Tag: layoffs and downsizing

  • Major Banks Cut 160,000 Jobs -- More Layoffs To Come, Report Says

    Major Banks Cut 160,000 Jobs -- More Layoffs To Come, Report Says

    Major banks have announced some 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 2 to 1. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs... Continue Reading

  • Report: Employers Cutting Way Back On Layoffs

    Report: Employers Cutting Way Back On Layoffs

    The number of planned layoffs at U.S. firms in September rose 4.9 percent after hitting a 20-month low in August, a report on Thursday showed. Employers announced planned job cuts of 33,816 last month, up from 32,239 in August, according to the report from consultants Challenger, Gray & Christmas, Inc. Continue Reading

  • Layoff Advice: 4 Steps To Take Right After The Axe Falls

    Layoff Advice: 4 Steps To Take Right After The Axe Falls

    The recent announcement of 27,000 layoffs at HP can send a chill through any corporate employee. The reality is that anyone can end up out of work from an unexpected corporate restructuring. It pays to know what immediate steps to take if and when you are faced with being laid off. Continue Reading

  • Hotel Bel-Air Workers To Strike Over Mass Layoff

    Hotel Bel-Air Workers To Strike Over Mass Layoff

    Among the world's best hotels, the "warm staff" has set the Bel-Air apart, according to Travel and Leisure magazine. Continue Reading

  • The Good News About Career Transitions In Today's Economy

    The Good News About Career Transitions In Today's Economy

    In an economy wracked by layoffs and downsizing, finding a new job often means changing career paths. Despite the financial strain and emotional turbulence that comes with job changes, there is good news. Let's roll up our sleeves and get to work. Continue Reading

  • Are Half A Million Postal Service Jobs At Risk?

    Are Half A Million Postal Service Jobs At Risk?

    The government is facing a default. The summer showdown over the federal debt limit was caused by politicians, but one agency is in fact confronting an authentic inflection point - the United States Postal Service. As the New York Times reported on September 4, the USPS does not have enough cash on hand to... Continue Reading

  • Layoffs Sweep Wall Street, Along With Low Morale

    Layoffs Sweep Wall Street, Along With Low Morale

    By Lauren Tara LaCapra (Reuters) - In early summer, before layoffs began sweeping across Wall Street, billboard-sized photos of employees were plastered on the walls, pillars and elevator banks of Credit Suisse Group AG's offices in the United States and abroad. The museum-quality prints, depicting workers... Continue Reading

  • Bank of America May Cut 10,000 Jobs To Recoup Costs

    Bank of America May Cut 10,000 Jobs To Recoup Costs

    Bank of America plans to lay off 3,500 employees by the end of next month, and potentially even more than 10,000 total, according to The Wall Street Journal and The New York Times. It's the latest installment of the 30,000 to 35,000 layoffs the bank announced in 2008, which were to be staggered over three... Continue Reading

  • SMART Workers Win Lottery Same Day They Get Layoff Notices

    SMART Workers Win Lottery Same Day They Get Layoff Notices

    It's been said, "When one door closes, another opens." That may be never so true as for 10 employees of a SMART Technologies plant near Canada's capital city, Ottawa, who were given layoff notices Wednesday. Continue Reading

  • Postal Service Considers Cutting 120,000 Jobs

    Postal Service Considers Cutting 120,000 Jobs

    By Randolph E. Schmid WASHINGTON -- The financially strapped U.S. Postal Service is considering cutting as many as 120,000 jobs. Facing a second year of losses totaling $8 billion or more, the agency also wants to pull its workers out of the retirement and health benefits plans covering federal workers... Continue Reading

  • As Shuttle Program Continues Wind-Down, Layoffs Skyrocket

    As Shuttle Program Continues Wind-Down, Layoffs Skyrocket

    When Atlantis successfully completed its mission last month, it brought to an end NASA's 30-year-old space shuttle program and thousands of jobs. Many of those positions ended in advance of the program's end this summer, but the bloodletting hasn't ceased just yet. Continue Reading

