job cuts – News Stories About job cuts - Page 4

Jan 22, 2009 9:20 AM CST

Microsoft to Ax 5K Jobs

(Newser) - Microsoft surprised the street today by releasing its earnings early, and they weren’t pretty. The software giant’s revenues inched up only 2%, below earlier guidance, and its net income dropped 11%. More alarming, the company said it was slashing 5,000 jobs, starting with 1,400 today, which...

US Loses 524K Jobs;
Unemployment Hits 7.2%

Jan 9, 2009 8:04 AM CST

US Loses 524K Jobs; Unemployment Hits 7.2%

Makes 2008 worst year for employment since 1945

(Newser) - Employers cut 524,000 jobs in December, which, on the heels of November’s decline of 584,000, made 2008 the darkest year of job losses since the end of World War II, Bloomberg reports. Those numbers were in line with forecasts, but the jobless rate topped its forecast by...

Stocks Plunge on Job Numbers

MARKET Open

Jan 7, 2009 8:57 AM CST

Stocks Plunge on Job Numbers

Numbers 'eye-poppingly bad'

(Newser) - Stocks took a beating this morning, after Alcoa announced deep job cuts on the heels of a dismal job report. The Dow tumbled 134 points, while the Nasdaq and S&P lost 1.7% and 1.6% respectively. The biggest news was an ADP/Macroeconomic Advisors report that said the private...

Lost Your Job?
Hyundai Will Buy
Your Car Back

Jan 5, 2009 7:01 PM CST

Lost Your Job? Hyundai Will Buy Your Car Back

New incentive plan offers mostly risk-free ownership for a year

(Newser) - With rebates and other incentives failing to entice buyers, Hyundai is letting hard-luck owners return their cars, CNNMoney reports. Buyers who can't make payments because they got fired or went bankrupt are allowed to trade cars back with little or no obligation, within a year. "The goal is that...

Sony Slashes 8,000 Jobs

Dec 9, 2008 6:25 AM CST

Sony Slashes 8,000 Jobs

(Newser) - Sony is slashing 8,000 jobs, or 4%of its global work force, aiming to cut costs by $1.1 billion a year as a global downturn and stronger yen batters profits at the Japanese electronics maker. Sony, which has 185,000 employees worldwide, said today it will complete the layoffs...

Dow Chemical to Slash
5,000 Jobs, Close 20 Plants

Dec 8, 2008 9:33 AM CST

Dow Chemical to Slash 5,000 Jobs, Close 20 Plants

Moves will save company about $700 million

(Newser) - Dow Chemical Co. will slash 5,000 full-time jobs—about 11% of its total work force—close 20 plants, and sell several businesses to rein in costs amid the recession, the company announced today. One of the largest chemical makers in the world, Dow expects the moves to save about...

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....