JC SiLent:You cant be that far away from me ; if we're looking on the same side of the moon
Friday, October 24, 2008
Wave of job cuts sweeps across corporate America
http://www.reuters.com/article/ousiv/idUSTRE49M8D520081024 - Reuters.com
Govt figs released on Thu showed the no. of U.S. workers filing new claims for jobless benefits rose by 15000 to a seasonally adjusted 478000 in the wk ended Oct 18
Here are a sample of announcements and reports from the past 36 hours:
* Chrysler LLC said on Thursday it is slashing 1,825 jobs after losing $1b in the first half of the year.
* Goldman Sachs Group Inc plans to cut 10 percent of its staff, or almost 3,300 jobs after laying off hundreds of support staff and junior bankers in June.
* Money manager Janus Capital Group Inc said it would cut 9 percent of its staff a day after rival AllianceBernstein Holding Holding LP said it would make unprecedented job cuts
* Xerox Corp announced job cuts of 5 percent, or 3,000 positions, due to a "tough business environment."
* Mining equipment maker Terex Corp said it would lay off hundreds of workers and suspend its share buyback program to preserve cash.
* Starwood Hotels & Resorts Worldwide Inc said it plans to cut an unspecified number of jobs to offset slowing travel demand.
* United Parcel Service Inc sees layoffs in 2009 as customers need less shipping due to cutbacks on holiday gift purchases.
* Computer systems vendor Agilysys Inc cut three senior management positions and is consolidating headquarters in Ohio.
* Merck & Co Inc announced plans on Wednesday to cut 12 percent of its workforce, citing a need to change its business model in order to survive.
* Fidelity National Financial Inc, which controls one of the largest U.S. title insurers, announced 1,000 job cuts, office closings, a 10 percent pay cut and a 50 percent dividend cut
* Biotechnology company Maxygen Inc plans to cut nearly 30 percent of its workforce and explore strategic options due to the current financial environment
* Popular Inc, parent of Banco Popular, is cutting 600 positions and more than a quarter of its branches in the United States.
& 2:52 pm