Monster.com to Cut 400 Jobs

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Monster.com, one of the well-known sites meant to help people find jobs, now needs to let go of some its own workers.

After lower than expected profits in 2011, Monster Worldwide Inc., the New York-based company that owns Monster.com, plans to cut its workforce by 7 percent, or about 400 positions.

The online recruitment company said layoffs are necessary to improve profitability. The company estimates it will save around $100 million with the restructuring.

Following the announcement, shares of Monster Worldwide fell 15 percent Thursday on the New York Stock Exchange.

"The progress we saw in the fourth quarter was much slower than what we saw earlier in the year," Monster CEO Sal Iannuzzi told Reuters in an interview. "But the situation is not similar to 2008."

"The uncertainty in Europe and the United States is making companies hold back and not commit as much as they normally would," he added.

The company has predicted the global job market will not drastically improve in the near future.

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