job cuts – News Stories About job cuts - Page 3

Mar 27, 2009 2:07 AM CDT

Google Cuts 200 Jobs

Search king slashes sales jobs as recession shrinks revenue

(Newser) - Google is cutting 200 sales and marketing positions to save costs as companies worldwide slash their online advertising budgets, Bloomberg reports. Company officials hope the trims will also help streamline the decision-making process. The jobs will be eliminated globally, and employees have been encouraged to seek new positions within the...

IBM Slashes 5K US Jobs

Mar 26, 2009 10:08 AM CDT

IBM Slashes 5K US Jobs

Moves many to India

(Newser) - IBM will cut 5,000 US jobs, the Wall Street Journal reports, sending many to India to continue its expansion there and downsizing in the US. The cuts hit IBM’s global business services unit. They stem in part from customers ending contracts and the automation of some work, but...

US Condom Maker in Peril
as Feds Buy Chinese

Mar 23, 2009 5:25 PM CDT

US Condom Maker in Peril as Feds Buy Chinese

(Newser) - The sole supplier of condoms to Washington's overseas AIDS campaign is likely going out of business thanks to Asian competition, the Kansas City Star reports. The feds are close to signing contracts with companies in South Korea and China, which charge 2 cents per condom; Alabama-based Alatech charges five. Three...

FedEx Earnings Dive 75%

Earnings

Mar 19, 2009 7:52 AM CDT

FedEx Earnings Dive 75%

(Newser) - FedEx net income plunged 75% in the third quarter, the company announced today, a bad sign for economists who consider the shipping giant a bellwether. FedEx also announced plans to cut $1 billion in costs, though it didn’t detail how many job cuts that might entail. The company has...

Fired French Sony Workers Free CEO Hostage

Mar 13, 2009 6:46 AM CDT

Fired French Sony Workers Free CEO Hostage

Boss's visit to videotape plant lasts through the night

(Newser) - The CEO of the French arm of Sony was held hostage overnight by laid-off employees at a videotape plant being shut down, the Guardian reports. He was released this morning on the condition that he go directly to talks with trade unionists, who are upset at the size of their...

United Technologies
Will Slash 11,600 Jobs

Mar 10, 2009 8:28 AM CDT

United Technologies Will Slash 11,600 Jobs

Tough commercial aerospace market drives cuts

(Newser) - United Technologies Corp, which owns Sikorsky Aircraft and Pratt & Whitney, maker of jet engines, will cut 11,600 jobs and has lowered its 2009 forecast in a crumbling commercial aerospace market. The moves, part of an expanded $750 million restructuring program, are fueled by a decline in anticipated revenue,...

Consumer Confidence
Hits New Low

Feb 24, 2009 10:16 AM CST

Consumer Confidence Hits New Low

Index plummets to 25, compared to 76.4 a year ago

(Newser) - Americans' already-battered confidence in the economy went into freefall this month, reaching new lows as consumers grow more fearful over huge job cuts and shrinking retirement accounts. New York's Conference Board said its Consumer Confidence Index, which was down slightly in January, plummeted more than 12 points in February to...

Stocks Slip on Bailout Jitters

MARKET Open

Feb 10, 2009 8:53 AM CST

Stocks Slip on Bailout Jitters

(Newser) - Stocks took a dip at the open today, as investors awaited news on how the remaining $350 billion of the $700 billion bank rescue will be spent. The Dow shed 56 points, while the Nasdaq and S&P inched down 0.2% and 0.7%, respectively. GM’s shares were...

GM Hacks 14% of Salaried Jobs

Feb 10, 2009 8:27 AM CST

GM Hacks 14% of Salaried Jobs

(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, while...

Sprint Nextel to Cut 8K Jobs

Jan 26, 2009 8:13 AM CST

Sprint Nextel to Cut 8K Jobs

3rd-largest wireless outfit has lost millions of subscribers

(Newser) - 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...

Caterpillar to Slash 20K Jobs

Jan 26, 2009 7:50 AM CST

Caterpillar to Slash 20K Jobs

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

(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.”...

Microsoft to Ax 5K Jobs

Jan 22, 2009 9:20 AM CST

Microsoft to Ax 5K Jobs

(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...

US Loses 524K Jobs;
Unemployment Hits 7.2%

Jan 9, 2009 8:04 AM CST

US Loses 524K Jobs; Unemployment Hits 7.2%

Makes 2008 worst year for employment since 1945

(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...

Stocks Plunge on Job Numbers

MARKET Open

Jan 7, 2009 8:57 AM CST

Stocks Plunge on Job Numbers

Numbers 'eye-poppingly bad'

(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...

Lost Your Job?
Hyundai Will Buy
Your Car Back

Jan 5, 2009 7:01 PM CST

Lost Your Job? Hyundai Will Buy Your Car Back

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

(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...

Sony Slashes 8,000 Jobs

Dec 9, 2008 6:25 AM CST

Sony Slashes 8,000 Jobs

(Newser) - 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...

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

Dec 8, 2008 9:33 AM CST

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

Moves will save company about $700 million

(Newser) - 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...

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

Dec 4, 2008 6:30 AM CST

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

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

(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...

Financial Industry
May Shed 350K Jobs

Nov 21, 2008 10:23 AM CST

Financial Industry May Shed 350K Jobs

So far, 170,000 positions have been cut worldwide

(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...

Bank of America Doubles Stake in Chinese Bank

Nov 18, 2008 8:02 AM CST

Bank of America Doubles Stake in Chinese Bank

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

(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...