job cuts – News Stories About job cuts - Page 4

Credit Suisse
Cuts 5,300 Jobs,
11% of Workforce

Dec 4, 2008 6:30 AM CST

Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Investment banking unit takes major hit as bank joins rush to cut expenses

(Newser) - Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as...

Financial Industry
May Shed 350K Jobs

Nov 21, 2008 10:23 AM CST

Financial Industry May Shed 350K Jobs

So far, 170,000 positions have been cut worldwide

(Newser) - Job cuts in the financial services sector could hit 350,000 worldwide by the middle of 2009, double the number so far, Bloomberg reports. "This is the financial equivalent of World War II," says the CEO of a major headhunting firm. If he's right, by summer, the industry...

Bank of America Doubles Stake in Chinese Bank

Nov 18, 2008 8:02 AM CST

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

Citibank to Cut
50,000 Jobs

Nov 17, 2008 8:19 AM CST

Citibank to Cut 50,000 Jobs

(Newser) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19%...

Sun Micro to Cut 5,000 Jobs

Nov 14, 2008 8:19 AM CST

Sun Micro to Cut 5,000 Jobs

Software giant slashes 15-18% of workforce

(Newser) - Sun Microsystems intends to lay off 5,000 to 6,000 employees, amounting to 15-18% of the computer maker’s workforce. The cuts should shave about $800 million off Sun’s costs, as the company struggles to compensate for swiftly declining sales. Sun lost $1.68 billion last quarter, as...

Citi to Lay Off 10,000,
Raise Credit Card Rates

Nov 14, 2008 7:13 AM CST

Citi to Lay Off 10,000, Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

(Newser) - Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by 25%, allowing managers to minimize...

DHL Will Cut 9,500 Jobs, Stop Domestic US Service

Nov 10, 2008 10:07 AM CST

DHL Will Cut 9,500 Jobs, Stop Domestic US Service

German firm shutters DHL Express service centers as its competition gets the better

(Newser) - Deutsche Post will close all of its DHL Express service centers, cut 9,500 jobs in the US, and eliminate US-only domestic shipping by land and air, the company said today, citing heavy losses and fierce competition with UPS and FedEx. The company said the new round of cuts are...

Ford Loses $2.98B, Cuts Jobs

Nov 7, 2008 7:41 AM CST

Ford Loses $2.98B, Cuts Jobs

Automaker narrows losses, but results much worse than expected

(Newser) - Ford Motor Company’s sales plunged 22% in the third quarter, the company said today, as the struggling economy eviscerated demand. The company lost $2.98 billion, or $1.31 a share, far worse than the 93 cents-per-share analysts expected, while burning through $7.7 billion in cash, Bloomberg reports....

Crisis May Cost World 20M Jobs

ANALYSIS

Oct 21, 2008 3:22 PM CDT

Crisis May Cost World 20M Jobs

Analysts see 'equal-opportunity recession'

(Newser) - The financial sector is slashing workers, and Silicon Valley employees are dropping like prices on last year's iPod. What industry is next? All of them, Moira Herbst writes in BusinessWeek. Every company relies on credit and consumer purchasing power, making this an “equal-opportunity recession,” a staffing agent says....

Playboy Woos
Posers Who
Lost Shirt
on Wall St.

Oct 2, 2008 11:16 AM CDT

Playboy Woos Posers Who Lost Shirt on Wall St.

Magazine seeks to make best of bad news with 'Women of Wall Street' special

(Newser) - The bear market could create some new bunnies, Reuters reports, with Playboy seeking females from the financial world to pose for an upcoming "Women of Wall Street feature. The magazine—which ran "Women of Enron" and "Women of WorldCom" specials after those companies folded—says it is...

Lehman to Lay Off Another 1,500

Aug 29, 2008 2:21 AM CDT

Lehman to Lay Off Another 1,500

Wall Street quakes as ax falls again and again

(Newser) - Lehman Brothers is about to lay off another 1,500 employees—6% of its workforce—in its fourth round of cuts this year, an insider told the New York Times. The struggling financial services giant has already shed over 6,000 jobs since last summer. A total of some 101,...

