Job Market Monitor
Job cuts
Citigroup / To cut 300 sales and trading jobs in 2012
Citigroup Inc (C.N) is on track to cut 300 sales and trading jobs globally this year, as part of its plan to streamline its banking operations, the Wall Street Journal reported, citing people briefed on the process. The sales and trading unit of the bank employs about 17,000 people, the Journal said. (link.reuters.com/kyz93t) A Citigroup … Continue reading
P&G / To cut more jobs, on top of cutting 10 percent
Procter & Gamble plans to trim more non-manufacturing jobs through 2016, on top of cutting 10 percent of that workforce by the end of June, as the world’s largest household-products maker tries to reinvigorate what has become a sluggish organization. P&G also said it may increase stock repurchases to $6 billion from $4 billion, but … Continue reading
UK – Hard hit by job cuts in banking sector
GLOBAL banks have slashed almost 160,000 jobs since early last year, including more than 21,000 across taxpayer-backed lenders Lloyds Banking Group and Royal Bank of Scotland, and more lay-offs are in the pipeline as the industry restructures. Redundancies in the banking sector have outpaced new hires by roughly two-to-one according to a study that shows … Continue reading
Canada / 11,000 public service jobs cut since last budget
The Conservative government has wiped nearly 11,000 jobs off the federal payroll, mostly by attrition, and is on target to cut the remaining 8,200 over three years, according to Treasury Board President Tony Clement.Clement said the government is more than half-way to its target to eliminate 19,200 public service jobs. Of the jobs cut, 7,500 … Continue reading
(UPDATE) Hostess / Closure with 18,500 Layoffs
How Hostess Failed: Hedge Funds V. Unions When Hostess Brands announced that it would close up its operations,the forces most responsible for that decision were two hedge funds that control hundreds of millions of Hostess debt and which have finally decided they won’t squeeze any more filling into the Twinkie. The funds, Silver Point and … Continue reading
Ford Motor / 212 job cuts at the Geelong and Broadmeadows plants
Ford Motor Company (NYSE:F) has sacked more than 200 workers at its Victorian plants after a decline in car sales and cuts to production. The Geelong and Broadmeadows plants were close for the day on Friday as 212 shocked employees were told during one-on-one meetings they would be going home without a job. One sacked … Continue reading
Hostess / Closure with 18,500 Layoffs
Failing to persuade striking employees to return to work, Hostess Brands disclosed plans on Friday to liquidate its assets and lay off most of its 18,500 workers, bringing the 82-year-old maker of Wonder Bread and Twinkies to the end of its line. The painful decision to wind down the Irving, Texas.-based private company follows a … Continue reading
Banks / Job cuts amount to near 160,000
Major banks have announced about 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two to one. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were … Continue reading
Procter & Gamble / To cut more jobs
Procter & Gamble plans to trim more non-manufacturing jobs through 2016, on top of cutting 10 percent of that workforce by the end of June, as the world’s largest household-products maker tries to reinvigorate what has become a sluggish organization. P&G also said it may increase stock repurchases to $6 billion from $4 billion, but … Continue reading
Ohio / Timken / Between 300 and 400 employees are facing temporary layoffs
Between 300 and 400 Timken employees are facing temporary layoffs, after a poor third-quarter showing by the company. In a statement to Fox 8 News, a spokesperson says Timken Steel has experienced lower customer demand across its market sectors. As a result, operational schedules have been adjusted over the last few months, resulting in 160 employees … Continue reading
(UPDATE) Saskatchewan – Potash Corp – layoffs
Potash Corp. is temporarily laying off workers at mines in Saskatchewan and New Brunswick because of a slump in demand. The Saskatoon-based company says the Allan mine in Saskatchewan won’t operate between Dec. 16 and Feb. 9… Choosen excerpts by Job Market Monitor from via Potash Corp. issues layoffs. Longer than normal layoffs are coming a … Continue reading
Texas Instruments / To cut 1,700 jobs
Texas Instruments is eliminating 1,700 jobs or almost 5 percent of its global workforce to cut costs in its wireless business as it moves away from making smartphone application chips, sending its shares up almost one percent in late trade. The Dallas, Texas based chipmaker had said in September that it would halt costly investments … Continue reading
Sweden / Layoffs double
Redundancies in Sweden are on the rise, with a fresh report showing that twice as many workers were laid off in October compared to the same month last year, making for a labour market climate similar to that of 2009. Some 10,300 people were made redundant in October, according to fresh figures from the Swedish … Continue reading
UK / Department for Education cuts 1,000 jobs
About 1,000 jobs at the Department for Education (DfE) – a quarter of its total workforce – are being cut in an efficiency drive. Civil servants losing their jobs will be made redundant within two years, as the DfE focuses on priority work. The DfE was making administrative cuts of 42% by 2014-15 – but … Continue reading
Xerox / Cutting 2,500 Jobs
Xerox officials released more details about restructuring plans Tuesday. At an investor conference in New York City, officials revealed that they expect about 2,500 jobs to be cut on a worldwide basis. No word yet on how many jobs might be affected in the Rochester area. A spokeswoman said the majority of the layoffs will … Continue reading
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