Halliburton slashes 5,000 jobs

Halliburton announced it would cut 5,000 jobs, which is roughly 8 percent of its workforce.

The cuts are slated to take place globally over the next several weeks.

"Our industry has turned down faster than anyone ever expected," Halliburton CEO Dave Lesar and President Jeff Miller said in a memo to employees obtained by CNNMoney.

The execs said it's now clear that business opportunities will be "much worse than anticipated" coming into the year.

Read more from CNNMoney.