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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: job cuts

job cuts stories: 56 news summaries

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(Newser) - GM will cut 10,000 jobs this year, including 3,400 in the US, the Wall Street Journal reports. The cuts represent 14% of GM’s salaried workforce overall, and 12% in the US. Most of those lucky enough to survive the axe will get a 3%-7% pay cut,... More »

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General Motors • Detroit • unemployment • auto industry • Big Three • job cuts

 Sprint Nextel to Cut 8K Jobs 

3rd-largest wireless outfit has lost millions of subscribers

Jan 26, 09 8:13 AM CST
(AP) - Sprint Nextel is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion. The third-largest US wireless provider said it will complete the layoffs, about 14% of its 56,000 employees, largely by March 31. About 850 of the reductions... More »

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cell phones • layoffs • Sprint Nextel • telecommunications • job cuts • wireless industry • Dan Hesse

 Caterpillar to Slash 20K Jobs 

Don't they know Obama wants to heap money on infrastructure?

Jan 26, 09 7:50 AM CST
(Newser) - Caterpillar Inc will cut 20,000 jobs—or 18% of its workforce—after posting a 32% drop in fourth-quarter income, the Wall Street Journal reports. “We were whipsawed in the fourth quarter,” said CEO Jim Owens. “Key industries were hit by a rapidly deteriorating global economy.”... More »

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layoffs • construction • earnings reports • unemployment • Caterpillar • corporate earnings • infrastructure • job cuts • financial crisis

 Microsoft to Ax 5K Jobs 


Jan 22, 09 9:20 AM CST
(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... More »

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Microsoft • layoffs • earnings reports • corporate earnings • job cuts

 US Loses 524K Jobs; 
 Unemployment Hits 7.2% 

Makes 2008 worst year for employment since 1945

Jan 9, 09 8:04 AM CST
(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... More »

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layoffs • recession • unemployment • payrolls • jobless claims • job cuts

MARKET Open

 Stocks Plunge on Job Numbers 

Numbers 'eye-poppingly bad'

Jan 7, 09 8:57 AM CST
(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... More »

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stock market • Intel • Alcoa • unemployment • Nasdaq • Dow • job cuts • S&P 500

 Lost Your Job? 
 Hyundai Will Buy 
 Your Car Back 

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

Jan 5, 09 7:01 PM CST
(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... More »

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South Korea • unemployment • Hyundai • auto industry • job cuts • auto insurance




 Sony Slashes 8,000 Jobs 


Dec 9, 08 6:25 AM CST
(AP) - 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... More »

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Japan • layoffs • Sony • unemployment • yen • job cuts • financial crisis

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

Moves will save company about $700 million

Dec 8, 08 9:33 AM CST
(AP) - 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... More »

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unemployment • job cuts • Dow Chemical Co. • financial crisis

 Credit Suisse 
 Cuts 5,300 Jobs, 
 11% of Workforce 

Investment banking unit takes major hit as bank joins rush to cut expenses

Dec 4, 08 6:30 AM CST
(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... More »

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Citigroup • layoffs • Credit Suisse • job cuts • banking industry • financial crisis • private banking

 Financial Industry 
 May Shed 350K Jobs 

So far, 170,000 positions have been cut worldwide

Nov 21, 08 10:23 AM CST
(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... More »

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Citigroup • Lehman Brothers • job cuts • financial sector • investment banks • JPMorgan Chase

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

Nov 18, 08 8:02 AM CST
(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... More »

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China • Bank of America • mergers and acquisitions • Merrill Lynch • job cuts • bailout • Troubled Asset Relief Program • China Construction Bank

(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%... More »

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Citigroup • layoffs • bank • unemployment • job cuts • financial sector • financial crisis

 Sun Micro to Cut 5,000 Jobs

Software giant slashes 15-18% of workforce

Nov 14, 08 8:19 AM CST
(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... More »

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Silicon Valley • layoffs • Sun Microsystems • unemployment • tech sector • job cuts

Citi to Lay Off 10,000,
Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

Nov 14, 08 7:13 AM CST
(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... More »

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Citigroup • credit card • credit crisis • job cuts • Vikram Pandit • investment banks • credit card accounts • financial crisis

DHL Will Cut 9,500 Jobs, Stop Domestic US Service

German firm shutters DHL Express service centers as its competition gets the better

Nov 10, 08 10:07 AM CST
(AP) - 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... More »

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Germany • layoffs • mail • shipping • FedEx • job cuts • DHL • Deutsche Post • United Parcel Service Inc.

 Ford Loses $2.98B, Cuts Jobs 

Automaker narrows losses, but results much worse than expected

Nov 7, 08 7:41 AM CST
(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.... More »

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Detroit • earnings reports • Ford • auto industry • third quarter earnings • job cuts

ANALYSIS

 Crisis May Cost World 20M Jobs 

Analysts see 'equal-opportunity recession'

Oct 21, 08 3:22 PM CDT
(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.... More »

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globalization • General Motors • Merrill Lynch • recession • unemployment • job cuts • financial crisis • Hewlett-Packard

 Playboy Woos 
 Posers Who 
 Lost Shirt 
 on Wall St. 

Magazine seeks to make best of bad news with 'Women of Wall Street' special

Oct 2, 08 11:16 AM CDT
(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... More »

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Wall Street • model • job cuts • Playboy • adult magazines

 Lehman to Lay Off Another 1,500

Wall Street quakes as ax falls again and again

Aug 29, 08 2:21 AM CDT
(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,... More »

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Wall Street • layoffs • Lehman Brothers • job cuts • financial sector

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