following waves of downsizing, as well as resentment over the enormous compensation gaps between topmost executives and almost all other employees.
But in 1974, General Electric moved its headquarters from New York City to a more expansive facility in Fairfield, Connecticut and, between that and the tectonic shifts in America's economy, the successive waves of downsizing changed the city and the surrounding area in ways nobody could have predicted.
He proceeded to rein in the ambitions of his fund empire, and Mr. Druckenmiller was the first of a wave of departures as Mr. Soros downsized.
