While most of us are gritting our teeth in anticipation of office Christmas parties, a significant number of music industry employees are polishing their resumes after receiving pink slips in the latest wave of  seasonal downsizing. Sony BMG is expected to take the biggest hit as it restructures in the face of an eight million dollar loss reported in October, due mainly to the worldwide decline of CD sales. The silver lining, at least in the case of Sony BMG, is that the twenty actual job cuts are one third of initial estimates.

Also cutting jobs was Island Def Jam Records, which started firing season by letting eight employees go last week. The biggest name among those dismissed was Rob Stevenson, one of the labels major talent evaluators and the man behind the Bravery, Sum 41, Fall Out Boy, and the Killers. This round of firings also has its small positive side as the man responsible for releasing Sum 41, Fall Out Boy, the Bravery, and (to a slightly lesser degree) The Killers on unsuspecting music fans now has plenty of time to go and find some bands that can actually play.

More cuts, some after the first of the year, are expected at Universal’s Geffen Interscope A&M division and EMI, as purchaser Terra Firma makes adjustments to increase profitability. [NY Post]