View Full Version : Big Layoffs?

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10-09-2008, 12:15 AM
It seems like most recent big layoffs we've heard about have happened on Wall Street. Has there been recent news, or even rumors, of other major layoffs in the US?

Maybe we can use this thread to compile any stories or rumors we may hear of layoffs, since it seems that would be the logical next shoe to drop if things are really going to get worse on Main Street.


10-09-2008, 12:18 AM
SFO United Mechanics Facing Layoffs
Posted: Wednesday, 08 October 2008 4:15PM

SAN FRANCISCO (KCBS) -- More than 400 United Airlines mechanics based at San Francisco International Airport will get their pink slips just before the Christmas holidays, announced the airline.

It will be the second round of layoffs this year, leaving only 3,000 mechanics at United's SFO maintenance yard. That's down from 7,000, said shop steward Joe Prisco.

"We were told originally we were in growth mode, that we were looking for more customer work, that things were stabilized," said Prisco. "But then a few months ago when (United) said they were going to get rid of the entire 737 fleet, we knew that there were layoffs coming."

10-09-2008, 12:20 AM
Steel Company To Temporarily Lay Off Hundreds Of Workers
SeverStal Blames Economic Crisis And Slow Sales
UPDATED: 10:20 pm EDT October 8, 2008

Steubenville, OH -- A steel company is temporarily laying off 800 workers because of a downturn in sales.

The layoffs at SeverStal Wheeling include workers at plants in Steubenville and Mingo Junction, Ohio. They take effect Sunday.

United Steelworkers Local 1190 President Ken Aspenleiter hopes the layoffs will only be for one week, but admits the company has not set a timeline.

“It’s not a SeverStal issue. It's a global issue with the economy the way it is. No one's buying anything. Everybody's afraid to blink in the financial markets, “ said Aspenleiter.

The plants in Steubenville and Mingo Junction will only be staffed with enough workers to maintain equipment.

The company's coke plant in Follansbee will continue operating

SeverStal acquired West Virginia-based Esmark Inc. and its subsidiary Wheeling-Pittsburgh Steel this summer.

10-09-2008, 12:22 AM
Sims announces a 'substantial number' of county layoffs, wage freezes

Less than a week before he presents his proposed 2009 budget to the King County Council, County Executive Ron Sims has announced further cost-cutting measures this week -- including layoffs and wage freezes -- in an attempt to eliminate a $15 million shortfall and balance the county's budget.

In a memo sent to county employees, Sims said not all of the estimated $90 million budget deficit for 2009 had been accounted for, and to close the $15 million gap that remained, the county would have to cap cost-of-living adjustments and raises for managers and nonunion employees and have asked many unions to do the same.

In addition, Sims said layoff notices would be issued Oct. 14, the day after his budget proposal, and those layoffs -- called a "substantial number" by Sims -- would take effect Jan. 1.

Carolyn Duncan, a spokeswoman for Sims, said Tuesday that she could not disclose the number of employees who would lose their jobs or what agencies would be affected. Duncan said unions were notified of Sims' decision Monday.

Sims said the county's cost-of-living adjustments to managers and nonunion employees would be capped at 3 percent, and wage increases would be halted. Sims asked unions to adopt the same initiatives.

The directives come several weeks after the announcement that the county's budget deficit for next year had risen from $86 million to $90 million. Early this year, the shortfall was projected to be $45 million, before rising to $60 million in the spring.

In his memo, Sims estimated that more than $54 million of the deficit was attributable in some manner to the fallout from the slumping economy.

10-09-2008, 12:26 AM
State defers to Feds on Dallas ISD's bid to use grants to pay 300 workers in budget crisis
09:52 PM CDT on Wednesday, October 8, 2008

By KENT FISCHER / The Dallas Morning News
[email protected]

State officials refused to sign off Tuesday on a key component of the Dallas school district's plan to slash its $84 million budget deficit, leaving the fate of 300 employees in limbo.

The Dallas Independent School District is expected to begin the latest round of layoffs Thursday, aimed at eventually eliminating 1,100 jobs and saving about $30 million.

10-09-2008, 12:28 AM
Wisconsin-based Kohler Co. will close its Canac kitchen cabinetry division and lay off 522 workers at its Statesville plant next month because of the weak U.S. housing market, company officials announced.


Wellman, a textile plant in Fort Mill, said it will lay off 75 employees.

And this week, Spectrum Yarns in Kings Mountain closed its doors, leaving an estimated 140 people or so without jobs.


Two plants in Eden will close by summer 2009, and 720 jobs will be lost.


And of course Wachovia layoffs will be in the order of 12,000. Banking and textile work is what this area is all about, and we are loosing jobs in both monthly.

10-09-2008, 12:29 AM
SmarTrend(R) News Watch: Volvo Announces Layoffs
Wed. October 08, 2008; Posted: 01:18 PM

Today, Ford Motor Co. (NYSE:F) subsidiary Volvo Cars announced it was cutting 25% of its workforce or 6,000 employees. Volvo announced today it would cut 4,000 employees and 2,700 of those layoffs are expected to come from Sweden. Previously during the month of June the company announced it would cut 2,000 employees. The company employs an estimated 24,500 people worldwide, with 17,000.

10-09-2008, 12:31 AM
Alcoa announces 660 layoffs, local region to feel effects

News that Alcoa will lay off 660 employees and limit the remaining production at the Rockdale aluminum smelter, Sandow, has caused grave concerns for employees and others who may be affected.

Alcoa has announced that it will curtail the remaining production at the Rockdale smelter beginning immediately. The reason Alcoa gives is uncompetitive power supply and overall market conditions.

10-09-2008, 12:35 AM
Plastics firm cuts 460 jobs
Norman De Bono
Sun Media
October 8, 2008

The region's manufacturing job loss toll keeps climbing, with DDM Plastics in Tillsonburg yesterday issuing layoff notices to 460 workers.

That brings to more than 1,000 the layoffs announced in the last week among regional industries.

"It is shocking, really," said Jim Nugent, national representative for the International Order of Machinists and Aerospace Workers, which represents DDM's 650 workers. "This will take days to sink in, until people realize it is their jobs that have been impacted."

The layoffs are indefinite and will come into effect Jan. 1, hitting workers who have 17 years seniority and leaving about 200 at the plant.

10-09-2008, 12:38 AM
Ford expects to lay off 792 at Chicago plant


10-09-2008, 12:39 AM
Phone calls to lawmakers save jobs at UTMB
Copyright 2008 Houston Chronicle
Oct. 8, 2008, 9:46AM

GALVESTON — The largest employer in storm-battered Galveston was prepared to announce that it would lay off 4,000 employees Tuesday, but plans by the University of Texas Medical Branch were thwarted by a flurry of phone calls to state and federal lawmakers.

Mayor Lyda Ann Thomas said she began phoning lawmakers after UTMB officials notified her Sunday evening that one-third of the 12,000 workers would be fired to help cope with about $710 million in losses because of Hurricane Ike.

Thomas notified state Rep. Craig Eiland, D-Galveston, who phoned the leadership in the Legislature, who then put pressure on the University of Texas Board of Regents and promised to find money to prevent the layoffs, Eiland said.

"They were ready to announce today the firing of 4,000 people," Eiland said after a news conference by UTMB President Dr. David Callender and interim UT Chancellor Dr. Kenneth Shine.

10-09-2008, 12:43 AM
Kraft to cut 400 jobs in North America


10-09-2008, 12:48 AM
HSBC to cut 1,100 jobs worldwide


10-09-2008, 01:21 AM
Casinos: Foxwoods, MGM Grand laying off 700Gloomy economy blamed for job cuts

10-09-2008, 06:48 AM
At this point it may be simpler to just post these two links....:cool:



10-09-2008, 09:13 AM
Here's a notice of 25,000 laid off (http://www.computerworld.com/action/article.do?command=viewArticleBasic&taxonomyName=outsourcing&articleId=9114741&taxonomyId=60&intsrc=kc_feat) at HP.

10-09-2008, 01:45 PM
Ouch! I hadn't realized that finding news for this thread would be so much like shooting fish in a barrel.

Hope none of these layoffs are impacting any of you!!


10-09-2008, 02:39 PM
Phone calls to lawmakers save jobs at UTMB
Copyright 2008 Houston Chronicle
Oct. 8, 2008, 9:46AM

GALVESTON — The largest employer in storm-battered Galveston was prepared to announce that it would lay off 4,000 employees Tuesday, but plans by the University of Texas Medical Branch were thwarted by a flurry of phone calls to state and federal lawmakers.
Didn't work. http://www.chron.com/disp/story.mpl/ap/tx/6048726.html
AUSTIN — A day after elected officials claimed they had helped avert a planned layoff of thousands of employees at the University of Texas Medical Branch, the interim chancellor of the UT System said a "significant" portion of workers will lose their jobs.

The layoffs will come as a direct result of damage inflicted by Hurricane Ike, which cost the academic medical center in Galveston about $710 million in building damage, ruined equipment, revenue losses, cleanup and evacuation. Insurance will cover about $100 million, said Kenneth Shine, the interim chancellor and executive vice chancellor for health affairs, in a story Thursday in the Austin American-Statesman.

"We recognize there have to be significant reductions in force on the island," Shine said Wednesday. "It's a very challenging situation."

According to Shine, some of the 85 buildings on campus took on as much as 8 feet of water, and storm damage essentially destroyed the hospital's kitchen, blood bank and radiology department.

In addition, the center's main revenue source, a 500-bed hospital at the campus, is expected to return as just a 200-bed hospital for now. With the hospital and other revenue generators out of commission or at reduced capacity, the medical branch will likely operate at a deficit beginning as soon as next month, Shine said

10-09-2008, 03:32 PM
I will most likely be laid-off from my job by Christmas.

10-09-2008, 06:15 PM
I will most likely be laid-off from my job by Christmas.
I'm so sorry!

I know it's a cliche that didn't feel particularly helpful when DH was suddenly laid off many years ago, but it is true that often really great things come to you after a layoff. It certainly proved true for our family (both personally and professionally) and I hope it will for you as well!