  • Bank Of New York Mellon Plans 1,500 Job Cuts

    Bank Of New York Mellon Plans 1,500 Job Cuts

    By CHRISTINA REXRODE NEW YORK (AP) -- Bank of New York Mellon Corp. said Wednesday that it will cut about 1,500 jobs, or 3 percent of its work force, the latest sign of the banking industry's painful shrinking. Continue Reading

  • Overcoming the Unemployed 'Stigma'

    Overcoming the Unemployed 'Stigma'

    By Michael Froehls, Ph.D., author of "The Gift of Job Loss" In the movie "The Company Men," several managers get laid-off. One of them is afraid that the neighbors will find out. He dresses up in the morning, and then leaves home in a suit, only to return for dinner as if coming back from work. Apparently,... Continue Reading

  • Planned Layoffs At U.S. Firms Surges To Sixteen-Month High In July

    Planned Layoffs At U.S. Firms Surges To Sixteen-Month High In July

    NEW YORK - The number of planned layoffs at U.S. firms rose to a 16-month high in July as sectors which had been seeing fairly few layoffs unexpectedly bled jobs, a report on Wednesday showed. Employers announced 66,414 planned job cuts last month, up 60.3 percent from 41,432 in June, according to a report... Continue Reading

  • Barclays Set To Cut 3,000 Jobs After Missing Profit Expectations

    Barclays Set To Cut 3,000 Jobs After Missing Profit Expectations

    Barclays is set to cut about 3,000 jobs this year to reduce costs after a drop in bond trading and an insurance mis-selling charge cut first half profits by a third. The British bank's performance was more resilient than rivals, however, as bad debts tumbled and it kept costs steady. Continue Reading

  • HSBC to Cut 30,000 Jobs in Global Overhaul

    HSBC to Cut 30,000 Jobs in Global Overhaul

    By MEERA SELVA LONDON (AP) -- British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets. The bank, which reported a better-than-expected 3 percent increase in... Continue Reading

  • Merck Plans to Cut Up to 11,830 Jobs

    Merck Plans to Cut Up to 11,830 Jobs

    By Linda A. Johnson Drugmaker Merck & Co.'s second-quarter profit nearly tripled from a year ago, when about $2 billion in charges hurt results. Merck also said Friday that it will cut up to 11,830 jobs. The maker of asthma and allergy drug Singulair and Type 2 diabetes pill Januvia said Friday that... Continue Reading

  • Boston Scientific to Reduce Staff by Up to 1,400

    Boston Scientific to Reduce Staff by Up to 1,400

    By Matthew Perrone WASHINGTON (AP) -- Medical device maker Boston Scientific reported a better-than-expected second-quarter profit Thursday and announced it would reduce its staff by between 5 and 6 percent to streamline operations. Continue Reading

  • HSBC May Cut More Than 10,000 Jobs

    HSBC May Cut More Than 10,000 Jobs

    HONG KONG/LONDON - Banking group HSBC Holdings Plc may cut more than 10,000 jobs as part of its plan to slash costs by up to $3.5 billion a year, Sky News reported Thursday. New HSBC Chief Executive Stuart Gulliver in May announced a far-reaching plan to cut costs and revive flagging profits by exiting... Continue Reading

  • Credit Suisse to Cut 2,000 Jobs as Profits Drop

    Credit Suisse to Cut 2,000 Jobs as Profits Drop

    By JOHN HEILPRIN GENEVA (AP) -- Credit Suisse Group announced Thursday that it will cut more than 2,000 jobs after its second-quarter profits dropped by half, more than expected, due to a strong Swiss franc and a plunge in trading and investment banking earnings. Continue Reading

  • I Was Downsized... Now What?

    I Was Downsized... Now What?

    Interviewing for a new position after a downsizing can be tough. After all, your head may still be spinning from the experience; you may still be asking yourself, "Why me?"; or you may just be plain angry at your previous employer. Yet one question that you are sure to be asked on an interview is, "Why are... Continue Reading