Job Market Monitor
Job cuts
TMX | To cut 100 jobs
TMX Group Ltd. plans to cut 100 jobs over the next 12 months as part of its integration of a clearing house and rival exchange it acquired as part of a takeover by a group of Canadian financial services players. The stock exchange operator’s president and chief executive, Thomas Kloet, announced the job cuts on … Continue reading
Credit Suisse | To cut 300 jobs in Switzerland
Credit Suisse will merge its retail and private banking arms in Switzerland from January, in a move which will cost 300 jobs at the Swiss bank and save 50 million Swiss francs ($52.76 million). The restructuring is part of an extra 1 billion Swiss francs in cost cuts announced by Credit Suisse two weeks ago … Continue reading
Meningitis Outbreak | Ameridose LLC to cut 790 jobs
Ameridose LLC, an affiliate of the drug-compounding pharmacy at the center of a deadly fugal meningitis outbreak in the United States, is cutting 650 positions as it grapples with an indefinite closure following regulatory scrutiny of its sterilization practices. According to the Boston Globe, Ameridose employees have been notified of their pending termination from the … Continue reading
Iberia | IAG to cut 4,500 jobs
International Airlines Group warned on Friday that its Spanish carrier Iberia was ‘‘in a fight for survival’’ and unveiled a restructuring plan to cut 4,500 jobs as it reported a drop in third-quarter profit. Iberia CEO Rafael Sanchez-Lozano said the carrier is losing money in all its markets and was ‘‘burning €1.7 million ($2.17 million) … Continue reading
Australia | Qantas cuts 400 maintenance jobs
Australian flag carrier Qantas on Thursday announced the slashing of 400 maintenance jobs as part of a restructure aimed at cutting costs and shifting focus to Asia. Qantas said the cuts would involve 150 staff and 250 contractors, as the “Flying Kangaroo” consolidates its maintenance operations to achieve savings under heavy competition, fuel costs and … Continue reading
Boeing | To cut 30 percent of management jobs
Boeing Co said on Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a broad cost-cutting drive. Boeing, the Pentagon’s second-largest supplier, said it also will close some facilities in California and consolidate several business units in an effort to trim … Continue reading
Hawker Beechcraft Announces Layoffs to more than 400 employees
A letter sent by Hawker Beechcraft to its employees Wednesday informed them that the company would be cutting workers and closing specific facilities, resulting in job losses for more than 400 employees. Hawker Beechcraft Services facilities in Little Rock, Ark., Mesa, Ariz., and San Antonio, Texas, will “begin the process of closing,” shedding some 240 … Continue reading
Bombardier cuts 1,200 jobs in train unit
Bombardier Inc (BBDb.TO: Quote) will delay the inaugural flight of its all-new C-Series jetliner by six months, the plane and train maker said on Wednesday, as it reported weaker-than-expected quarterly revenue and said it would cut 1,200 jobs in its rail unit. The Montreal-based company said it was making good progress with its $3.4 billion … Continue reading
Japan – Electronic Components – Ferrotec To Cut 800 Jobs
Ferrotec Corp. (6890), a Japanese maker of electronic components, plans to cut about 800 jobs across the company as it restructures its solar product business. Ferrotec will stop making and selling silicon ingots, wafers and cells used for solar panels under its own brand, the Tokyo-based manufacturer said today in a statement. It will produce … Continue reading
Husqvarna – To Cut 600 Jobs, almost half in Sweden
Husqvarna AB (HUSQB), the world’s biggest maker of powered garden tools, plans to cut about 600 jobs in a move that will save 220 million kronor ($33 million) a year by 2014. “The proposed measures aim to improve efficiency, reduce the fixed cost base and further increase flexibility,” Chief Executive Officer Hans Linnarson said in … Continue reading
Germany – Commerzbank – Up to 6,000 jobs cut
Commerzbank, Germany’s second-biggest bank, is preparing to axe up to 10 percent of its workforce in the coming years, or 5,000-6,000 jobs, the weekly Die Zeit reported on Wednesday. Die Zeit, in a pre-release of an article to appear on Thursday, said Commerzbank is planning billions of euros in cost-cutting across all divisions between now … Continue reading
ING to cut jobs more than 2,000 jobs worldwide
ING (ING.AS), the largest Dutch financial services group, is to cut more than 2,000 jobs worldwide as it prepares to separate its banking and insurance operations in difficult markets. The cuts, which equate to 2.5 percent of ING’s workforce, come as banks across Europe shed staff in a reassessment of their businesses after the financial … Continue reading
Sweden – Ericsson – 1550 jobs cut
Ericsson (NASDAQ:ERIC) informs its employees in Sweden about the plan to reduce its operations in Sweden that involves a reduction of an estimated 1,550 positions, covering all job areas, including sales, general and administration, research and development, supply and service delivery. “It is naturally a difficult message for our employees in Sweden,” says Tomas Qvist, … Continue reading
UK – Maltby Colliery – 500 jobs at risk
Maltby Colliery – one of the south Yorkshire pits that saw picketing violence during the 1980s miners’ strike and one of the UK’s last remaining deep coal mines – is to be mothballed by its owner, industrial materials group Hargreaves Services. The move, which puts 500 jobs at the 100-year-old pit at risk, comes after … Continue reading
Vestas Cuts 3,000 More Jobs
Vestas Wind Systems A/S (VWS) is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years… “What’s important is that we have investors who understand the company, the segment … Continue reading
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