Job cuts News
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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.
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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).
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Cancer vaccine specialist Dendreon has announced that it will cut 600 jobs and close one of its three manufacturing facilities located in New Jersey.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Chevron says that it will be cutting 2,000 jobs and selling some overseas projects to restore its struggling marketing, refinery and transportation operations.
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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.
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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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Ocean acidification is set to change the Earth’s marine ecosystems forever and may have a direct impact on our economy, resulting in substantial revenue declines and job losses.
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The Newspaper Association of America (NAA) is cutting its staff by 50 per cent and will cease publication of the print edition of the magazine Presstime.
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Today CBC staffers are awaiting word if they will be given a pink slip. The Canadian media giant will be cutting 800 jobs in light of cuts to its budget. Later today staff throughout Canada will learn their fate.
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The Daily Mail and General Trust is the latest media company printing out pink slips. There are plans to cut the Northcliffe Media regional staff by 1,000.
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Nokia is set to send out 1,700 pink slips worldwide in an effort to cut costs. The world's largest cellphone maker needs to reduce employees in several of the company's departments.
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McClatchy Co. has announced that it is axing another 1,600 jobs in a cost-cutting spree that has clipped nearly one-third of the newspaper publisher's work force in less than a year.
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Dell Inc profits have dropped 48 per cent in the fourth quarter; and the company says the recession means people are spending less on technology and job cuts may be necessary.
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