Job Market Monitor
Layoffs
Leucadia / To cut 1,300 California Jobs
Leucadia National Corp. (LUK:US), the investment firm run by Richard Handler, plans to shut a beef-processing facility with 1,300 workers, citing poor performance. The closure in Brawley, California, will result in an impairment of a “substantial portion” of the $93 million in long-lived assets at the plant as of Sept. 30, the company said today … Continue reading
Baclays / 400 jobs cut in corporate banking
Barclays is cutting 400 jobs from its corporate banking division, adding to the similar number of people axed by its investment bank this week as Chief Executive Antony Jenkins wields a cost-cutting knife. The bank cut 3,700 jobs last year. Chosen excerpts by Job Market Monitor. Read the whole story at Baclays cuts 400 jobs in corporate … Continue reading
Zynga / Acquisition and layoffs
While Zynga is adding staff with the acquisition of NaturalMotion, it’s cutting employees in other parts of the company. The layoffs come with a 15 percent workforce and cost reduction plan that is expected to save the company as much as $35 million but will impact up to 314 employees. This comes after a massive … Continue reading
AstraZeneca in India / To close R&D unit with more than 150 jobs cut
British drug-maker AstraZeneca said it will close its research and development unit in Bangalore, India, making more than 150 jobs redundant. The move, as part of an ongoing global restructuring exercise, will also shut down its early stage research on tropical diseases tuberculosis and malaria. The existing research will be moved to its UK facility … Continue reading
Best Buy in Canada / To lay off 900 workers
Facing pressure from online electronics retailers such as Amazon and Apple, Best Buy Canada will close 15 of its big box stores before opening smaller outlets. The move, which represents about 10% of the retailer’s square footage in this country, will mean layoffs for an estimated 900 employees. Chosen excerpts by Job Market Monitor. Read the … Continue reading
Weatherford / The oilfield services provider to cut 7,000 jobs
Oilfield services company Weatherford International Ltd (WFT.N) said it would cut 7,000 jobs and estimated fourth-quarter profit below its previous expectation, hurt partly by disrupted operations in the Middle East. Chosen excerpts by Job Market Monitor. Read the whole story at Oilfield services provider Weatherford to cut 7,000 jobs | Reuters.
Time Inc / Layoffs may hit sooner and harder than expected
Layoffs at the U.S. magazine publisher Time Inc. may hit sooner and harder than expected, according to reports. On Tuesday, the New York Post reported that almost 500 people, or about 6 percent of the company’s workforce, could be affected by the staff cuts. Women’s Wear Daily, meanwhile, reported that the layoffs could come as … Continue reading
Wärtsilä / To Cut 1,000 Jobs
Wärtsilä Oyj, the Finnish engine maker in the spotlight after Rolls-Royce discussed acquiring the company, said on Wednesday it plans to eliminate 1,000 jobs, or roughly 5% of its workforce, in response to intense competition and a slow-growth business environment. The move, intended to save €60 million in annual costs, came as the company posted … Continue reading
Nordea Bank AB (NDA) / 2,500 jobs cut is not enough
Nordea Bank AB (NDA) will need to cut more than the 2,500 jobs already axed to adjust to slow growth, as Scandinavia’s biggest bank focuses on increasing rewards to shareholders, Chief Executive Officer Christian Clausen said. “Exactly how we’re going to do this thing is not that clear,” Clausen said today in an interview in … Continue reading
Airbus / To cut 5,291 jobs in Germany
Airbus Group (AIR.PA) has told its unions it will shed the equivalent of 5,291 jobs as part of a restructuring of its defense and space activities, with the axe falling most heavily in Germany, a union source said on Monday Continue reading
Rabobank / To cut up to 2,000 jobs in Netherlands
Rabobank Group, a Dutch lender, is planning to cut between 1,000 and 2,000 jobs in the next several years, as part of a strategy to trim down costs by 2016. Rabobank CEO Ralf Dekker was quoted by NL Times as saying “Operating from within a central organization with lower overhead, makes it better, faster, and … Continue reading
Layoffs in Pharmaceuticals / The top 10 largest in 2013
The patent cliff is often the big culprit. One might think that a one-to-one relationship could be graphed between what is happening with the patent cliff and layoffs, but that is not the case Continue reading
Lloyds / To cut 1,080 jobs
Lloyds Banking Group plans to axe 1,080 jobs and outsource more than 310 roles as part of a continuing overhaul of the business Continue reading
Wal-Mart’s Sam’s Club / To cuts 2,300 jobs
Wal-Mart Stores Inc (WMT.N) said on Friday it had cut 2,300 jobs, or roughly 2 percent of the total workforce at its Sam’s Club retail warehouse chain, its biggest round of layoffs since 2010. The action follows a lackluster U.S. holiday season and layoffs announced earlier this month from U.S. retailers Macy’s Inc (M.N), J.C. … Continue reading
Target / To layoff 475 employees and leave another 700 positions unfilled
Target Corp. is cutting jobs at its headquarters and around the globe following a weak holiday season and a costly data breach that affected up to 110 million customers. Minneapolis-based Target (NYSE: TGT) will lay off 475 employees worldwide, the company told workers Wednesday. The company will leave another 700 positions unfilled. “Target continually assesses … Continue reading
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