job cuts

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Microsoft to Ax Up to 18K Jobs

That's up to 14% of its workforce

(Newser) - Microsoft has announced what will be the heftiest round of job cuts in its 39-year history: As many as 18,000 positions, or roughly 14% of its workforce, will go. The move follows the company's Nokia acquisition , which inflated its ranks to 127,104 workers. Re/code reports on the... More »

Cisco to Slash 4K Jobs Over 'Slow' Economy

CEO John Chambers also cites bloated middle ranks

(Newser) - Cisco Systems is cutting jobs again even though it saw rising revenues in the fourth fiscal quarter, the Wall Street Journal reports. The network-equipment giant said today it will slash 4,000 jobs, or 5% of workers, because economic growth isn't moving fast enough. "What we see is... More »

Barclays Slashing 3.7K Jobs

Bank plans major overhaul

(Newser) - Barclays is set to cut some 3,700 jobs amid an operations overhaul, it announced today. Coming out of a strategic review, the company is looking to cut costs by some $2.7 billion, the BBC reports. Nearly half the job cuts will occur at Barclays' investment bank, mostly in... More »

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive... More »

Google to Shed 4K Motorola Workers

That's 20% of Motorola Mobility workforce; third of offices closing

(Newser) - After acquiring Motorola Mobility for $12.5 billion this year, Google is slicing off a fifth of its workforce, laying off 4,000 workers, the company has confirmed. Two-thirds of the 4,000 cuts will occur outside the US; Google is also shutting down up to a third of the... More »

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 »

Nokia to Chop 1 in 5 Jobs its main mobile devices unit

(Newser) - Even rose-colored glasses can't make Nokia's situation look any brighter. The company today announced that it would cut another 10,000 jobs, which Reuters points out is one out of every five slots at its once-formidable global cellphone business. The news was accompanied by the warning that its... More »

Wall Street to Slash 21K Jobs

Downsizing binge will rival that of financial crisis

(Newser) - Wall Street's job creators aren't exactly living up to that billing. The market is soaring, and so are bank profits, but financial firms are preparing for a massive round of layoffs, analysts tell Fortune , estimating that the banks will cut nearly 21,000 jobs. That would be a... 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 »

Citi Cutting 4,500 Jobs

Bank faces 'extremely challenging' conditions, CEO says

(Newser) - Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes... More »

Bank of America Job Cuts May Reach 40K

Continues major overhaul in effort to slim down

(Newser) - Job cuts at Bank of America could hit a number much higher than earlier reported —four times higher: Executives are now discussing cutbacks to the tune of 40,000 positions, the Wall Street Journal reports. A final decision isn’t expected until later today. The bank is aiming to... More »

Bank of America to Slash Thousands of Jobs

As many as 10K could eventually get the boot

(Newser) - Bank of America Corp. is cutting 3,500 jobs this quarter, and plans to cut many more in the quarters ahead, as part of a drastic plan to overhaul the company. A source tells the Wall Street Journal that the company will probably dispose of at least 10,000 jobs... More »

Postal Service Wants to Cut 120K Jobs

It also aims to exit federal health, retirement plans

(Newser) - The US Postal Service is looking to cut 120,000 jobs—20% of its workforce—and pull its workers out of federal health and retirement plans, reports the Washington Post . USPS would replace those benefits plans with new ones of its own. The proposal, which would include layoffs currently banned... More »

HSBC to Cut 30K Jobs

But British bank hasn't said where

(Newser) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep... More »

Unemployment to Stay High for Years

Fed officials predict it will take about 5 years to return to normal

(Newser) - Unemployment will remain higher than normal for years to come, Fed officials predicted today. Even at the end of 2012, the rate is forecast to be between 6.8% and 7.5%—a decent turnaround from the current 10.2% but still about 2 points higher than the figure in... More »

Dow Ends Big Week Up 13

(Newser) - The markets stalled today even as the Dow flirted with its peak for the year, the Wall Street Journal reports. An early rally on better-than-expected job loss data lost steam on news that the unemployment rate itself grew to its highest since 1983. And insiders aren’t sure that oil... More »

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

(Newser) - American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "... More »

Economy Forces 'Boomerang Kids' Back Home

Experts fear financial strain of dependent, adult kids

(Newser) - After losing their jobs and homes, some middle-aged adults are losing something else—independence from their parents, the Washington Post reports. The recession is forcing so-called “boomerang kids” back into their childhood homes, raising questions about how easily parents can accommodate refilled nests amid tough economic times. "It's... More »

Stocks Flat After Jobs Data

(Newser) - Stocks ran out of gas at the open today, as investors digested a grim jobs report. The Dow and S&P were essentially flat, the Wall Street Journal reports, while the Nasdaq inched higher, on strong earnings from Research in Motion. The BlackBerry maker posted a 26% gain in earnings... More »

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