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Blue-chip U.S. companies Pfizer and Caterpillar announced the largest cuts, while European heavyweights ING and Philips also unveiled plans to slash thousands of jobs.

Outright layoffs are by no means the only moves companies are making to cut costs. A study by consulting firm Challenger, Gray & Christmas found almost half of employers had avoided cutting staff through measures including salary freezes and cutting back workers' hours.

"While layoffs are usually the most visible action, and usually the most painful, companies are finding a multitude of ways by which to cut costs," said John Challenger, chief executive of the Chicago-based company.

Among the largest cuts announced on Monday:

* Drugmaker Pfizer Inc, which is acquiring rival Wyeth, plans to cut 15 percent of the companies' combined 130,000 workers -- about 19,500 jobs.

* Caterpillar Inc, the world's largest maker of heavy equipment, plans to lay off 17,000 workers and buy out 2,500 others to cut costs.

* U.S. mobile phone service provider Sprint Nextel Corp plans to reduce staff by 8,000, or 14 percent of its work force.

* Home Depot Inc, the world's largest home improvement retailer, said it would eliminate 7,000 jobs, or 2 percent of its work force, as it closes its Expo home design unit.

* Amsterdam-based banking and insurance group ING said it plans to cut 7,000 jobs to save $1.3 billion (1 billion euros) in 2009.

* Dutch conglomerate Philips Electronics will cut 6,000 jobs after reporting its first loss since 2003.

* Corus, Europe's No. 2 steelmaker, said it would cut 3,500 jobs worldwide, 8 percent of its work force.

* Spanish steel producer Acerinox said it may temporarily lay off workers at its Spanish factory, which employs 2,500 people, if demand does not improve.

* General Motors Corp plans to lay off 2,000 workers at two assembly plants in Michigan and Ohio and temporarily idle another nine North American assembly plants in response to weak demand.

(Reporting by Scott Malone; Editing by Tim Dobbyn)