10-09-2008, 06:52 PM
Va. governor orders 570 layoffs, other budget cuts


Virginia Gov. Timothy M. Kaine on Thursday ordered 570 layoffs of state employees, cut college funding by at least 5 percent, ordered some older prisons closed and postponed state employee raises to deal with a $2.5 billion government fiscal crisis.

The governor will also ask the General Assembly to approve about $250 million in debt for capital outlay projects now paid with cash and to withdraw about $400 million from the state "rainy day" cash reserves just to make ends meet in the current fiscal year.

10-09-2008, 06:53 PM
Shaw closing Ga. plant resulting in 440 layoffs



A spun yarn facility is closing its doors and laying off 440 employees.

Shaw Industries Group Inc. will close its Plant 76 in mid-November.

10-09-2008, 06:55 PM
Whirlpool Announces 440 Iowa Layoffs

AMANA, Iowa -- Officials at Whirlpool Corp. in Amana announced Thursday that they will layoff 440 people from the Iowa plant later this month.

Jill Saletta, Director of External Communications at the Whirlpool Middle Amana Refrigeration plant in Amana confirmed to KCRG-TV that the layoffs are a result of the downturn in the economy; the number is a mix of voluntary and involuntary layoffs.

Mountain Man
10-09-2008, 07:17 PM
Sounds like what I have read about the 1929 debacle.Credit frozen,layoffs mounting daily,business tanking and a crushing drop in cash available to citizens.As weeks went by it got worse on all fronts.A downward spiril in every financial area.
So will we have another great depression,or a tough reccession??

10-09-2008, 08:12 PM
I'm wishing I knew more about the history of the Great Depression... I'm guessing many of us are. I have this idea of a single day where the big Crash happened, but I know the misery did come on gradually rather than in one fell swoop.

Also, I haven't followed news of layoffs closely enough to know if the number of reports we're finding is really atypical (it sure feels like it).

I must say I haven't yet heard firsthand stories of friends unable to access cash, and we don't have a major drought underway, so at least we're not "there" yet.

I guess at least if it's slow we have some time for mental adjustment.


10-09-2008, 09:34 PM
kids in college will be in for a shock if loans don't come through after xmas break

10-09-2008, 09:41 PM
lots of kids will be in shock come Christmas probably..:re:

10-10-2008, 12:12 AM
Oriental Trading Co. to Layoff 10% of Corporate Staff

Updated: Oct 9, 2008 03:05 PM

OMAHA (KPTM) - Oriental Trading Company announced Thursday afternoon that it is laying off 10% of its corporate staff.

Employees were informed of the layoffs Thursday morning.

In a statement released to KPTM FOX 42 News Thursday afternoon, OTC VP of Human Resources Paul Knutson says the move was done due to the difficult economic environment.

10-10-2008, 12:23 AM

Can Volvo Survive?

Word came today that Volvo will lay off another 3,300 employees. That brings its total layoffs this year to 4,800 — not including 1,200 consultants — or approximately one-sixth of its workforce. The layoffs are due to poor sales, which the company blames on the economic downturn. In September, sales were down a whopping 51.8%.

However, we’ve noticed a downward trend in Volvo sales that goes further back than the past month. So far in 2008, the brand’s sales are down 25.8% despite having a number of new models for sale. Not only are these models — including the S80 sedan, V70 and XC70 wagon — recently redesigned, they’re generally less expensive than their competitors, extremely safe and well-regarded by Cars.com’s staff.

Where is Volvo missing the boat if it’s designed and introduced good new cars?

Notice the mention of consultants, not being counted. Someone mentioned this, on another thread, and I agree that there are a huge number of consultants not being counted in the total layoff numbers.

10-10-2008, 12:31 AM
St. Louis Area News

A.G. Edwards stockholders approve merger plan with Wachovia

04:58 PM CDT on Friday, September 28, 2007

Previous Story: Wachovia to acquire A.G. Edwards

Share your thoughts on this announcement

ST. LOUIS (AP/KMOV) -- A.G. Edwards stockholders vote in St. Louis Friday to approve a $6.6 billion merger plan with Wachovia Corporation to form the second-largest retail brokerage firm in the nation.

As a result of the merger that famous name in St. Louis, A.G. Edwards, will eventually go away and so will some of the 6,600 employees, due to layoffs.
Watch News 4 coverage

But analysts say the impact won't be that bad and there's a silver lining to all this.

By some estimates the merger will lead to 4,000 layoffs; however, most layoffs are expected to come from Wachovia's work force.

Brokers have job security, although 8-9 percent of jumped ship to other firms and most likely to be targeted for layoffs are skilled, successful workers in their field.

The company's operational headquarters will be located in St. Louis, which demonstrates a strong vote of confidence in the St. Louis operations.

The St. Louis-based financial services holding company said the transaction is expected to close around October first.

Charlotte, North Carolina-based Wachovia is the nation's fourth-largest bank. Wachovia said in May it would acquire A.G. Edwards for 6.8 billion dollars in cash and stock to form the retail brokerage firm.

The combined brokerage unit will operate as Wachovia Securities. The transaction makes Wachovia the second-largest American retail brokerage by number of brokers, after Merrill Lynch and Company.

I personally know people who have been laid off or quit, because they saw the proverbial writing on the wall. There have been some wachovia workers, who were transferred here, and then laid off...probably now stuck with two mortgages, also. Wachovia has already given a bad name to AG Edwards. I knew this was an impossible deal, as soon as I heard about it. The next biggie, in St. Louis, will be Anheuser-Busch. InBev is financing the whole deal...I hope it falls apart, before they ruin another great STL company. We never had huge upswings, so we never had huge down swings...always a good, steady place to work and live. This time seems different, and a lot of people are saying that, now (and this from the perennially optimistic crowd)

10-10-2008, 08:00 PM
Leggett & Platt planning 259 cuts
10/10/2008 6:03:43 AM
Daily Journal

The battered furniture industry took another hit on Thursday, with parts maker Leggett & Platt announcing it was laying off 259 workers at two of its Northeast Mississippi plants.

The layoffs begin around Dec. 8, L&P officials said.

At the Omega Motion facility in Saltillo, some 172 production workers will be let go. Omega makes furniture hardware for recliners and rockers.

At the Super Sagless facility in Tupelo, 87 production workers will be laid off in early December. Super Sagless also makes hardware for recliners and rockers, as well as sofa sleepers.

10-10-2008, 08:01 PM
Micron layoffs likely before Christmas
05:17 PM MDT on Friday, October 10, 2008
Alyson Oten

BOISE -- In the wake of Thursday's announcement of job cuts at Micron, word today is that most of the 1,500 local layoffs will happen before Christmas.

The overall, companywide restructuring announced Thursday will take two years, but Micron is working to shut down a majority of its NAND flash manufacturing lines in Boise as soon as possible -- over the next month or two.

That means most of the 1,500 Boise workers will be laid off by the end of the year.

10-10-2008, 08:06 PM
Non-Market Meltdown Layoffs Hit Silicon Valley
By Thomas Claburn
October 10, 2008 04:00 AM

California State employment officials last month said that 1,417,000 people were unemployed in the state in August, up by 61,000 from July and by 413,000 from August 2007.

Layoffs are on the rise, in California and elsewhere. Some of the job losses can be tied to the state of the economy; some of them have more to do with post-acquisition reorganization.

On Thursday, Micron Technology (NYSE: MU) said it would get rid of about 3,000 jobs.

EBay on Monday said it would reduce staff by 1,000.

HP (NYSE: HPQ) last month said it would cut 24,600 jobs and is expected to start doing so as soon as next week. HP said that the company's layoffs, which will happen over three years, are a result of its EDS acquisition and not a reflection of the current economic downturn. The company expects to hire about 12,000 people to bolster EDS's service operations as well as its marketing and R&D labs.

Yahoo (NSDQ: YHOO) is said to be preparing substantial job cuts, too, possibly in conjunction with its third-quarter earnings report on Oct. 21. Silicon Alley Insider on Wednesday said 3,500 jobs will be cut and on Thursday suggested the number could be higher.

Yahoo spokesman Brad Williams told MarketWatch last week that Yahoo hadn't announced any layoffs and such talk was speculative.

Earlier this year, Sun Microsystems (NSDQ: JAVA) said it would lay off as many as 2,500 people over the coming year. Nortel (NYSE: NT), following 2,100 job cuts in February, its stock still suffering, plans further restructuring and cost cutting. And Motorola (NYSE: MOT) in April said it would get rid of 2,600 jobs.

Even Google (NSDQ: GOOG) laid off about 300 DoubleClick employees in April.

There are rumors that AT&T (NYSE: T) is planning to cut some jobs, too. An AT&T spokesperson wasn't immediately available for comment.

The California Employment Development Department last month said that 1,417,000 people were unemployed in the state in August, up by 61,000 from July and by 413,000 from August 2007.

The state's unemployment rate in August was 7.7%, up from 5.5% in August 2007.

According to the Bureau of Labor Statistics, there were 1,772 mass layoffs involving 173,955 workers in August. A "mass layoff" is when an employer has at least 50 initial claims for unemployment insurance filed against it during a five-week period. This is the highest number of unemployment insurance claimants for the month since August 2001.

Perhaps sensing a growing market in misery, Silicon Valley tech blog Valleywag has started a public list of layoff notices including its own, apparently.

10-10-2008, 08:09 PM
1,000 Layoffs At Essar Steel Algoma {Canada}?
Craig Huckerby for SooNews.ca
Friday, October 10, 2008, 3:47PM

SooNews.ca has learned that up to 1000 people may be receiving pink slips at Essar Algoma Steel in the near future.

According to a reliable source to SooNews.ca, some workers were notified by the company on Thursday.

10-10-2008, 10:40 PM
MC, don't know if you saw my post, but Essar employs DH. SooNews' latest word is that 1750 of 3500 workers will go. Which would include DH. All this is "source" material. When it's confirmed, I'll post it here. Probably will be Tuesday, since Monday is our Thanksgiving.

10-10-2008, 10:48 PM
Probably will be Tuesday, since Monday is our Thanksgiving.
Geeze...can they kick it a little harder?

10-10-2008, 10:53 PM
Very sorry rb . Will you be ok ?

