Job Market Monitor
Job cuts
France / A law against industrial closures
The bill being presented is the fruit of repeated promises to pass a law to bar firms from shutting factories, as a stream of industrial layoffs has pushed jobless claims to an all-time high. Companies that shut down viable industrial sites in France rather than selling them could be fined if draft legislation by lawmakers … Continue reading
UK / Health reform redundancy count tops 10,000
More than 10,000 NHS staff have been made redundant in the past three financial years as a result of the government’s commissioning reforms, according to official figures. New information was published by the Department of Health on Tuesday in its final “people tracker” document, which collects workforce information on the reform transition. It also reveals … Continue reading
Europe / Telecoms could reduce their workforces by 30%
Telecoms network upgrades could cost 300,000 jobs in Europe over the next five years as wireless and wireline carriers move to more efficient technologies and look to reduce their workforces by 30%. According to the UNI Europa ICTS union, which represents telecoms workers across the European Union, within a decade the sector will see its … Continue reading
UK / Tata Steel Europe to shift two R&D centres to India, Netherlands
Tata Steel, Europe’s second-largest steel producer after ArcelorMittal, plans to close down two research and development facilities in the UK and shift them to the Netherlands and India, resulting in 300-400 job losses. Citing unnamed sources, The Sunday Times yesterday said that Tata Steel Europe (earlier known as Corus) plans to close two technology centres … Continue reading
France / To cut 34,000 jobs in defence
Proposed cuts to France’s military spending met with stiff resistance from lawmakers and the army on Monday, although the flat budget of 179.2 billion euros over a five-year-period will mean 34,000 job losses by 2019. France will keep its defence budget broadly stable for the next five years, after meeting stiff resistance from lawmakers and … Continue reading
Rio Tinto’s London HQ / Almost half of jobs to be cut
Mining group Rio Tinto plans to almost halve the size of its London head office, according to an internal memo seen by Reuters, cutting more than 200 jobs as it tries to slash more than $5 billion in costs by the end of next year. Rio has been reviewing high-cost office locations including London since … Continue reading
AOL Music Is Closing
AOL employees revealed Friday on Twitter that news website AOL Music and properties associated with it will close and employees in the division will be immediately laid off. Spinner, a rock news website under the AOL Music umbrella, tweeted (and then deleted) this message to its 48,000 followers: “Hey guys. Just found out from AOL … Continue reading
REpower Systems to cut 750 jobs
REpower Systems SE, the Indian wind turbine maker Suzlon Group’s German arm, said on Friday it would reduce up to 750 jobs across the world as part of its plan to achieve cost savings of about 100 million euros ($130 million) in the current fiscal year. “Whilst the long-term outlook for the sector remains strong, … Continue reading
Electronic Arts / Layoffs for hundreds of employees
Electronic Arts announced on April 25 that the company is currently going through an organization restructure. As a result of this restructuring, it has led “to some difficult decisions to reduce the workforce in some locations.” The company went on to share that they are grateful for the contributions made by each of their employees … Continue reading
Banks aren’t the big jobs machines they used to be
One after another, major financial firms are trimming their payrolls. In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley revealed that they have slashed more than 31,000 jobs, or 3.5 percent of their combined workforce, in the past year. For three of those banks, it was the … Continue reading
BC / Vancouver Sun and The Province to cut jobs
Employees at two of B.C.’s biggest newspapers were warned Wednesday that their jobs are on the line in the midst of severe revenue declines. Staff at the Vancouver Sun and The Province received a four-page memo from their new president detailing the company’s financial woes. Gordon Fisher, the new president and publisher of Pacific Newspaper … Continue reading
Finland / Outokumpu Oyj cuts 2,500 jobs
Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by 350 million euros ($455 million) and improve profitability as stainless steel demand continues to fall. The world’s leading stainless steel maker says about a third of the job cuts will be applied this year, … Continue reading
Scotland / Government sets up mining jobs taskforce
A Scottish government taskforce has been set up to try to retain jobs at a collapsed coal-mining firm. Scottish Coal, which operated six open cast mines across Scotland, announced nearly 600 redundancies when it went into liquidation last week. Energy minister Fergus Ewing said the Scottish Open Cast Mining Taskforce would do everything it could … Continue reading
BASF To Cut 500 Jobs
German chemicals giant BASF SE (BASFY,BFA.L) said it will cut about 500 jobs worldwide by the end of 2015, including 350 in Switzerland, and also streamline processes as part of a restructuring at its performance products segment. BASF plans to significantly increase competitiveness at the segment in the coming years by streamlining processes, investing in … Continue reading
UK / HSBC bank cutting 3,166 jobs
HSBC is cutting 3,166 UK jobs as it continues efforts to reduce costs. The bank said the positions would mostly go from its wealth management division, but that it hoped to redeploy more than 2,000 of the affected staff. The cuts are part of HSBC’s continuing three-year cost-cutting plan, and follows the loss of 2,200 … Continue reading
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