Layoffs

By Kim Bhasin J.C. Penney Co. is quietly eliminating more positions in its stores company-wide, sources familiar with the matter told us. Store managers watched a "secret broadcast" on Tuesday afternoon, where they were informed that stores must prepare to "work harder with less" in 2013. ...

NEW YORK -- JPMorgan will trim about 19,000 jobs over the next two years but cast a positive spin on the news: It is shrinking the unit it had beefed up to handle troubled mortgages. The bulk of the cuts, about 15,000, will come at the mortgage unit, which had swelled to about 50,000 workers from a ...

Goldman Sachs Group Inc. will begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading. The bank usually culls out the weakest 5 percent of its employees around now. But the cuts ...

By Walter Hickey On March 1, sequestration will go into effect. While the across-the-board budget cuts will target each and every non-exempt program equally, some states in particular will suffer the brunt of the pain because of an economic reliance on defense infrastructure. Because military personnel are ...

AMSTERDAM -- Dutch financial services group ING announced deeper job cuts in retail banking as it prepares to separate its banking and insurance operations under the terms of a state bailout. ING is dismantling its once-fashionable bancassurer model after the 2008 bailout, divesting insurance and investment ...

Every week, there seems to be another major employer announcing mass layoffs. But equally prevalent, though less noticed, is the steady stream of employers who conduct "stealth layoffs" every couple of months -- methodically shedding smaller numbers of staff so quietly that often many employees in the firm aren't ...

By Steve Slater and Matt Scuffham LONDON -- Barclays new chief executive pledged a fresh course for the British lender on Tuesday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals. In an attempt to distance ...

Dozens of employees of HMV, the bankrupt British music retailer, have been fired. News of the layoffs was first leaked on Twitter, appearing on HMV's official Twitter account (@hmvtweets) by a rogue Tweeter. The posts, which have since been removed, gave a blow-by-blow account of what was happening as the ...

By Kim Bhasin The layoffs at Time Inc. have begun. Everyone knew they were coming and employees have been awaiting to learn their fate for months now. About 6 percent of Time's 8,000 person staff will be cut -- that's around 500 employees. "Time Inc. made deep staff cuts back in 2008 and 2009," wrote ...