10-10-2008, 11:11 PM
Don't know, Ross. This steel plant employed 13,000 until the mid 80s, when they let go 10,000. I lived this in this city before, even though my dad didn't work there. Decimated the city. We're in a bad position. Small city, isolated, closest city to us is a 3.5 hour drive. When the plant goes down, the whole town goes down. All jobs start to disappear, you can't even get a McDonalds job to help out.

I'm hoping it shakes out quickly, but I suspect this may be it. We may have to leave the province and go back out west, but my Mom is dying and my Dad will need to be taken care of. Crap. We'd never be able to sell our house in that situation, even though we don't owe much by most people's standards. So if it goes for long, we'd likely end up giving the bank the keys, and having been through this before, trust me, the banks don't want all of our houses.

Coyote, I suspect they are using the weekend to go over numbers and see how many they have to let go. I feel for them. They bought the company a year and a half ago, taking it private, after a Paulson's hedge fund stripped the company of it's back up cash...hundreds of millions, IIRC...and then Paulson dumped the shares. That cash reserve had been held to weather bad times. I'd like to find that hedge fund Paulson right about now and remove his nads. Damned thief.

10-11-2008, 12:50 PM
They run a few month's behind.

Typical government website.


10-11-2008, 01:01 PM

200 school system employees face layoff
Teaching positions protected in plan to save $10.5 million


The Atlanta Journal-Constitution

Friday, October 10, 2008

More than 200 DeKalb County school system employees learned Friday they may lose their jobs so that the budget-strapped school system can save money.

The proposal by Superintendent Crawford Lewis includes three different options on how to shed those jobs, which range from mid-level administrators to groundskeepers to drivers’ education instructors. The job cuts could come as early as soon as December.

The proposal is one of several budget-slashing attempts DeKalb schools face this year in the wake of a sour economy and state funding cuts.

The job cuts deliberately avoid elimination of teachers as well as other schoolhouse employees such as janitors and media specialists. It includes salary cuts for employees making more than $100,000. It saves the system at least $10.5 million, with additional savings possible should school board members decide to cut further, Lewis said.

“This is the most difficult assignment I have ever been given,” Lewis said. “I have mixed emotions about it. I really do. I wish there was a way around it. But there’s not.”

School board members told Lewis to reduce staff during budget talks this spring, as the board and Lewis grappled with growing costs and fewer dollars. Salaries and benefits make up 91 percent of the system’s $894.1 million general operations budget.:eek:

Lewis’ goal is to reduce that to 86 percent.

Marcus Turk, the DeKalb schools’ chief financial officer, expects the district to lose another $10.5 million in state funds this school year. If that happens, cuts in state education funding by May will have cost DeKalb more than $100 million since 2002.

Turk said he also expects the state, given the economy, to cut at least another 1 percent of DeKalb’s school funding for the next school year. Educators are scrambling to find ways to close the gap.

This week, board members approved an early retirement proposal for 142 central office employees that could save as much as $3.2 million a year. System officials last month also proposed student busing cuts designed to save about $4 million annually.

Lewis has the system under a hiring freeze for jobs other than in the classroom. Positions empty because of retirement or attrition are being cut from the rolls.

This latest proposal could take effect by the end of the year or, depending on what board members decide, sometime next year. A vote could come as soon as November, although it is not clear how quickly the board wants to act

10-11-2008, 01:03 PM
Anyone have the current unemployment stats - the official ones and/or the real (shadowstats) ones? I've heard as high as 10% as of last month.

10-11-2008, 01:04 PM

K-Mart to lay off more than 300 in Triad
Friday, October 10
(updated 9:52 pm)
Staff Reports

GREENSBORO - K-Mart will layoff more than 300 workers from two Piedmont Triad stores, the governor's office announced this afternoon.

The retail chain notified the State Department of Commerce it is laying off 147 workers at its store at 1302 Bridford Parkway in Greensboro and 159 workers at its Burlington store at 529 Huffman Mill Road, according to press release from Gov. Mike Easley's office.

The layoffs will begin Dec. 9, according a notice filed with the state.

Easley said the state will deploy its Rapid Response Team to assist workers in finding new jobs.

A spokeswoman with the department of commerce said K-Mart's notice said the stores are "changing formats," and did not say whether the stores will close.

Messages left for officials with K-Mart's corporate offices were not immediately returned.

10-11-2008, 01:09 PM
Anyone have the current unemployment stats - the official ones and/or the real (shadowstats) ones? I've heard as high as 10% as of last month.

I wouldn't even waste time reading the government stats.

The birth-death model shows some unbelievable number of jobs added to construction. Ya right.:re:

Shadowstats is probably much better.

It WAS at 10% but I believe much higher now. Wow, looks like 16 percent now !

And on that note I was at a little Venture Capital confab last week where the number thrown about for start-ups was a mandatory reduction of 25% of current headcount for portfolio companies, which will disproportionally affect California. Already at a 7.7 percent "official" rate and the unemployment compensation fund is running out of money.

10-11-2008, 01:30 PM
MC, don't know if you saw my post, but Essar employs DH. SooNews' latest word is that 1750 of 3500 workers will go. Which would include DH. All this is "source" material. When it's confirmed, I'll post it here. Probably will be Tuesday, since Monday is our Thanksgiving.
So sorry to hear this, rb! We went through a pre-Christmas layoff once and I know it's stressful. I'm also sorry to hear of your elderly relatives as I know that further complicates matters.

Hang tough, and keep us posted if it helps to talk about it!!


10-11-2008, 01:46 PM
So sorry to hear this, rb! We went through a pre-Christmas layoff once and I know it's stressful. I'm also sorry to hear of your elderly relatives as I know that further complicates matters.

Hang tough, and keep us posted if it helps to talk about it!!


I believe in the postings of statistics and graphs that we do tend to lose the HUMAN perspective of the fallout from job losses.

10-11-2008, 01:51 PM
rb., you must feel like a punching bag with all you've been through this year. I'm hoping that as this door closes a better one opens for you and your family.

10-11-2008, 09:43 PM
Next step for USPS: Layoffs?
October 11, 2008

Will there be layoffs at the U.S. Postal Service? That’s the buzz among the agency’s 670,000 workers as signs grow that the agency is sliding further into financial trouble.

The Postal Service has already extended early-retirement offers to more than 156,000 postal workers — roughly 20 percent of its work force. And the postmaster general, John Potter, told the largest postal union that the agency has identified as many as 16,000 employees who can be laid off without the need for collective bargaining because they lack seniority.

10-11-2008, 09:45 PM
Severstal layoffs to hit WCI Steel operations
October 12, 2008

It is reported that OAO Severstal's newly purchased WCI Steel Inc operations in Ohio have been added to the list of North American sites facing potential layoffs.

Mr Ron White VP of United Steelworkers union Local 1190 said that he understands WCI and the Sparrows Point plant have been added to the list of locations that will have to deal with layoffs.

It may be noted that Severstal executives were in meetings finalizing their plans, with between 700 and 800 layoffs estimated at a variety of locations, including most, but not all, of the former Wheeling Pittsburgh Steel Corp operations.

10-11-2008, 09:47 PM
Mass Layoffs at Heller Ehrman
Niraj Chokshi
The Recorder
October 13, 2008

At least 100 Heller Ehrman employees were laid off on Friday, without receiving the 60 days' wages required by federal law or accrued vacation due under California law, leaving even those remaining expressing confusion and concern.

Heller staffers and attorneys arriving at work Friday received one of two e-mails, either notifying them that they had been laid off, effective immediately, or that the firm would be retaining their services for the time being. Many said they were surprised by the e-mails and frustrated that there wasn't more warning. The e-mails did not address whether employees would be paid for accrued vacation or other wages owed to them under federal law.

The layoffs were directed at staff not involved in client-service positions and attorneys who were already known to be leaving. At least some legal assistants, library staff, marketing staff, recruiting staff and the firm's group of about 10 IT trainers were laid off.

10-11-2008, 09:49 PM
DeKalb School Layoffs
By Chris Camp
@ October 10, 2008 10:46 PM

(WSB Radio) - The cash strapped DeKalb school system will lay off more than 200 employees, ranging from mid-level administrators to groundskeepers to drivers' education instructors.

The proposal is one of several budget-slashing attempts DeKalb schools face this year in the wake of a sour economy and state funding cuts.

"This is the most difficult assignment I have ever been given," Superintendent Crawford Lewis told the Atlanta Journal Constitution. "I have mixed emotions about it. I really do. I wish there was a way around it. But there's not."

The job cuts could come as early as soon as December.

10-11-2008, 10:27 PM
I've been self-employed for a year and a half. Now I'm running for cover. Starting a state job Monday.

10-12-2008, 12:31 AM
I've been self-employed for a year and a half. Now I'm running for cover. Starting a state job Monday.
Sounds like an exciting next step... but I guess the quality of economic "cover" state jobs provide at this point depends on which state.

Hope it turns out to be a great job for you!! :thumbup:


10-12-2008, 03:17 PM
I've been self-employed for a year and a half. Now I'm running for cover. Starting a state job Monday.

Out of the frying pan and into the fire. (http://news.google.com/news?q=state+job+cuts&sourceid=navclient-ff&ie=UTF-8&rlz=1B2GGGL_en___US202&oe=UTF-8&um=1&sa=N&tab=wn&oi=property_suggestions&resnum=0&ct=property-revision&cd=1)

At least you'll be able to get unemployment... or not (http://www.cnn.com/2008/US/10/08/jobless.claims/)

10-13-2008, 11:02 AM
CosmoGirl Shuttered... Ann Moore's Plan... Mansueto Layoffs...
by WWD Staff
Posted Monday October 13, 2008

TEENS HAVE ONE LESS CHOICE: And then there were two: Hearst Magazines on Friday shuttered Cosmogirl magazine, the teen title it spun off from Cosmopolitan in 1999, with the December issue being the last. Many weren’t surprised to hear the news, given the title’s shrinking ad pages and flattening circulation, but were disappointed another magazine had exited from the teen market. In less than three years, Teen People, Elle Girl and Cosmogirl have folded, leaving Seventeen and Teen Vogue as the two stalwarts.


10-13-2008, 11:03 AM
Cambria County plans layoffs, 'significant' tax increase
By wire reports
Monday, October 13, 2008

Cambria County plans layoffs and a "significant" tax increase and will try to borrow $6 million to pay salaries as the global financial crisis deals a blow to the area's long-ailing funds.

