layoffs

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UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

Swiss bank prepares to lay off over 2,000 investment bankers

(Newser) - UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New...

UBS to Lay Off 8,000, Add $11.4B to Writedowns

Swiss bank likely to announce cutbacks with earnings

(Newser) - Swiss banking giant UBS will lay off some 10% of its 83,000 workforce and scale back its investment banking arm in an attempt to reassure shareholders that it's taking actions to curtail losses associated with the subprime debacle, reports Bloomberg. Switzerland's largest bank says it will detail a further...

Bankrupt, Linens 'n Things Will Fold 120 Stores

Retailer files for Chapter 11 as consumer spending falls

(Newser) - Linens 'n Things filed for bankruptcy protection today, MarketWatch reports, and plans to close 120 stores nationwide as other operations continue. "The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising...

New Hires at Bear Stearns Axed Before They Start

Bank's collapse sends college grads job-hunting in a tough market

(Newser) - Hundreds of college grads who thought they had landed dream positions with Bear Stearns were canned before their first day on the job, the Wall Street Journal reports. As the giant bank began to implode, the students were at first assured their new jobs were safe—but then were sent...

Streamlining AT&T Plans 4,600 Layoffs

TV, wireless hires will offset white-collar landline losses

(Newser) - As it adjusts its business model to lowered demand for landlines, AT&T will lay off 4,600 employees, the Wall Street Journal reports. The company plans to create about the same number of new wireless, broadband, and TV jobs, a trade-off that will create savings through dropping more senior,...

Strike Keeps Le Monde Off Newsstands

French paper's staff, management square off over job cuts, debt

(Newser) - Le Monde was absent from French streets today for the first time in more than 30 years as staff went on strike at the debt-ridden newspaper. In the ongoing battle over the future of the prestigious evening title, which saw the editor-in-chief pushed out, management is now trying to eliminate...

Moto Slashes Workforce
Moto Slashes Workforce
Apr 4, 2008 8:35 AM CDT

Moto Slashes Workforce

Cell phone maker cuts more jobs as it readies spin off; takes $104M loss

(Newser) - Troubled cell phone maker Motorola is laying off another 2,600 workers and will take a first quarter pretax charge of some $104 million to cover severance costs, reports the AP. Moto has cut its workforce by more than 10,000 workers since January 2007, as the company's . mobile phone...

Google Trims 300 Jobs at DoubleClick

First major layoff in search giant's history follows merger

(Newser) - Some 300 DoubleClick employees, who briefly enjoyed a taste of Google culture after the ad agency was acquired in March, are facing layoffs as the search giant merges the two operations, reports the New York Times. It’s the first major layoff in Google’s history and trims DoubleClick’s...

Jobless Claims Hit 2-Year High
 Jobless Claims Hit 2-Year High 
Apr 3, 2008 12:34 PM CDT

Jobless Claims Hit 2-Year High

End-of-March increase way over expectations

(Newser) - New unemployment claims increased to a two-year high last week, the Wall Street Journal reports. A total of 407,000 Americans filed for jobless benefits, an increase of 38,000 over the previous week and the most since 2005. The surge in claims far surpassed the outlook of economists in...

Record 28 Million Americans to Get Food Stamps

Slip into poverty a grim economic indicator

(Newser) - In an economic indicator that paints a grim future for swaths of the US population, an all-time record 28 million Americans are expected to be close enough to poverty to receive $36 billion in food stamps in the coming fiscal year, reports the New York Times. There is a surge...

1,000 to Lose Jobs as Yahoo Profits Fall 23%

Will continue to face 'headwinds' this year as online ad revenues sink

(Newser) - After a 23% plummet in fourth quarter profits, Yahoo's CEO said the company will face job cuts and continued "headwinds" in 2008, the Wall Street Journal reports. Facing decreased advertiser spending, the company will lay off 1,000 employees next month, though it will try to relocate some within...

