layoffs

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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...

Citibank to Cut 50,000 Jobs

 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%...

Tech Sector Short-Circuits
 Tech Sector Short-Circuits
Nov 15, 2008 7:09 AM CST

Tech Sector Short-Circuits

Once-insulated Silicon Valley fails to outpace slowdown

(Newser) - A sudden slowdown has sent the tech industry into a slump so severe some are comparing it to the dot-com bust, the New York Times reports. The sector was confidently chugging along as recently as September but last month saw orders for both business and consumer tech rapidly plunge—"...

Sun Micro to Cut 5,000 Jobs
 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...

$148M Loss Bites Into Crocs
 $148M Loss Bites Into Crocs 

Nov 13, 2008 3:02 AM CST

$148M Loss Bites Into Crocs

Demand for colorful clogs tanks

(Newser) - Crocs, the maker of hugely popular colorful plastic clogs, suffered a $148 million third quarter loss on a 32% drop in demand in Europe and the US. The Colorado-based company has shuttered a factory in Canada, will close another in Brazil next month, and has amassed extensive unsold inventory, reports...

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...

AmEx Will Lay Off 7K
 AmEx Will Lay Off 7K 
Oct 30, 2008 12:26 PM CDT

AmEx Will Lay Off 7K

Pay increases, hiring halted to prop up credit-card giant's savings

(Newser) - Noting that even wealthy Americans are struggling financially, American Express announced today it will cut 10% of its workforce, halt executive pay increases, and freeze new hires. The creditor to the elite will charge $440 million against fourth-quarter results to cover restructuring after 7,000 jobs are cut across all...

Goldman Sachs to Cut Staff 10%
 Goldman Sachs to Cut Staff 10% 
Oct 23, 2008 7:39 AM CDT

Goldman Sachs to Cut Staff 10%

Restructuring bank will trim 3,000 employees

(Newser) - Goldman Sachs will cut almost 3,300 jobs, or about 10% of the bank's total staff, an insider told Reuters today. Although Goldman has weathered the credit crisis better than its competitors, its transition from an investment bank to a traditional enterprise means that it will have to obey stricter...

Yahoo to Lay Off 1,400 as Online Ads Stumble

Third-quarter profits drop 64% as web giant struggles with economic tremors

(Newser) - Yahoo today reported a 64%-drop in its third-quarter profits, lowered its revenue estimates for the remainder of the year, and said it planned to cut 10% of its workforce, or about 1,400 jobs, MarketWatch reports. Yahoo reported net income of $54.3 million in the quarter, down from $151....

Watch for These Layoff Signs
 Watch for These Layoff Signs 
Oct 15, 2008 6:45 PM CDT

Watch for These Layoff Signs

Knowing it's coming could help you prepare

(Newser) - More than 750,000 American jobs vanished this year, and more cuts are likely amid the current crisis. MarketWatch offers red flags that a pink slip is coming:
  • Colleagues get fired: You are not immune, even if your boss says so.
  • Training budgets dwindle: They are "not sure if
...

Economic Crisis Is Too Advanced for Rescue

Layoffs just part of the problem, as states, consumers cut back

(Newser) - September's spike in US unemployment numbers was the latest indication of a faltering economy, but the country's problems certainly aren't limited to layoffs. Unfortunately, the $700 billion bailout plan won't make things much better, analysts tell the Los Angeles Times. From consumer activity to state governments, the economic signs are...

Lehman to Lay Off Another 1,500
 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,...

Jobless Claims Hit 6-Year High
 Jobless Claims Hit 6-Year High
Economy
Aug 7, 2008 11:00 AM CDT

Jobless Claims Hit 6-Year High

Mounting layoffs lead to surprise jump in claims, report says

(Newser) - The number of newly laid off Americans signing up for jobless benefits last week unexpectedly climbed to its highest point in more than 6 years as the faltering US economy forced companies to cut back. The Labor Department reported today that new applications filed for unemployment rose by 7,000...

Workers Losing Hours as Economy Tightens

Jobless figures don't reflect part-time jump

(Newser) - US joblessness stands at a moderate 5.5%, but more than 3.7 million workers have seen their hours cut from full-time to part-time over the last year, shrinking their paychecks even as gas and food prices soar, reports the New York Times. That's the highest figure in the half-century...

LA Times Insider Launches Anti-Zell Blog

Anonymous journo bashes paper's owner as heads keep rolling

(Newser) - Heads continue to roll at the Tribune Company, but one staffer is aiming to prove the pen is mightier than Sam Zell's ax, reports the New York Times, with new blog TellZell.com. The site is airing the gripes of Tribune's disgruntled journalists, and is finding plenty of fodder—from...

GM May Cut More Jobs, Brands
 GM May Cut More
 Jobs, Brands 
Jul 7, 2008 9:01 AM CDT

GM May Cut More Jobs, Brands

Only Cadillac, Chevy deemed safe as automaker struggles to return to profitability

(Newser) - GM is considering slashing thousands of white collar jobs, while simultaneously selling off or discontinuing even more brands, the Wall Street Journal reports, in a furious attempt to return to profitability. For years GM has resisted shrinking its large stable of brands, even as rivals Ford and Chrysler committed to...

American to Cut 7K Jobs
 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....

Starbucks to Close 600 Stores Across US

Most of the shuttering shops opened after October 2005

(Newser) - Starbucks will close hundreds of stores across the US in its newest attempt to boost deflated profits, the Seattle Times reports. In the next nine months, about 600 stores are getting the ax, most of which opened after October 2005. About 12,000 employees will lose their jobs, but the...

Battered Citigroup Plans Major Layoffs

Firm will cut 10% of its investment-banking group

(Newser) - After being in the red for two quarters, Citigroup will this week hand out pink slips in its investment-banking division, looking to sack 10% of the group’s 65,000 employees. The move, which would eliminate entire trading desks worldwide, is unusually severe, the Wall Street Journal says. CEO Vikram...

Continental Hacks 3K Jobs, 16% of Flights

Carrier is the latest to scale back operations citing fuel costs

(Newser) - Continental Airlines today became the latest US carrier to slash its workforce and trim flights in the face of profit-busting fuel costs and an industry-wide slowdown, the Wall Street Journal reports today. The airline will cut its workforce by 3,000 jobs, scale back US departures by 16%, and aggressively...

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