Commissioners said the county's retirement program has taken a serious hit in the current market upheaval. Officials said that means that the county will have to contribute between $2 million and $3 million to the program, up from $300,000 this year.


10-13-2008, 11:23 AM
Cambria County plans layoffs, 'significant' tax increase
By wire reports
Monday, October 13, 2008

Cambria County plans layoffs and a "significant" tax increase and will try to borrow $6 million to pay salaries.....

Don't you just love this logic? While decreasing the revenue base we're going to increase taxes simultaneously.

10-14-2008, 07:27 AM
Daimler to cut 3,500 jobs as truck demand weakens
Pair of North American plants to close; Sterling Trucks brand scrapped

By Simon Kennedy, MarketWatch
Last update: 6:54 a.m. EDT Oct. 14, 2008

LONDON (MarketWatch) -- Daimler's North American truck division will shed 3,500 jobs, close two plants and scrap its Sterling Trucks brand in response to depressed demand across the industry, the German automaker said Tuesday.
The Stuttgart-based company said it will stop making vehicles under the Sterling name in March 2009 and at the same time will close its St. Thomas, Ontario, plant.

A plant in Portland, Oregon, will shut down in June 2010, when labor contracts are due to expire. Production of Western Star vehicles will be transferred to the company's Santiago, Mexico, plant, and production of Freightliner-branded military vehicles will instead be handled by one of the company's Carolinas facilities.

Daimler said 2,300 workers at the plants will lose their jobs by mid-2010, including 720 job losses scheduled for November that had been previously announced.

In addition, the company has plans to reduce its salaried work force by around 1,200, with over half directly related to the Sterling brand.

"It is a principle of our 'global excellence' strategy to strive for benchmark profitability and to address structural market changes in a timely and consequent way," said Andreas Renschler, head of Daimler's truck division.
"We are confident that this forward-looking strategy for Daimler Trucks North America is the right measure to address the challenges," he added in a statement.
Daimler said it expects the restructuring program to cost about $600 million and to result in an annual boost to earnings of $900 million by 2011.

Shares of Daimler traded up about 9% in midday dealings in Frankfurt, as other vehicle manufacturers also posted strong gains. Also see Europe Markets.


10-14-2008, 08:53 AM
PepsiCo to cut 3,300 jobs on profit falls 10 pct

PURCHASE, N.Y. - PepsiCo Inc., which has struggled with lagging sales of its soft drinks business in the U.S., announced plans to eliminate 3,300 positions globally, as it reported a 9.5 percent drop in third-quarter profit and offered a downbeat profit outlook amid a surging U.S. dollar.

The nation's second-largest drink maker said Tuesday it expects to generate a pretax savings of more than $1.2 billion over the next three years with $350 million to $400 million to be saved in 2009. A chunk of the job cuts will be related to the closing of six plants. The majority of the savings will be invested in brand building, long-term research and development and growth initiatives in key markets, the company said.

"While we can't control the macro economic situation, we can enhance PepsiCo's operating agility to respond to the changing environment," said Indra Nooyi, chairman and chief executive in a statement.

The company had net income of $1.58 billion, or 99 cents a share, in the quarter, compared with $1.74 billion, or $1.06 per share, a year earlier, on sales of $11.2 billion in the most recent period, compared with $10.17 billion a year ago. Analysts surveyed by Thomson Reuters, who typically exclude items from estimates, expected earnings of $1.08 per share on revenue of $11.2 billion.

Pepsi also noted that the recent surge in the U.S. dollar will hurt fourth-quarter profit. At current rates, the incremental impact would be about 4 cents to 5 cents per share. As a result, the company now expects to report 2008 earnings per share of $3.67 to $3.68, compared with prior guidance of $3.72. Analysts expected $3.74 per share for the full year.


10-14-2008, 11:32 AM
Is there some sort of "layoff season" during more normal times -- i.e. a time of the calendar or fiscal year when layoffs are most likely?


10-14-2008, 11:42 AM
Is there some sort of "layoff season" during more normal times -- i.e. a time of the calendar or fiscal year when layoffs are most likely?


Pretty much any time before the end of a quarter, or beginning of a new quarter :beer:


Lately they seem to like the quarter just before Christmas.

10-14-2008, 11:43 AM
Don't you just love this logic? While decreasing the revenue base we're going to increase taxes simultaneously.

"Government Logic" is kind of like "Jumbo Shrimp"


10-14-2008, 11:54 AM
Is there some sort of "layoff season" during more normal times -- i.e. a time of the calendar or fiscal year when layoffs are most likely?

My former company seemed to like August. It seemed like every year I'd come back from vacation and more coworkers had been let go. When things were really bad, it was once a 1/4.

10-14-2008, 12:10 PM
These folks post on Fridays, so this week is not in here yet.
Select a week to review...


Layoff Report

There's 89 entries for the week ending the 10th.
Other previous dates may be selected as well.
A little nibble here, a little nibble there, and soon the whole elephant is gone!


10-14-2008, 06:15 PM
Patrick {Mass Gov.}: Layoffs part of ’hundreds of millions’ in cuts
By Associated Press
Tuesday, October 14, 2008 - Updated 3h ago
http://news.bostonherald.com/news/regional/politics/view/2008_10_14_Patrick:_Budget_cuts_will_range_in__hun dreds_of_millions_/srvc=home&position=4

BOSTON - The hundreds of millions of dollars in budget cuts Massachusetts is facing because of a sharp drop in tax revenues will affect the core delivery of state services, not just the so-called "fat," Gov. Deval Patrick said today.

The governor said he planned to lay off employees and make cuts deep enough to affect the public’s interaction with their government. He again pegged the cuts "in the hundreds of millions," a sizable chunk in a $28.1 billion budget.

"People will feel this in their services," Patrick said after addressing an exposition of Massachusetts employers at the Statehouse. "This is not about, you know, cutting so-called ’fat.’ This is going to cut muscle because the scale of the issue requires that. We’re going to feel it in services, we’re going to see a smaller work force."

10-14-2008, 06:18 PM
NBA announces layoffs in U.S.
Associated Press
Tuesday, October 14, 2008

The NBA is eliminating about 80 jobs in the United States, the first major American sports league to announce layoffs because of the worldwide economic turmoil.

10-14-2008, 06:20 PM
This thread is depressing. Whose dumb idea was it to follow news of layoffs, anyways?

I need a :beer:


10-14-2008, 07:11 PM
Yeah. Me too. :beer:

So. Our story. So far, DH is still working, no layoffs yet. The local media seems to have jumped the gun. There will likely be layoffs, but they're trying to figure out how many and where. A steel plant is a big place, with a lot of departments, and a lot of occupations. So far, they have ended all overtime...immediately. That will whack us in the debt repayment area, as DH has worked about 16 hours of OT every week for the last two years. But we will do fine on regular wages.

Complications. Until just recently, this plant was hiring...screaming...for trades people. The ones they've hired on in the last two years will be the first to go...union...seniority...etc. However, the bulk of the 3000+ workers are at, or very close to, retirement. So, the young trades guys get laid off, and if it's long enough, find work elsewhere. Elsewhere in our city means another region of the country. Things pick back up a bit, and the retirees are leaving, then there's a skilled labour shortage again. Poor company is stuck between a rock and a hard place.

The whole city is jittery on the fear of layoffs. Local business people, who made it through this happening in the 80s, then the 90s, are as jumpy as a cat. Don't blame them. Even DH doesn't understand what just the mention of layoffs at the steel plant means in this city. Memories fly back and wallets slam shut. Drinking gets heavier, break ins and convenience store robberies more common. In the 80s we lost 20,000 people that have never come back. That was more than 20% of our population.

I'm breathing...tenatively.

10-14-2008, 09:53 PM
Good news so far, rb!

I'm sure it's difficult waiting for whatever may happen next, but at least this buys you some time to make some more plans and maybe his job will be safe.

I hope in the mean time you both can enjoy some fall walks and relax a bit together. Maybe that's something you can do when he's not working overtime. I know it always helps me calm down when DH and I can spend time talking.

Hope the rest of the week is relatively news-free, or that if there's news it's all good.


10-15-2008, 12:02 AM
Yeah. Me too. :beer:

So. Our story. So far, DH is still working, no layoffs yet. The local media seems to have jumped the gun. There will likely be layoffs, but they're trying to figure out how many and where. A steel plant is a big place, with a lot of departments, and a lot of occupations. So far, they have ended all overtime...immediately. That will whack us in the debt repayment area, as DH has worked about 16 hours of OT every week for the last two years. But we will do fine on regular wages.

Complications. Until just recently, this plant was hiring...screaming...for trades people. The ones they've hired on in the last two years will be the first to go...union...seniority...etc. However, the bulk of the 3000+ workers are at, or very close to, retirement. So, the young trades guys get laid off, and if it's long enough, find work elsewhere. Elsewhere in our city means another region of the country. Things pick back up a bit, and the retirees are leaving, then there's a skilled labour shortage again. Poor company is stuck between a rock and a hard place.

The whole city is jittery on the fear of layoffs. Local business people, who made it through this happening in the 80s, then the 90s, are as jumpy as a cat. Don't blame them. Even DH doesn't understand what just the mention of layoffs at the steel plant means in this city. Memories fly back and wallets slam shut. Drinking gets heavier, break ins and convenience store robberies more common. In the 80s we lost 20,000 people that have never come back. That was more than 20% of our population.

I'm breathing...tenatively.

We're with you rb. Hang in there

10-15-2008, 06:54 AM
Best wishes, rb.

Layoffs started at the Mass school system. The big boss talked to my husband yesterday, so far we have no idea if he'll be able to stay at his school, be bumped to another or be part of the layoff. I might have until February with my job.


10-15-2008, 06:57 AM
Thanks, Paula. The uncertainty is unnerving, isn't it? Hoping for the best for both of you.

10-15-2008, 07:00 AM
rb., earlier I mentioned DH's company was laying off 7,000. An update on that may relate to your situation too. DH says the figure has been downgraded. The company is paying people to take early retirement. They expect 3000 to take advantage of that offer, and with the highest salaried people going they think they may only have to lay off another 2000 rather than 4000 more. Your husband's company would be wise to do the same. Offer an early retirement package to the highest earners, then they can retain the younger workers and preserve their work force for the future.