Sprint to Cut 4,000 Jobs, Close Stores

Heavy subscriber losses move new CEO to trim costs

(Newser) - Sprint Nextel announced a new round of job cuts and store closings today, the Kansas City Star reports. As it falls further behind in the wireless industry, the company will slash 4,000 jobs and 1,600 contractor positions. It also will shut 125 stores—8% of its total—and...

Sprint CEO Plans to Slash More Jobs
Sprint CEO Plans to Slash More Jobs
Jan 15, 2008 3:45 AM CST

Sprint CEO Plans to Slash More Jobs

'A few thousand' layoffs likely as company tightens belt

(Newser) - Daniel Hesse, the new CEO of Sprint Nextel Corp., plans another round of extensive job cuts, likely in the range of a few thousand, the Wall Street Journal reports. The layoffs come during a protracted period of poor performance for Sprint, the nation’s third largest cellular carrier, which analysts...

Music Giant EMI Slashing 2,000 Jobs
Music Giant
EMI Slashing
2,000 Jobs
Jan 14, 2008 6:14 AM CST

Music Giant EMI Slashing 2,000 Jobs

Robbie Williams warns he'll withhold album to protest 'bean counters'

(Newser) - The new owners of record company titan EMI are cleaning house, starting with the elimination of 2,000 jobs—a third of its workforce—in a restructuring that could also include dumping artists, reports the Wall Street Journal. The layoffs come as new owner, Terra Firma Capital, tries to rejuvenate...

Palm Lays Off 10% of Workforce
Palm Lays Off 10% of Workforce
Dec 14, 2007 8:12 AM CST

Palm Lays Off 10% of Workforce

Missteps, growing competition plague smart phone maker

(Newser) - Palm, the struggling maker of the Treo smart phone, laid off more than 100 of its 1,150 worldwide employees this week as part of an expense-cutting restructuring. The company, facing stiffening competition, has compounded its recent woes with product launch delays and the September cancellation of the Foleo portable...

Citigroup Readies Layoffs, Round Two
Citigroup Readies Layoffs,
Round Two
Nov 26, 2007 11:01 AM CST

Citigroup Readies Layoffs, Round Two

Big losses mean big job cuts

(Newser) - Citigroup is planning "massive" new layoffs, CNBC reports, less than a year after the financial giant cut 17,000 jobs. After announcing that it may have to write down as much as  $11 billion more in mortgage losses, Citigroup has been looking for ways to cut costs, as well...

Gaming Giant to Close Chicago Office

EA shutters 'Fight Night'-producing studio as part of restructuring plan

(Newser) - The video game maker Electronic Arts is closing its Chicago office, laying off or relocating nearly 150 employees, the San Jose Mercury News reports. A spokesman for EA says the Chicago studio, which had tripled in size since 2004, wasn't profitable, and likely wouldn’t have been for at least...

Chrysler to Lay Off 12,000
Chrysler to Lay Off 12,000
Nov 1, 2007 11:59 AM CDT

Chrysler to Lay Off 12,000

Company will cut jobs, vehicles to adjust to failing auto market

(Newser) - Chrysler today announced plans to cut up to 12,100 jobs, about 14% of its workforce, on top of the 13,000 layoffs announced in February. With the US auto market tumbling—sales are on pace for their worst year since 1998—Chrysler’s new owners, private equity firm Cerberus...

BBC Cuts 1,800 Jobs, Updates for Digital Age

Funding shortfall, shifting audience leads to restructuring

(Newser) - The BBC will cut 1,800 of its 18,000 jobs and integrate its TV, radio and Internet news operations to adapt to the digital age, the public broadcaster announced today. As many as 2,500 positions may be lost, but others will be added, the BBC said, to reflect...

Struggling AOL to Take 2,000 Jobs Offline

Subscriber losses prompt Time Warner to trim workforce 20 percent

(Newser) - Internet icon AOL will pink slip 2,000 workers tomorrow—1,200 from the US—as the once-dominant service provider tries to re-energize its business. In August corporate parent Time-Warner announced that AOL had lost 1.1 million paying subscribers, and reported second-quarter sales of $1.3 billion, a 38%...

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