HP has laid off 41,000 people (with about 9,000 people left to go) under its current downsizing plan for 2014. On Tuesday, the company hinted that more layoffs could be coming with its plans to separate itself into two huge companies. During its quarterly conference call, Wall Street analysts asked for details about HP’s plans … Continue reading
The government is considering easing rules for layoffs and overhauling pay systems to ease the plight of non-regular workers. Since any changes are likely to come at the cost of regular workers’ rights, it will certainly entail a major union backlash. “Without reform in the labor market, it isn’t easy to continue creating decent jobs. … Continue reading
PSA Peugeot Citroen (PEUP.PA) is preparing to cut another 3,450 French jobs next year as the troubled carmaker pursues a recovery plan under new Chief Executive Carlos Tavares, two sources with knowledge of the matter said. The cuts, to be achieved through a combination of early retirements, voluntary buyouts and internal transfers, will be presented … Continue reading
Earlier research showed an added-worker effect for wives when their husbands stopped working during the Great Recession (December 2007–June 2009) but not when husbands stopped working in recent years of prosperity (2004–2005). By including one recession per decade for the 1980s, 1990s, and 2000s, this article builds upon that research by using Current Population Survey … Continue reading
ABN Amro Group NV, the state-owned Dutch lender preparing for a share sale next year, will cut as many as 1,000 jobs by 2018 and shrink its branch network as customers move to banking on their phones. via ABN Amro to Cut Up to 1,000 Jobs in Consumer Bank by 2018 – Bloomberg.
Plans are underway to cut more than 20,000 jobs at 26 councils, a survey by the GMB union has found.The union says the cuts, coming on top of 900,000 public sector jobs lost since 2010, means that essential public services are being cut to the bone. Figures published by the Office of National Statistics show … Continue reading
JPMorgan Chase & Co. expects to eliminate 8,000 more jobs this year in mortgage and community banking than it forecast 20 months ago as profit and revenue from the businesses drop. What’s happened is that refinancing activity has fallen way off as super-low interest rates pulled forward refi demand, and depleted normal rates to come. … Continue reading
SNC-Lavalin Group Inc. is slashing almost 10 per cent of its global workforce and sharply revising downward its 2014 outlook as it exits underperforming businesses and imposes more cost-cutting measures. Montreal-based SNC said Thursday it will over the next 18 months scale back some activities and restructure and streamline some of its operations and corporate … Continue reading
Announced layoffs swung higher last month, rising to about 51,000 in October, bouncing up from a 14-year low in September, according to data released Thursday by outplacement consultancy Challenger, Gray & Christmas. Led by retail job cuts, October’s announced layoffs were up 68% from 30,000 in September and 12% from 46,000 announced cuts in October … Continue reading
British engineer Rolls-Royce (RR.L) plans to cut 2,600 jobs to save money and has replaced its finance director, aiming to restore confidence following two profit warnings in eight months. The world’s second-largest maker of aircraft engines said the job cuts, which will mostly come in the Aerospace division and will take 18 months to complete, … Continue reading
Scotiabank (TSX:BNS) warns that it’s cutting the equivalent of 1,500 jobs companywide – about two-thirds of them in Canada – and taking a number of accounting measures that will cut about $341 million from its profit for the fourth quarter. Despite the magnitude of the announcement, the bank said it remains on track to meet … Continue reading
Sprint Corp (S.N) announced on Monday it will fire 2,000 employees and it cut its 2014 adjusted earnings forecast as the company attempts to reduce costs and turn around several quarters of losses. The layoffs are expected to lower labor costs by $400 million a year and are the latest job cuts by the third … Continue reading
German chemicals maker Lanxess may slash up to 1,200 jobs, or about 7 percent of its total workforce, as part of a group-wide overhaul to counter overcapacity in the synthetic rubber industry, German daily Rheinische Post reported. The world’s largest maker of synthetic rubber plans to offer voluntary redundancy packages and early retirement schemes but … Continue reading
Microsoft this morning cut an additional 3,000 jobs from its workforce around the world, saying it has now completed almost all of the 18,000 job cuts that were announced by CEO Satya Nadella in July. About 638 of the job cuts are in the Seattle region. That brings the regional total to more than 2,700 positions … Continue reading
The Lloyds Bank results are out this morning: Profits in the third quarter are up an impressive 41%, but Britain’s second-biggest bank is laying off 9,000 employees and closing 150 branches. via Analysts On 9,000 Layoffs By Lloyds Bank – Business Insider.