10-15-2008, 07:22 AM
Mom, Mass. Governor Patrick, will be making a statement on TV around 5:00PM today on different cuts to Govt. services. I for one will be watching. I have been trying to get a part-time Holiday job and no-one is hiring at the Malls around this area. I am hoping that I don't lose my regular job until after Christmas. She has already told me that she might be closing the business ( lack of customers).

10-15-2008, 08:08 AM
fb, that's exactly what we're hoping will happen. Given the length of time it's taking to lay ANYONE off, and we know they are working on the situation, I hope that's what they are going over.

10-15-2008, 07:49 PM
Auto supplier Lear targets $150M in layoffs, other cost reductions
by Sven Gustafson | Oakland Business Review
Wednesday October 15, 2008, 11:04 AM

Automotive supplier Lear Corp. [NYSE:LEA] said Wednesday it plans to implement aggressive cost reductions, including layoffs, to realize an additional $150 million in operating improvements over the next 12 months and deal with a deteriorating automotive market.

10-15-2008, 08:17 PM
King County workers get the pink slip

KING COUNTY, Wash. -- The county's budget woes became personal on Tuesday when managers began handing out pink slips to workers who will lose their jobs on Jan. 1.

There was speculation that 400 employees would get layoff notices, but that number proved to be too high.

The actual number of layoff notice recipients: 125.5. Another 111 were warned their jobs could disappear next July. And there are 163 vacant positions that won't be refilled.

Ron Sims told the county council the budget is hurting with a $90 million deficit.

But, on Tuesday, it was the people who were hurting. Pink slips were delivered, and one -on-one meetings with the bosses were held.

David Reyes is area manager for the health department, the hardest hit agency. Reyes, with a heavy heart, started delivering the bad news in Bothell and continued in North Seattle. Seventy health department workers are being cut now. Another 69 could be cut loose next July.

"It's not just laying off people. It's people's lives and it's the impact they have on services and the communities we serve," he said.

The sheriff's office got news that was a little better than expected. They'd been warned about a $10-million cut, but the actual cut was $7 million. The office has made appropriate cuts, as has the prosecutor's office.

But the big question is whether all the labor unions will go along with a 3-percent cost of living increase, rather than the expected six.

The headlines have been about cuts and jobs, but in the budget presented by King County Executive Ron Sims, there's something else.

Sims has appealed to unions to agree to a smaller cost of living increase than planned; namely a 3-percent bump instead of 6. Without compliance, more cuts lie ahead. One union leader said Sims' proposal has not been well-received.

"That is his warning, and we need to consider that. But we also have to take direction from the members we represent," said Dustin Frederick, co-chair of the County Labor Coalition.

Frederick said he doesn't believe union members will voluntarily give up the extra 3 percent.

"At this time, that is exactly what they are telling us," he said.

The sheriff's office has already cut back. A spokesman said if workers refuse to accept a lower COLA it could lead to 11 more layoffs and a further reduction in service. The prosecutor said his office would also be hard hit.


10-16-2008, 11:13 AM

October 16, 2008
$2.8 Billion Loss at Citigroup on More Write-Downs
Citigroup reported a $2.8 billion loss in the third quarter, the fourth consecutive period that the global banking giant has been swamped by write-downs on investments and steeper losses on consumer loans.

The bank took more than $13.2 billion in charges in the third quarter, bringing the total amount of write-offs and credit losses since the credit crisis began last year to more than $64 billion.

And as more signs of a global slowdown surface, the bank continues to come under pressure. Although the write-downs in its investment bank declined for the third quarter, losses in Citigroup’s global consumer businesses rose sharply. Credit costs increased 84 percent, to $9.1 billion driven by charge-offs and reserve increases in the bank’s credit card, consumer finance and banking operations.

Every major region of the world where Citigroup operates, with the exception of the one anchored by the Middle East, reported a decline in revenue.

The quarterly loss was a stark reversal from the $2.2 billion the bank earned in the period a year ago. The loss was 60 cents a share, compared with a gain of 42 cents a share in the third quarter a year ago. Revenue fell 23 percent, to $16.7 billion.

Vikram S. Pandit, Citigroup’s chairman and chief executive, said in a statement that the bank’s results reflected a “difficult environment” and write-downs as the bank sheds more than $400 billion in noncore operations, low-returning assets and toxic mortgages. Citigroup also eliminated 11,000 jobs in the third quarter, bringing the total number of layoffs to 23,000 this year,
Although Mr. Pandit said they were making “excellent progress,” he gave no indication of when the bank would return to profitability.

Mr. Pandit only hinted at the $25 billion investment stake that Citigroup accepted along with eight other big banks at the behest of Treasury Secretary Henry M. Paulson Jr. And Mr. Pandit did not address Citigroup’s failed bid for the Wachovia Corporation, a move that executives believed was a potentially game-changing deal for Citigroup’s domestic banking franchise. Wells Fargo swooped in with a counter-offer that derailed the bid; both sides are now waging an intense battle in the courts.

Citigroup has long been considered a bellwether for the global financial services industry. Its range of businesses, from investment banking to credit cards, and sprawling international reach are rivaled by only a handful of banks.

On paper, the diversified bank was supposed to be the ideal business model for these tumultuous times. But as the markets gyrated wildly and the global economy teeters, Citigroup shares have plummeted along with most other banks.

Citigroup is the latest big bank to announce results in what is expected to be yet another dismal quarter for nearly all financial firms. Merrill Lynch, which sold itself to Bank of America, also reported a $5.1 billion loss on Thursday morning, the fifth consecutive loss. Earlier, Bank of America, JPMorgan Chase, Wells Fargo and State Street reported earnings that were similarly muted by sobering economic projections. And dozens of small and regional banks have not yet reported their results.

Much of Citigroup’s loss was concentrated in investment banking, which is known as the institutional clients group. The unit reported $81 million in negative revenue, hurt by write-downs. Chief among those was $4 billion tied to its various exposures to faltering home loans, including assets belonging to various structured investment vehicles; $1.2 billion tied to Alt-A mortgages and $919 million related to its exposure to bond insurance companies. It included a $792 million charge tied to lending to private equity deals, a once-lucrative business that has left Citi with billions of dollars in loans and bonds it cannot sell.

10-16-2008, 11:21 AM
Layoffs started at the Mass school system. The big boss talked to my husband yesterday, so far we have no idea if he'll be able to stay at his school, be bumped to another or be part of the layoff. I might have until February with my job.

Paula -- I hope all your upcoming news is positive. Who knows, maybe if you work 'til February you'll outlast many of us.

Hopefully the credit crisis will resolve more quickly than expected.


10-16-2008, 11:24 AM
Mom, Mass. Governor Patrick, will be making a statement on TV around 5:00PM today on different cuts to Govt. services. I for one will be watching. I have been trying to get a part-time Holiday job and no-one is hiring at the Malls around this area. I am hoping that I don't lose my regular job until after Christmas. She has already told me that she might be closing the business ( lack of customers).
angelsea -- Best of luck with the job hunt, and I hope your regular job hangs in there!

I suppose someone is hiring big burly Debt Collectors, so maybe we should all be trying to gain weight instead of losing?

And we know many of the Crooks who got us here are still gainfully employed, so maybe it follows logically that those whose jobs are at risk are the honest ones.


10-16-2008, 12:30 PM
Big, special union meeting tonight for DH regarding this situation. DH and I were talking last night, and he filled me in on the guys in his department, and retirement. They work on the 85 rule. Any combination of age and years and when you get to 85 you can retire, full (damned good) pension. The guys he works with have no less than 34 years each working there, so, if they started at, say, 20, that would be 34+54=88...meaning all but DH and the guy that was hired at the same time (both have 2 years in), are past retirement eligibility. I'll be VERY pissed if DH gets laid off now. These guys can come back in, during busy times, and not only collect full pension, but also work contract. They don't even NEED incentive to retire, damn it.

10-16-2008, 02:05 PM

Downey Savings To Close Wholesale Loan Department
Recommend Email this Story | Respond to Editor | Print

SEND Sue Chang
MarketWatch PulseBuzz up!Digg It StumbleUpon Reddit SAN FRANCISCO -- Downey Savings and Loan Association, a subsidiary of Downey Financial Corp. , said Thursday it will close its wholesale loan department and loan processing centers supporting the unit immediately. Downey Savings will also downsize its retail loan department. The moves will affect about 200 employees. "The Downey Savings' Board and management team have been evaluating, and will continue to evaluate, our long-term business plan in light of the challenges facing the company, the banking sector and the entire economy," said Charles Rinehart, chief executive of Downey Savings. "We have determined that a wholesale lending channel is no longer a necessary component of the plan. In addition, while we will continue to originate loans through our retail lending channel, we are scaling back our Retail Loan Department to better reflect the industry-wide contraction in retail lending."

10-16-2008, 02:33 PM

GM To Lay Off 1,500 Workers In Michigan, Delaware: Report
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MarketWatch PulseBuzz up!Digg It StumbleUpon Reddit SAN FRANCISCO -- General Motors Corp. will lay off about 1,500 hourly workers at three assembly plants in Michigan and Delaware due to decreasing demand for many products, the Detroit News reported Thursday on its Web site. GM plans to lay off 700 workers at its Pontiac Assembly plant, about 400 hourly workers each at its Wilmington, Del., assembly plant and its Hamtramck Assembly plant, GM spokesman Tony Sapienza told the newspaper. The job cuts will take effect Feb. 2. Shares of GM were up 2.9% to $6.40 in early afternoon trading.

Copyright © 2008 MarketWatch, Inc.

10-16-2008, 02:49 PM
... Any combination of age and years and when you get to 85 you can retire, full (damned good) pension. The guys he works with have no less than 34 years each working there, so, if they started at, say, 20, that would be 34+54=88...meaning all but DH and the guy that was hired at the same time (both have 2 years in), are past retirement eligibility. I'll be VERY pissed if DH gets laid off now. These guys can come back in, during busy times, and not only collect full pension, but also work contract. They don't even NEED incentive to retire, damn it.
Hope he hears that people are being urged to take retirement and leave jobs for the younger folks... but OTOH maybe the folks who are eligible to retire still can't afford to?