GM Will Cut Salaried Jobs, Benefits to Survive Slump

Jul 15, 2008 9:42 AM CDT

GM Will Cut Salaried Jobs, Benefits to Survive Slump

Company aims to cut costs to boost liquidity, cope with lower sales

(Newser) - General Motors will cut salaried jobs, accelerate factory closings, and eliminate health care coverage for many salaried retirees in order to raise $15 billion to survive the industry's deep downturn, the Wall Street Journal reports. GM will also suspend dividends, sell some assets, lower capital spending, and cut production of...

GM to Announce New Round
of Major Cuts

Jul 15, 2008 2:37 AM CDT

GM to Announce New Round of Major Cuts

$4 gas threatens workforce, car and truck production

(Newser) - General Motors is expected to announce another big round of cost-cutting measures today, Bloomberg reports. Insiders say the ailing automaker, hit hard as consumers leave gas-guzzlers standing in car lots, is likely to slash thousands of jobs and reduce production of trucks and SUVs for the second time in two...

American to Cut 7K Jobs

Jul 3, 2008 10:56 AM CDT

American to Cut 7K Jobs

Massive layoffs planned in response to rising fuel costs

(Newser) - American Airlines plans to cut as many as 900 flight attendants from its ranks next month as part of nearly 7,000 expected layoffs this year, reports the Dallas Morning News. The job cuts, intended to counter rising fuel expenses, mirror an intended 8% reduction in the airline's worldwide flights....

Honey, I'm Shrinking
the Tribune Papers

Jun 6, 2008 4:42 AM CDT

Honey, I'm Shrinking the Tribune Papers

Zell plans to slice pages to offset $13B debt

(Newser) - Publisher Sam Zell has announced he'll quickly slash pages and more editorial jobs to offset huge debts and a larger-than-anticipated decline in advertising revenue at his newspapers, including the Los Angeles Times and Chicago Tribune. An 80-page edition of the Tribune could be sliced to 48 pages, reports the Chicago ...

Surprise Loss,
$7B Cash Infusion
for Wachovia

Apr 14, 2008 8:47 AM CDT

Surprise Loss, $7B Cash Infusion for Wachovia

Fourth-largest bank was prime player in mortgage mess

(Newser) - Wachovia reported a surprise first-quarter loss today 2 years after taking over a subprime-dealing savings and loan. The CEO of the fourth-largest US bank was “deeply disappointed” that the bank lost $393 million, or 20 cents a share; analysts had anticipated earnings of 40 cents a share, Bloomberg reports....

Consumer Confidence Hits 26-Year Low

Apr 11, 2008 11:10 AM CDT

Consumer Confidence Hits 26-Year Low

Index drops far below expectations on job, economy fears

(Newser) - Consumer confidence hasn’t been this low since 1982, according to the Reuters/University of Michigan index, which reported a slide to 63.2 from March’s 69.5. That was lower than even the lowest estimates in a Bloomberg analyst poll. “The consumer’s feeling increasingly hemmed in,”...

AMD to Slash 10%
of Jobs in '08

Apr 8, 2008 12:02 AM CDT

AMD to Slash 10% of Jobs in '08

Chip maker was hurt by defective product, slumping sales

(Newser) - Advanced Micro Devices will shed 10% of its workforce this year and predicts a 15% first-quarter revenue drop, down to $1.5 billion, the Wall Street Journal reports. Slumping desktop sales and the company's line of defective chips and have hurt AMD, which will lay off workers worldwide at "...

$4M NASA Cut May Strand
Mars Rover

Mar 24, 2008 8:38 PM CDT

$4M NASA Cut May Strand Mars Rover

Shrinking budget could also leave 300 jobless

(Newser) - NASA confirmed and denied plans today to scuttle a Mars rover and fire 300 employees, CNN reports. The space agency first announced a $4 million cut to the Mars program's $20 million budget and vowed to unplug one of two rovers roaming the red planet. Then a NASA spokesman told...

US Sees Worst Decline
in Jobs Since 2003

Mar 7, 2008 7:58 AM CST

US Sees Worst Decline in Jobs Since 2003

Payrolls dropped by 63,000; recession fears intensify

(Newser) - The US lost 63,000 jobs in February, the second straight month payrolls contracted and the worst drop since 2003, catching economists off guard and fanning fears of recession anew, Bloomberg reports. Economists hoped the economy would add 23,000 jobs after declining a modest 17,000 in January, when...