job cuts

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To Save $1B, UPS Cuts Thousands of Jobs

Company slashes 12K workers amid higher labor costs

(Newser) - UPS will cut 12,000 jobs and released a revenue outlook for this year that sent its shares down sharply at the opening bell, per the AP . The company also hinted that its Coyote truck load brokerage business may be put up for sale. The Teamsters in September voted to...

eBay Staff Told to Work at Home Today for 'Space and Privacy'

9% of its workforce will be laid off, CEO Jamie Iannone said Tuesday

(Newser) - The bloodletting in the tech sector continues to creep into 2024. On Tuesday, eBay employees were told via an internal letter that the company will shave its workforce by 9%, or by about 1,000 full-time jobs, reports CNBC . CEO Jamie Iannone blamed a mismatch between "overall headcount and...

Nokia Is Cutting Up to 14K Jobs
Nokia Announces Big Job Cuts
Oct 19, 2023 11:42 AM CDT

Nokia Announces Big Job Cuts

Up to 14K will be laid off amid 'market uncertainty' in the telecoms business

(Newser) - Telecom gear maker Nokia said Thursday that it's planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit. The Finnish company, one of the world's main suppliers of...

Disney Is Cutting 7K Jobs
Disney Is Cutting 7K Jobs
Feb 8, 2023 5:23 PM CST

Disney Is Cutting 7K Jobs

'I do not make this decision lightly,' Bob Iger says

(Newser) - The Walt Disney Co. said Wednesday it will cut about 7,000 jobs as part of a "significant transformation" announced by CEO Bob Iger. The job cuts, which amount to about 3% of the company's global workforce, were announced Wednesday after Disney reported quarterly results that topped Wall...

Microsoft Added 40K Jobs in 2022. Now, an About-Face

Company on Wednesday announced 10K jobs would be cut

(Newser) - Add Microsoft to the ever-growing list of tech companies announcing 4- and 5-figure layoffs. The company on Wednesday said it would lay off 10,000 employees, or roughly 5% of its 221,000-person workforce, by the quarter ending March 31, with layoffs beginning this week, reports CNBC . CEO Satya Nadella...

Salesforce Cutting Thousands of Workers

10% of the company's staff will be cut

(Newser) - Salesforce is laying off about 10% of its workforce, or nearly 8,000 employees, in the latest round of job cuts in the tech industry as corporations cut back on software and other spending. The San Francisco cloud computing software company will also be closing some offices, according to a...

'I Got This Wrong': Meta to Move Forward With Mass Cuts

Mark Zuckerberg announces workforce will shrink by 13%

(Newser) - Meta CEO Mark Zuckerberg on Wednesday confirmed that the first mass layoffs in the company's history are happening, with 11,000 "talented employees"—or 13% of the workforce—to be cut. Meta's hiring freeze will also persist through Q1. The Wall Street Journal confirms it marks...

Deutsche Bank's Push to Be a Banking Giant Is Dead

The Frankfurt-based bank began cutting 18K jobs on Monday

(Newser) - Germany's Deutsche Bank on Monday began cutting 18,000 jobs, marking the end of a long, failed attempt to compete with the planet's investment banking giants. The bank plan unveiled Sunday aims to take Deutsche Bank "back to our roots" by refocusing on traditional strengths like serving...

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...

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...

Microsoft to Ax Up to 18K Jobs
 Microsoft to Ax Up to 18K Jobs 
Jul 17, 2014 7:55 AM CDT

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...

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...

Barclays Slashing 3.7K Jobs
 Barclays Slashing 3.7K Jobs 
Feb 12, 2013 3:18 AM CST

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...

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....

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...

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...

Cisco Slashing 1.3K Jobs

 Cisco Slashing 1.3K Jobs 
Jul 24, 2012 2:40 AM CDT

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...

Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

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...

Nokia to Chop 1 in 5 Jobs
 Nokia to Chop 1 in 5 Jobs 
Jun 14, 2012 6:52 AM CDT

Nokia to Chop 1 in 5 Jobs

...in 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...

Wall Street to Slash 21K Jobs
 Wall Street to Slash 21K Jobs 
Apr 30, 2012 7:51 AM CDT

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...

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