In any case -- good wishes for tonight's meeting!


10-16-2008, 03:33 PM
From another thread: http://curevents.org/showthread.php?p=32158#post32158 posted by preppiechick

Chicago mayor to shut down government for six days



CHICAGO (Reuters) - Facing a huge hole in Chicago's current and upcoming budgets, Mayor Richard Daley announced on Tuesday a plan to partially shut down city government for six days.

Along with several other measures, the mayor's plan was aimed at saving $62 million for the city's corporate or operating fund, which currently faces a $469 million shortfall.

Under the plan, city employees, with the exception of mostly public safety workers, would not work and would not be paid for the day after Thanksgiving or for Christmas Eve and New Year's Eve this year and in 2009.

Daley also said the fiscal 2009 budget he will unveil on Wednesday will eliminate 1,346 currently vacant positions and will include various cost-cutting or revenue-raising measures.

"I know that no one will be completely satisfied with our recommendations," the mayor said in a statement. "But, if we work together and responsibly cut spending this year, we'll be taking an important step toward addressing the financial challenges we'll still face in the years ahead."

On Friday, the mayor announced the consolidation of several city departments in a move that will cut almost 240 jobs and save Chicago about $5 million a year.

The city expects to collect $2.52 billion early next year from a long-term lease of Midway Airport to a private operator, but most of that money would be earmarked to pay off airport debt, as well as for infrastructure improvements and pension funding.

Daley has rejected using all of the remaining $100 million to tackle the budget shortfall.

(Reporting by Karen Pierog)

10-16-2008, 11:01 PM
Melbourne Australia "Ford" To lay off 1,400 before Christmas.

10-17-2008, 02:03 AM
http://www.scmp.com/portal/site/SCMP/menuitem.2af62ecb329d3d7733492d9253a0a0a0/?vgnextoid=2c0b3b768190d110VgnVCM100000360a0a0aRCR D&ss=China&s=News

Hundreds gather at shuttered Dongguan toy plant
Reuters in Dongguan
1:00pm, Oct 17, 2008

Hundreds of workers gathered outside a shuttered toy maker in Dongguan on Friday demanding unpaid wages as factories in the region, hit by falling demand and now the global crisis, struggle to survive.

Manufacturers in the once-booming Guangdong province have suffered over the past year and a half from tight curbs on loans, rising labour costs and a stronger yuan, which makes their products more expensive.

Hong Kong-listed Smart Union Group had tried to beat the downturn, by taking on more orders as smaller factories closed, local media said.

It over-extended, even as demand was hit further by the global credit crisis which could drag rich western consuming countries into recession.

“The main reason for the closure is that we are too dependent on the US market, which has become sluggish,” the China Daily said, citing Smart Union human resources staffer Xu Xiaofeng.

Smart Union, a supplier to Mattel, had not paid its 6,500 employees in the export-oriented southern city of Dongguan for two months, the newspaper reported.

About 1,000 workers gathered at the factory in Zhangmutou, before moving on to local government offices guarded by about 100 policemen. Many said they had worked for the company for years.

“I feel very agitated. I have waited for a few days now, we need money to pay for our housing and food,” said worker Huang Luohui, 33, who is owed two months’ wages.

“Some people say the company has folded and that the boss has fled... The government said they’d resolve the problem in three days. Today is the third day and we’ve seen no reply from them.”

Riot police with batons and shields stood in front of the factory gates, where a notice read “because business is bad, we are unable to give you your salaries”.:re:

Smart Union was an aggressive toy maker that counted some of the biggest US brands among its clients. It went public in September 2006, but hit hard times as raw materials prices rose while summer flooding caused millions of dollars in damages.

In late September, it reported a loss of more than HK$200 million for the first six months of the year. Its debt totalled over HK$500 yuan at the end of June, exceeding its assets.

Its shares closed at HK$0.099 a share on Wednesday and did not trade on Thursday. They have lost 94 per cent of their value since the beginning of the year.

Smart Union could not be reached for comment on Friday.

10-19-2008, 07:19 PM
Layoffs ahead: warning signs.

About two weeks ago, I did a blog entry on what to do when you get the sack. It looked at the best coping strategies to help you get through one of the most traumatic events that can happen to anyone.

But what are the warning signs that you are about to get the chop? What are the things you need to watch out for to help you get ready for the transition?

Some interesting tips from Therese Droste at Monster.com , some more obvious than others but all worth considering.

Getting a bad performance review is always a red flag. Even if you weren't given a warning, or put on probation, there are questions about whether you got a raise and generally about the vibe of the exchange with your manager.

Another danger signal might be the boss who once trusted you to work independently but who is now giving you a hard time and doing more micro-managing. You should also be careful if you find that you are being frozen out of lunches, conversations and projects.

There are some other warning signs. Getting a new boss can always be nerve racking. That's particularly so if you had worked well with the old one. But don't just stop there. The more important question to ask is whether the boss, new or old, is under any sort of pressure. If they crack, or if they are in the habit of offloading their tensions, then get out of the firing line, or just be ready.

Another signal is change at the top. When management brings in a whole stack of new people, and the mood of the company or division changes, that might be a sign of trouble ahead. Alternatively, it could open up new opportunities, particularly if the changes bring new challenges or suddenly new jobs appear out of nowhere. So it is important to keep an open mind.

And of course, the most common warning signs are those rumours. Sometimes rumours are just products of people's anxiety. People start talking, it gets beaten up into a likelihood and then everyone is on edge, for no reason. But then, there are many times when rumours have a grain of truth. And the problem is knowing the difference between the two.

Ruth Mantell at MarketWatch says one of the big signals is people around you losing their job. Even if management assures you that you are different and that you're safe, it's still disconcerting and can still leave you feeling insecure.

The other thing to watch out for is the hiring freeze. Suddenly everyone is working a lot harder and more tasks are being foisted on you. It could be a sign of further cuts down the line.

Cuts in training budgets are another sign. If the company is suddenly winding down development opportunities, or for that matter taking on fewer trainees, it can be the first step to more budget cuts.

It's also a good idea to keep an eye on how the business is travelling financially. If it's in the dog-house, start making other plans.

And there are other danger signals. Do managers always seem to be heading for secret meetings? Are perks, like mobile phones and parking spots, disappearing? Is there suddenly this focus on projects that have not yet been completed? Are external consultants coming in to meet your HR people?

Of course, what's important here is to remember that all this stuff is beyond your control. The only thing you can control is your own destiny. So it's a good idea to get your resume up to date, and start working your contacts, both in your industry and outside it. The time to plan for the future is now.

Are you seeing any warning signs? What are the most obvious ones to watch out for? And how do you react when you see them? What are the best self-defence strategies/

10-20-2008, 06:47 AM
Circuit City to shut stores, cut jobs: report
Mon Oct 20, 2008 3:18am EDT

(Reuters) - U.S. electronics retail chain, Circuit City is considering closing at least 150 stores and cutting jobs, the Wall Street Journal said citing people familiar with the company.

Earlier this month, the retailer hired Skadden, Arps, Slate, Meagher & Flom LLP and it has also retained FTI Consulting Inc to develop a turnaround plan as well as investment bank Rothschild Inc to guide talks with banks and secure emergency financing, the paper said.

The company's advisers are trying to line up additional financing but so far lenders have shown little interest, the paper said.

"The management team, board of directors, and its strategic financial advisers are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround," Circuit City spokesman Bill Cimino told the paper without giving details of the plans.

A spokesperson for the company could not be immediately reached for comment by Reuters.

10-20-2008, 06:52 AM
Sales at risk if retailers slash holiday hires
Fri Oct 17, 2008 12:13pm EDT

By Nicole Maestri

NEW YORK (Reuters) - U.S. retailers have shed tens of thousands of jobs this year and some are scaling back plans to hire extra help this holiday season, but cutting too deeply could put sales at risk during the crucial year-end rush.

Retailers often begin hiring seasonal workers in September, ramping up staff in time for the November and December sales crush. But the worst financial crisis since the Great Depression hit the United States in mid-September, roiling markets and stoking fears of a recession.

Before the crisis hit, Challenger, Gray & Christmas had forecast retail hiring for the upcoming holiday season would be the weakest since 2001, as consumers pull back and retail profits get squeezed by higher costs and weak sales.

"We're still going with that it's going to be lower than last year," said Challenger spokesman James Pedderson of the forecast. But given the recent turmoil, he added: "It may be much lower."

Retailers such as consumer electronics retailer Best Buy Co Inc (BBY.N: Quote, Profile, Research, Stock Buzz) and mid-tier department store chain J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) have indicated the weak sales environment means holiday staffing could be scaled back.

But in shunning extra hires, retailers run the risk of alienating cash-strapped shoppers, analysts said. Consumers may need to spend more time hunting for bargains this year, but will have little patience for waiting in extra-long lines or facing check-out hassles.

"Convenience, ease of check out, availability of stock, all are going to play a huge role in where people are going to shop this year," said Marshal Cohen, chief industry analyst at market research firm NPD Group.

"If you've really limited the amount of staff on the floor, the retailer is going to put themselves at a little bit of a loss."


Retailers have shed roughly 251,000 jobs year to date, according to government data on October 3, as volatile energy costs, high food prices, a crumbling housing market and tighter access to credit curb the ability of shoppers to spend.

Retailers are now headed into the all-important holiday season, which can account for 25 to 40 percent of annual revenue.

While the outlook for the holiday was bleak, with some economists forecasting the weakest growth since 1991, the fresh financial turmoil has thrown even those forecasts into doubt.

Government data released on Wednesday showed that September sales at U.S. retailers posted their biggest monthly decline in more than three years. Retailers are now trying to determine how to staff their stores in an environment where consumer spending has become nearly impossible to predict.

Best Buy has said that, while holiday hiring should top 2007 levels, it will add fewer workers than originally planned because sales growth in the second half of the year is expected to slow from the first half.

Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) said it continues to experience a "soft" sales environment, so it is planning all areas of its business accordingly -- including hiring seasonal workers.

J.C. Penney says it will staff its stores according to customer traffic, which has weakened this year.

