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Job cuts News

Oil major BP to cut 10,000 jobs globally amid crash in oil prices

Oil major BP has announced plans to cut 10,000 jobs worldwide, representing about 15 percent of the oil group’s 70,000 staff, by the end of the year.

Tyson Foods cuts 500 jobs in restructuring move after Q1 report

Tyson Foods Inc said on Thursday it was cutting 500 jobs as part of a restructuring program and reported quarterly sales that fell short of analysts’ estimates.

WeWork plans to cut 2,000 jobs after failed IPO

Manhattan - In a meeting with WeWork employees Thursday, new co-chief executive officers Artie Minson and Sebastian Gunningham and co-founder Miguel McKelvey said that cost-cutting efforts would include layoffs, coming as soon as this month.

Tesla raises prices and walks back plan to close most showrooms

Tesla is backtracking on its plans to close its showrooms. Additionally, Tesla will raise the price of its vehicles, with the exception of the Basic Model 3 sedan.

Tesla's solar facilities hit as Elon Musk tries to turn a profit

Elon Musk's move to cut nine percent of the Tesla workforce will sharply downsize the residential solar business it bought two years ago in a controversial $2.6 billion deal, according to internal documents and a few former employees.

Nordea Bank cuts 6,000 jobs in effort to go digital in core areas

Nordea is cutting around 6,000 jobs as the Nordic region’s biggest bank battles to maintain its competitiveness as the banking sector shifts toward digital transformation.

Chipotle's bad business leading to job cuts at other companies

The impact of Chipotle's E. coli outbreaks has extended beyond the restaurant chain's plunging sales. Chipotle's same-store sales fell by 30 percent in December in the wake of the outbreaks tied to its restaurants in nine states.

J.C. Penney announces closing of 33 stores nationwide

One of the oldest retailers in the United States, J. C. Penney has succumbed to a difficult and troubling past year. Investment and profit losses have eaten into the company's bottom line, forcing the layoff of employees and the closing of stores.

Second, five-day strike causes Iberia to cancel flights (video)

Madrid - Spanish airline Iberia has canceled 1,370 flights due to a second strike by flight and ground staff, including pilots this time, protesting against job cuts. (Video update).

Dendreon closes New Jersey plant and cuts 600 jobs

Cancer vaccine specialist Dendreon has announced that it will cut 600 jobs and close one of its three manufacturing facilities located in New Jersey.

Rogers Communications to cut 375 jobs in cost-cutting strategy

Toronto - On top of the 300 job cuts announced in March, Rogers Communications Inc. will cut 375 more positions, the company said Tuesday. This comes as the company faces lower profits, enhanced competition and higher systems costs.

Air France to axe 5,100 jobs by 2013 as part of restructuring

Paris - Air France, one of the world's largest airlines, announced Thursday that it plans to lay off more than 5,000 employees, approximately 10 percent of its workforce, by the end of next year to return to profitability.

Nokia cuts 10,000 jobs, closes factories in cost-saving measures

Helsinki - As part of its restructuring efforts and cost-saving measures, Nokia Corp., the Finland-based cellphone company, said it will cut thousands of jobs and close many of its factories and research facilities.

General Mills to cut 850 jobs globally, undergo restructure plan

Minneapolis - General Mills, a Minneapolis-based food maker of Cheerios, Hamburger Helper and Yoplait, announced Tuesday of its cost-saving restructuring process, which includes the elimination of 850 jobs globally.

Merck KGaA announces large job cuts

The drugs and life science company Merck has announced a program of cost savings and job losses in order to boost sales. Unions have reacted angrily to the move and will oppose the planned cuts.

Best Buy to close 50 big box stores, cut 400 corporate jobs

Minneapolis - Electronics retailer Best Buy has announced that it will close 50 big box retailers, cut 400 jobs in the corporate and support area and open 100 mobile locations by fiscal year 2013. The company plans to save $800 million by 2015.

Pepsi plans to cut 8,700 jobs, estimates savings of $1.8 billion

New York - PepsiCo Inc. officially announced that it plans to cut 8,700 jobs, or approximately three percent of its workforce. It will also increase marketing spending by about $600 million. This restructuring is estimated to save the company $1.5 billion by 2014.

AstraZeneca to cut 7,300 jobs worldwide

London - The international pharmaceutical company AstraZeneca PLC has announced that it will cut 7,300 jobs based on its prediction of a tough year head and in the context of the global economic outlook.

American Airlines cutting 13,000 jobs as cost-saving measure

New York - American Airlines has confirmed to its unions Wednesday that it is cutting 13,000 jobs from its workforce of 88,000. The No. 3 airline in the United States is conducting cost-saving measures to emerge from bankruptcy.

Report: IBM planning to eliminate 8,000 jobs in Germany

Ehningen - A new report coming out of Germany says that International Business Machines Corp. is planning to cut 8,000 jobs out of its 20,000-plus workforce in Germany, according to sources from the company's management.

Kraft to split company and slash 1,600 jobs

Last summer Kraft Foods, Inc. announced its plans to make some significant changes in the corporation in 2012. Yesterday the company issued a statement that outlined several moves it intends to make in the near future.

Report: Pepsi eyes 4,000 layoffs, end to 401(k) to boost profits

New York - In order to boost the company's earnings, Pepsi is looking at cutting about 4,000 jobs from its workforce. It is also eyeing the possibility of ending or reducing pension contributions. A "final decision" is expected in a few days.

Whirlpool to cut jobs and close plants, prepares to reduce costs

Long-time appliance manufacturer Whirlpool Corp. announced today it is scaling back thousands of jobs. The Benton Harbor, Mich. based company is also seeking to make some massive changes along with the 5,000 jobs being eliminated.

BBC to cut 2,000 jobs, by 2016 will be 'significantly smaller'

In the broadcast presented this morning by Mark Thompson and BBC Trust chairman Lord Patten, it was announced that 2,000 jobs would be cut from BBC.

Bank of America to cut 3,500 jobs, may cut another 10,000-plus

Charlotte - As part of a broader restructuring initiative, Bank of America will cut 3,500 jobs from its workforce. Reports are surfacing that the bank may cut more than 10,000 jobs company-wide in the coming months.

HSBC announces 30,000 job cuts

Despite posting an impressive half of year profits of 7 billion pounds, Europe's biggest bank HSBC on Monday announced a massive 30,000 job losses, the highest in the banking sector in the last two years.

Standard Life cuts 480 jobs from its Edinburgh headquarters

Edinburgh - Scotland's financial sector today received another blow as Standard Life announces that it will axe 600 jobs.The pensions and life group announced that 480 of the jobs are to be cut from the headquarters based in Edinburgh.

Chevron struggling, cutting 2,000 jobs this year

Chevron says that it will be cutting 2,000 jobs and selling some overseas projects to restore its struggling marketing, refinery and transportation operations.

AstraZeneca Job Cuts Continue While Profits Soar

Pharmaceutical giant AstraZeneca will cut its workforce by 16 percent by 2014, even as it continues to show strong growth in its profits. The company reported $31.6 billion in profits last year, an increase of 6.9 percent over last year.

British Airways to cut 1,700 cabin crew jobs

Battling against mounting losses, British Airways has announced that they will cut 1,700 cabin crew jobs and freeze pay as it searches for ways to cut costs.
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The Danish headquarters of Nordea is located in Christianshavn  Copenhagen. The banking institution ...
The Danish headquarters of Nordea is located in Christianshavn, Copenhagen. The banking institution is undergoing digital transformation.
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