cost cutting

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Cisco Slashing 1.3K Jobs

Tech company shares down 11% this year

(Newser) - As Cisco Systems continues to struggle, the computer-networking equipment maker plans to cut 2% of its workforce—around 1,300 jobs. Profits are down and shares fell 11% this year thanks in part to Europe's financial crisis and slower spending by corporate customers, Bloomberg notes. And an analyst says... More »

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment... More »

Yahoo Lays Off 2K Workers

Moves were expected amidst flat growth

(Newser) - Yahoo is slashing 2,000 jobs, or about 14% of its workforce, the company announced today, in a long-expected cost-cutting move. The cuts will hit every department in the company, and sources tell the Wall Street Journal that yet more cost reduction measures are in the works, as Yahoo continues... More »

Investigators: BP Didn't Cut Corners After All

No one consciously chose money over safety, Bartlit says

(Newser) - The presidential panel investigating the Deepwater Horizon oil spill has come to a startling conclusion: BP didn’t cut corners on safety to save money. “We have not seen a single instance where a human being made a conscious decision to favor dollars over safety,” Fred Bartlit, the... More »

As Sales Slump, Wal-Mart Cuts Prices

Watchers see ploy to hold on to middle class post-recession

(Newser) - Wal-Mart will discount around 10,000 items in the face of dipping sales, even as other retailers report increases in business. The move could be a ploy to hang on to middle-class shoppers, who flocked to the big-box behemoth in the depths of the recession but have been upgrading as... More »

Cash-Strapped School Districts Go to 4-Day Week

Parents, workers miffed, but effect on student learning is unclear

(Newser) - As school districts across the nation find themselves battling massive budget shortfalls, some are turning to the relatively rare but controversial practice of shortening the school week. Four-day weeks usually don’t affect teacher pay or the amount of classroom time for students, as the days are simply lengthened. But... More »

Johnson & Johnson to Slash 8,700 Jobs

Company says moves will save up to $900M annually

(Newser) - Johnson & Johnson will cut 7% of its workforce—some 8,400 jobs—and make other other restructuring moves in order to save up to $900 million next year. The New Brunswick, NJ, company says it will also simplify its business structure in order to achieve savings that will add... More »

10 Dirty Restaurant Tricks

Eateries cut corners and assume you won't notice

(Newser) - Restaurants are known to cut a few corners for the sake of their bottom lines. Slashfood sheds some light on dirty little industry secrets, including:
  • Using cabbage instead of seaweed: An ex-maître d’ at an upscale Chinese joint says the chef assumed his celebrity clientele wouldn’t know the
... More »

CBO Is Usually Wrong on Health Reform Numbers

(Newser) - The Congressional Budget Office is a much-respected institution, and its integrity is beyond question, but it’s got a really lousy record when it comes to estimating the effects of health care reform, writes researcher Jon Gabel in the New York Times. It has drastically underestimated savings from each of... More »

Holdouts, Converts Swelter Through Recession Without AC

Unit shipments down as Americans find other ways to keep cool

(Newser) - This summer, some Americans are more concerned about their wallets than their comfort—so they’re turning off the air conditioning and putting up with the heat, the New York Times reports. Window air conditioner shipments from manufacturers to distributors dropped 39% the first half of the year versus the... More »

Ahead, the Summer of the Furlough

(Newser) - Already-downsized companies seeking to cut costs further will likely increase temporary layoffs this summer, hoping the season will ease the pain of a missed paycheck, Fortune reports. A recent poll found that 44% of US companies are considering or have already implemented furloughs. But some institutions and employees are getting... More »

GM to Close 1,100 Dealerships

(Newser) - GM has sent termination notices to 1,100 of its 6,000 US dealerships as part of its plan to eventually shutter 42% of its retail network, CNN reports. The dealers have been notified that their contracts won't be extended next October, and some will shutter this year, a GM... More »

New Owner's Cost Cuts Change Flavor at Budweiser

Jobs, perks, executive suites disappear

(Newser) - Things haven't tasted the same since InBev's takeover—and makeover—of Anheuser-Busch, the Wall Street Journal reports. Cost-cutting has become paramount at a firm once known for its cushy treatment of employees. Jobs have been sliced, executive suites knocked down, and benefits like free baseball tickets made rare. Anheuser-Busch Inbev... More »

Sullenberger: Airline Cuts Invite Risks

(Newser) - Hero pilot Chesley “Sully” Sullenberger told Congress today that cost-cutting by carriers is forcing experienced colleagues out of jobs, to the detriment of safety in the skies, the Chicago Tribune reports. “We will see negative consequences to the flying public,” the US Airways captain said. Sullenberger himself... More »

Firms Cut Pay Instead of Jobs

(Newser) - Companies looking to cut labor costs are increasingly turning to salary reductions rather than further layoffs in an attempt to save employee morale, the Chicago Tribune reports. One extreme case is Acco Brands in Illinois, which imposed a six-week, 47% reduction for all workers instead of downsizing. "It's an... More »

Cash-Squeezed Calif. to Close Offices Twice a Month

Labor unions file suit opposing cost-saving move

(Newser) - In another creative and/or desperate budgeting move from the Governator, California state offices will close 2 days a month, the Wall Street Journal reports. The state is low on cash and facing a budget deficit expected to swell to $42 billion deficit over the next 18 months. The days off,... More »

Cash-Squeezed Bereaved Hold Funerals at Home

Home funerals can save thousands in tough times

(Newser) - Amid the recession, many who’ve lost loved ones are turning to less expensive in-home funerals, the Los Angeles Times reports, and it's creating a booming business for “death midwives,” consultants versed in preparing bodies and completing paperwork for such services. Once, such midwives were in demand for... More »

Why You Should Drink From the Bottom of the List

Expensive wines can break the bank and cheaper ones may give off the impression of mediocrity, but they can save money without losing their taste

(Newser) - While most people prefer choosing from the top of any wine list, it’s not where you get the best bang for your buck, writes Eric Asimov in the New York Times. He suggests starting at the bottom. While expensive wines are a must-have for any respectable restaurant, “the... More »

United Should Be Liquidated

Why the airline doesn't deserve a second chance

(Newser) - What with the oil price spike, times are rough all around for airlines, writes Roben Farzad for BusinessWeek. But United presents a uniquely bungled case, and it is irresponsible to pity it along with other struggling players in the industry. "Even if the airline devised a way to run... More »

American Stiffens Frequent-Flier Rules

Fees see an increase in a move to cut costs

(Newser) - American Airlines has added stiffer fees and higher mileage requirements to its frequent-flier program as the airline struggles to cope with fuel costs, the New York Times reports. American, which posted a $1.16 billion loss for the second quarter, is following the lead of Delta, which tightened the purse... More »

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