Retailers are caught between a rock and a hard place when it comes to holiday hiring, said Craig Rowley, retail practice leader at human resources consulting firm Hay Group.

"On one hand, sales are going to be hard to get this year, so if you follow your budget, you're going to have less staff," he said. "But you also need to move the merchandise."

While retailers may be tempted to slash staffing to match depressed sales, doing so could mean lost business if it results in messy stores, empty shelves or long lines.


One advantage of having the U.S. unemployment rate at a five-year high means retailers can delay hiring seasonal help, said Jonas Prising, president of North American operations at staffing services firm Manpower Inc (MAN.N: Quote, Profile, Research, Stock Buzz).

"They will have more talent available on the market, which means they can make hiring decisions much closer to the time than they would normally," he said.

Toys "R" Us said it plans to hire about the same number of employees as it did last year, roughly 35,000 nationwide. To avoid being short staffed if demand is greater than expected closer to Christmas, the toy retailer offers "flex" time.

"If we get closer to the season and the stores get busier, employees will have the opportunity to take on more hours," said spokeswoman Jennifer Albano.

Linda Shea, global managing director of customer strategies at market research firm Opinion Research Corp, said if stores are easy to navigate and marked with clear signs, it could ease the need to have extra staff available to guide shoppers.

But retailers should not scrimp on hiring where it will count, especially at the check-out line.

"If I'm spending more time shopping and searching, I won't have any more time to give you standing in line," she added.

10-20-2008, 09:05 PM
Merrill to cut 500 trading jobs
REUTERS — 6:12 PM ET 10/20/08

NEW YORK (Reuters) - Merrill Lynch & Co Inc, which last month accepted a takeover offer from Bank of America Corp, is set to cut about 500 jobs in its trading divisions, Bloomberg News reported on Monday, citing unidentified sources.

The news agency said some workers may be notified as soon as this week, and the cuts will include sales staff as well as traders in the bank's fixed-income and equity divisions.

Merrill Lynch Chief Executive John Thain said in a television interview with the news service earlier in the day that the bank needs to cut thousands of jobs because he expects a global recession next year.

10-20-2008, 11:12 PM
As layoffs loom, Yahoo comes under fire from users
Yahoo Profile features not disclosed by company, angry users say
By Heather Havenstein

October 20, 2008 (Computerworld) Yahoo Inc., already under fire for changing user profiles, is reportedly planning to cut more than 1,000 jobs. The layoff announcement could come as soon as tomorrow, when the company is slated to report its third-quarter financial results.

Today's Wall Street Journal reported that Yahoo will disclose in several weeks which jobs are to be cut. The report said the layoffs are expected to span the entire company.

Auburn Boy
10-21-2008, 12:53 AM
The city of Sacramento today announced that all city amployees will be forced to take a one day unpaid furlough per month to help the city cut expenses by 1.4 million per six months.

10-21-2008, 10:33 AM
National City to cut 4,000 jobs

Tue Oct 21, 2008 9:58am EDT
By Jonathan Stempel

NEW YORK (Reuters) - National City Corp, a U.S. Midwest regional bank hard hit by the credit crisis (http://www.reuters.com/news/globalcoverage/creditcrisis), on Tuesday announced plans to slash 4,000 jobs and said rising reserves for soured mortgage and real estate construction loans led to its fifth straight quarterly loss.

The job cuts amount to 14 percent of the bank's workforce and are expected to take place over three years. They are part of an efficiency program designed to save $500 million to $600 million annually by 2011.

Shares of National City fell 17 cents to $2.75 in premarket trading.

Investors have pummeled the bank's shares, which fell as low as $1.25 on September 29, amid concern that mounting loan losses might cause National City to run short of capital, and perhaps even fail. Core deposits fell $5.5 billion in the three months ended September 30 to $85.6 billion, in part because depositors withdrew balances in excess of FDIC insurance limits.

National City has said repeatedly in recent weeks that it has enough capital to make it through the current credit cycle without doing fire sales of any assets. Chief Executive Peter Raskind said the bank would consider participating in U.S. Treasury Secretary Henry Paulson's plan to inject $250 billion into the banking system.

"We are not expecting any particular respite environmentally in the foreseeable future," Raskind said on a conference call. Still, he added, "We believe we'll emerge from this difficult environment as a much stronger organization."

National City's third-quarter net loss was $729 million, or $5.86 per share, and compared with a loss of $19 million, or 3 cents, a year earlier.

Results reflected a $4.4 billion preferred dividend paid in September as part of a $7 billion capital-raising completed in April from Corsair Capital LLC and other investors.

Excluding that item, the loss was 85 cents per share, according to Reuters Estimates, compared with analysts' average forecast for a loss of 37 cents per share. National City said that under a different accounting method, the quarterly loss would have been 37 cents per share.

National City set aside $1.18 billion for loan losses, up from $368 million a year earlier but down from $1.59 billion in the second quarter.

A majority of the increased reserve was tied to a $21 billion portfolio of home equity, subprime residential construction, automobile, marine and recreational vehicle loans that the bank is trying to exit. The portfolio was $17 billion three months earlier.

National City has been burdened with lower-quality mortgages it kept when it sold its First Franklin Financial Corp subprime business to Merrill Lynch & Co in 2006. It has also been hurt by its acquisitions in 2006 and early 2007 of two Florida banks.

It ended September with a Tier-1 capital ratio, which measures its ability to cover losses, of 10.98 percent. Regulators say 6 percent reflects a "well-capitalized" bank.

Assets fell to $145 billion from $153.7 billion three months earlier.

"National City continues to work down the liquidating portfolio and has more than adequate capital to absorb losses," wrote Keith Horowitz, an analyst at Citigroup Global Markets.

Shares of National City closed Monday at $2.92 on the New York Stock Exchange. The shares have fallen 82 percent this year, compared with a 35 percent drop in the KBW Bank Index.

(Editing by Derek Caney and John Wallace)

10-21-2008, 02:38 PM
U.S. Airlines Post Biggest Drop In Employment Since '06

NEW YORK -- U.S. airlines in August posted their largest decrease in full-time workers since 2006, according to the latest data from the Bureau of Transportations statistics. Domestic airlines employed 2.1% fewer people in August compared to the same month last year, the government agency said. All network carriers except for Alaska Air posted a decrease in its number of workers, with United Airlines posting a 3.9% reduction, the deepest cut among the carriers. In the last four years, Northwest reduced its headcount by nearly 25%, followed by Delta Air Lines at 18.4%. United reduced its workforce over the last four years by 15%.

Copyright © 2008 MarketWatch, Inc.


10-22-2008, 11:18 AM

Merck 3Q net drops 28 percent; to cut 7,200 jobs
Wednesday October 22, 11:14 am ET
By Linda A. Johnson, AP Business Writer

TRENTON, N.J. (AP) -- Drugmaker Merck & Co. said Wednesday it will slash 7,200 jobs as part of a new restructuring program that comes as its third-quarter profit plunged 28 percent, due to a hefty restructuring charge and flat sales.

The maker of allergy and asthma treatment Singulair and cervical cancer vaccine Gardasil said it will cut nearly 13 percent of its work force, including many executives, to lower overhead and become more competitive, in its second major restructuring in less than three years.

Whitehouse Station, N.J.-based Merck & Co. said that because of a $612 million charge for restructuring, net income for its third quarter amounts to $1.09 billion, or 51 cents per share. That's down from $1.53 billion, or 70 cents per share, a year earlier.


10-22-2008, 09:11 PM
Mass layoffs highest since 9/11
nth.Government report says job cuts of 50 or more up significantly last month
By Emily Maltby, CNNMoney.com staff writer
Last Updated: October 22, 2008: 3:13 PM

NEW YORK (CNNMoney.com) -- The number of layoff announcements involving at least 50 workers rose in September to the highest level since the Sept. 11 terrorist attacks seven years ago, the government said Wednesday.

There were 2,269 mass layoff actions, up 497 from August, according to statistics released by the Labor Department. That was the most mass layoffs since the 2,407 in September 2001.

"At large firms, basically what I see is an across-the-board, shotgun approach," said Paul Sarvadi, chairman and CEO of human resources outsourcing firm Administaff in Houston. "If they anticipate revenues going down, then they see how much they need to cut to reach operating targets, and equate that cost to a number of people."

Overall, the number of initial claims for unemployment benefits related to mass layoffs rose by 61,726 to 235,681. That was the highest level since September 2005, after Hurricane Katrina devastated the Gulf Coast, resulting in 297,544 claims.

The manufacturing industry pulled the most devastating numbers, accounting for 28% of all mass layoffs and 36% of unemployment insurance claims in September. More specifically, 19,278 of the 46,391 claims in that industry came from the transportation equipment sector.

"Most manufacturers are pretty secure," said Chris Kuehl, economic analyst for the Fabricators and Manufacturers Association. "But there's been a lot of action in the auto and aerospace sectors, such as the Boeing strikes and the low demand for cars due to the credit crunch."

Kuehl believes that layoffs at auto and aerospace companies, a large segment of the manufacturing industry, don't tell the whole story. "After all, the medical manufacturing and energy segments are gangbusters," he said.

But the overall situation is grim, and the worst may not be over, according to some experts.

Sue Murphy, manager for National Human Resources Association in Nashua, N.H., believes that there will be an increase in layoffs as the practice of scrutinizing employee count continues.

She said companies will accelerate the trend of cutting hours, replacing jobs with technology and outsourcing labor during tough times like these, when their priorities are protecting costs and market share.

"The companies look at the nice-to-haves and the must-haves, and the employees that are not essential will be up for review," Murphy said. "A lot of quality people will be out of work."

10-23-2008, 01:05 PM
Goldman Sachs May Slash 3,200 Jobs as Turmoil Worsens (Update2)

By Joyce Moullakis and Christine Harper

Oct. 23 (Bloomberg) -- Goldman Sachs Group Inc., the only firm among Wall Street's five biggest to remain profitable throughout the credit crisis, will shed about 3,200 workers, or 10 percent of staff, as the revenue outlook worsens, according to a person briefed on the plan who declined to be identified.

The cuts add to more than 130,000 jobs eliminated in the financial industry since mid-2007, eclipsing the 83,000 lost after the Internet bubble burst in 2001. Paul Kafka, a Goldman spokesman in London, wouldn't comment. Goldman had 32,569 employees at the end of August, up 3 percent from May and 9 percent for the year.

