job cuts

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Reeling From Dismal Holidays, Macy's Slashes 4.8K Jobs

It's been a rough road for Macy's as online shopping takes over

(Newser) - Macy's is slashing jobs, a harbinger of hard times for retailers after a holiday season that saw a noticeable shift to online shopping and away from physical stores. The nation's largest department-store chain, which also operates Bloomingdale's, said late Wednesday it's cutting up to 4,800... More »

HSBC to Nix 25K Jobs, Double Down on Asia

Bank will also dump operations in Turkey, Brazil

(Newser) - HSBC Holdings, Europe's largest bank by market value, will cut up to 25,000 jobs around the world to reduce costs and shift its center of gravity back toward the fast-growing Asian economies where it started 150 years ago. The bank, currently based in London, said today it's... More »

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 »

Citigroup: We're Cutting 11K Jobs

Bank says move will save $900M in 2013

(Newser) - Citigroup says it will eliminate more than 11,000 jobs in an effort to cut expenses and improve efficiency. The cuts will result in about $1 billion in charges in the fourth quarter and about $100 million in charges during the first half of next year, the company said today.... 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 »

Sony to Cut 10K Jobs

New CEO Kazuo Hirai reportedly trying to cut costs amidst weak TV sales

(Newser) - Sony will cut about 10,000 jobs worldwide over the next year as it tries to return to profit, Japanese news reports said today. The decision to slash 6% of its work force comes as it struggles with weak TV sales and swelling losses. New CEO Kazuo Hirai may announce... 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 to Cut 30K Jobs

Aims to save $5B per year

(Newser) - The rumored cuts ranged from 10,000 to 40,000 jobs. The reality is somewhere on the upper end: Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The troubled bank expects many of... 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 »

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