Baker Hughes to cut another 1,500 jobs

Baker Hughes' investor relations director Gary Flaharty said Monday the company will make additional adjustments as required.

Flaherty says the latest job cuts began last week and represent about 4 percent of the Houston-based company's global work force.

Tumbling crude prices, frozen credit markets and forecasts for meager energy consumption have forced energy producers to scale back spending. That means less work for companies like Baker Hughes, which assist producers with drilling, reservoir management and other services.