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... Read More »

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. Read More »

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. Read More »

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. Read More »

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. Read More »

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... Read More »

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... Read More »

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... Read More »

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. Read More »

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... Read More »

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. Read More »

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. Read More »

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,... Read More »

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... Read More »

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. Read More »

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... Read More »

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... Read More »

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. Read More »

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... Read More »

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. Read More »

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