Banks worldwide are shelving deals and cutting jobs as the unprecedented turmoil in credit markets spreads and spurs concern the global economy may fall into a recession. Mutual fund managers including Janus Capital Group Inc. have also begun paring headcount. Goldman, which converted to a bank holding company last month and is receiving $10 billion from the U.S. Treasury, has dropped by almost 50 percent in New York trading this year.

``Downsizing is inevitable due to the fact that Goldman Sachs is now under government control, and is not making as much money,'' Michael Williams, dean of Touro College Graduate School of Business in New York, said in an e-mailed statement. ``These are not the last job cuts you will see'' as the industry consolidates and the volume of work shrinks, he said. ``Simply put, there is a redundancy of people.''

Sinking Revenue

The new job cuts signal a reversal in strategy at Goldman since Sept. 16, when Chief Financial Officer David Viniar told analysts he expected the number of employees to increase by a percentage ``in the low single digits'' this year, excluding the purchase of a mortgage-servicing company.

The firm's revenue for nine months this year slid 32 percent from a year earlier, as investment banking fell 26 percent and trading and principal investment plunged 45 percent. Revenue may drop 38 percent in the quarter that ends in November, according to the average estimate of 12 analysts surveyed by Bloomberg.

Mergers and acquisitions, in which Goldman is the top-ranked adviser for the eighth consecutive year, have declined by almost one third this year, and global equity offerings have tumbled 39 percent, Bloomberg data show.

The company has booked $4.9 billion of losses on devalued assets such as mortgage securities and leveraged loans, a fraction of the writedowns taken by rivals such as Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley.

Cutting Muscle

``When a lean and mean firm starts trimming, they're cutting into muscle,'' said Shaun Springer, chief executive officer of Napier Scott Executive Search Ltd. in London. ``The fact that they are cutting 10 percent is quite indicative of the fact that there are still a lot of problems ahead.''

Citigroup has cut 24,000 jobs in the past 18 months, more than any other bank in the world, according to data compiled by Bloomberg. Lehman Brothers Holdings Inc., which filed for the largest bankruptcy in U.S. history last month, eliminated almost 14,000 jobs, the data show.

Barclays PLC will cut about 3,000 jobs after its purchase of Lehman's North American investment banking and capital markets businesses, Robert Diamond, president of the U.K.'s third largest bank, was quoted as saying in an Oct. 10 Fortune article. The reductions amount to about 20 percent of the firms' North American employees as of Sept. 17, when the deal was announced.

Further Reductions

Other financial firms are planning further reductions. Merrill Lynch may cut more than 10,000 jobs after Bank of America Corp. completes its $50 billion acquisition of the firm, Ladenburg Thalmann Inc. analyst Richard Bove said this week.

Janus Capital, the Denver-based mutual-fund manager, said today it plans to fire 110 employees, or 9 percent of its workforce, and reduce annual expenses by as much as $45 million after stock market losses and investor withdrawals halved its third-quarter profit.

AllianceBernstein Holding LP, the U.S. asset-management affiliate of French insurer Axa SA, said yesterday that job cuts are ``inevitable'' after third-quarter earnings fell 39 percent on investment losses and client redemptions.

Banks may cut 62,000 jobs in London by the end of next year, reducing employment in the industry to the lowest level in more than a decade as the credit crisis worsens, the Centre for Economics and Business Research estimated this month.

In New York, state budget planners expect a loss of 40,000 financial jobs this year.

To contact the reporters on this story: Joyce Moullakis in London at [email protected]; Christine Harper in New York at [email protected]

Last Updated: October 23, 2008 12:11 EDT


10-23-2008, 01:30 PM
Thursday, October 23, 2008
Xerox To Trim 5% Of Workforce By April

SAN FRANCISCO -- Xerox Corp. said Thursday it will trim 3,000 jobs, or about 5% of its global workforce, over the next 6 months in response to a slowdown in orders. Xerox, which employs just over 57,000 workers worldwide, said it informed employees of the reductions in a memo on Thursday.

Copyright © 2008 MarketWatch, Inc.


10-23-2008, 01:34 PM
"At large firms, basically what I see is an across-the-board, shotgun approach," said Paul Sarvadi, chairman and CEO of human resources outsourcing firm Administaff in Houston. "If they anticipate revenues going down, then they see how much they need to cut to reach operating targets, and equate that cost to a number of people."Then management went to play golf.

This kind of detailed attention to the needs of their companies certainly explains the decline of many enterprises.

10-23-2008, 05:41 PM
UPDATE 3-Chrysler to close Delaware plant early, cut jobs
Thu Oct 23, 2008 12:34pm EDT

DETROIT, Oct 23 (Reuters) - Chrysler LLC said on Thursday it is closing one assembly plant early and eliminating a shift at another, resulting in 1,825 job cuts, following a loss of more than $1 billion for the first half of the year.

The U.S. automaker, now run by Cerberus Capital Management [CBS.UL], clarified that Daimler AG (DAIGn.DE: Quote, Profile, Research, Stock Buzz) lost 88 million euros ($112.7 million) on its 19.9 percent stake in the automaker during the second quarter under U.S. accounting standards.

That would mean Chrysler, overall, lost $563 million during the second quarter. Combined with its first-quarter loss of $510 million, the company has lost $1.07 billion for the first half.

Daimler had earlier reported a net loss of 351 million euros for its stake in Chrysler for the second quarter under international financial reporting standards before Chrysler reported the 88-million-euro figure on a GAAP basis.

Chrysler, which was acquired by Cerberus in August 2007, said it was working with the United Auto Workers union to review buyout programs at the affected plants.

The company now plans to close the Newark, Delaware, assembly plant and eliminate a shift at its plant in Toledo, Ohio, by the end of December.

The Toledo plant employs about 2,100 people producing Dodge Nitro and Jeep Liberty SUVs.

The Newark assembly plant, which builds the slow-selling Dodge Durango and Chrysler Aspen, was originally set to close at the end of 2009, a move first announced in February 2007 as part of a cost-cutting plan.

With the closure of the Newark plant, Chrysler would not have any hybrid offerings in the market. Hybrid versions of Durango and Aspen, which are built in Newark, are the only two hybrid models that Chrysler has in dealerships so far. Chrysler plans to launch a Dodge Ram hybrid pickup truck in 2010.

Chrysler, whose sales have fallen 25 percent this year, has faced scrutiny over whether it can ride out a steep downturn in U.S. auto sales that many analysts expect to stretch through 2009.

The U.S. auto market has seen demand plunge since then because of a combination of high gasoline prices, tight credit and a weak housing market.

Cerberus, which is aiming to purchase the remaining stake in Chrysler from Daimler, has been in talks with GM (GM.N: Quote, Profile, Research, Stock Buzz) and other automakers about the possibility of the sale of part or all of the company's assets, according to people familiar with the matter.

Chrysler President Jim Press said late on Wednesday that the automaker's steadier cash flow may be why suitors were considering its assets, but he would not say whether the company was in merger talks with GM.

Chrysler, which has released limited financial data since Cerberus acquired it, ended June with $11.7 billion in cash and had earnings of $1.1 billion before interest, tax, depreciation and amortization in the first half of the year. (Euro=$1.28) (Editing by Lisa Von Ahn and Brian Moss)


10-28-2008, 01:47 PM
Credit Suisse Cuts 500 Investment Bank, Support Jobs (Update1)

By Christine Harper and Elena Logutenkova

Oct. 28 (Bloomberg) -- Credit Suisse Group AG, Switzerland's second-biggest bank, plans to eliminate 500 jobs in its securities unit and some support functions, adding to 1,565 cuts announced over the past year.

The reductions are in response to ``market conditions and projected staffing levels required to meet client needs,'' said Karen Laureano-Rikardsen, a spokeswoman for the Zurich-based bank. The firm's securities unit employed 21,300 people at the end of September.

Chief Executive Officer Brady Dougan said last week the fourth quarter remained ``challenging'' after the bank reported its second quarterly loss this year on writedowns and failed trades. Banks and brokerages have already reported more than 148,000 job cuts and $680 billion of markdowns and credit losses.

``The difficult revenue picture further highlights the challenges Credit Suisse and the rest of the industry face in flexing costs down in this environment,'' Citigroup Inc. analysts led by Jeremy Sigee said in a note on Oct. 24.

Swiss rival UBS AG, which had the biggest losses from the subprime crisis of any European bank, said earlier this month it will cut 2,000 more jobs at the investment bank, following 7,000 staff reductions already announced in the past year.

Credit Suisse said last week that 1.7 billion Swiss francs ($1.5 billion) of losses on buying and selling securities of financial institutions, convertible bonds, and on certain proprietary trading strategies contributed to its third-quarter net loss of 1.26 billion francs.


The securities unit had a pretax loss of 3.23 billion francs after writedowns of 2.43 billion francs on leveraged finance and structured products, as well as 922 million francs on corporate loans. Losses were cushioned by gains of 1.88 billion francs the bank booked on its own debt.

Credit Suisse has been cutting jobs in areas such as residential mortgage-backed securities, collateralized debt obligations and commercial mortgage-backed securities, where headcount dropped by 68 percent, 52 percent and 40 percent, respectively, in the year that ended in June.

Over the same period, the bank hired in businesses such as commodities, where it added 57 percent to headcount, equity derivatives with 27 percent of additions and prime services, which got 12 percent more people.

Credit Suisse added a net 800 people at the securities unit in the third quarter, with about half in information technology and other ``support'' functions for client-driven businesses, Paul Calello, the head of the investment bank, said last week.

To contact the reporters on this story: Elena Logutenkova in Zurich at [email protected]; Christine Harper in New York at [email protected]

Last Updated: October 28, 2008 12:45 EDT


10-28-2008, 03:33 PM
Whirlpool to Cut 5,000 Jobs as U.S. Economy Slows (Update1)
By Carol Wolf
Oct. 28 (Bloomberg)

-- Whirlpool Corp., the world's largest appliance maker, plans to cut a total of 5,000 jobs by the end of 2009, and forecast lower annual profit as the global credit crunch and U.S. housing slump clips sales.

10-29-2008, 11:34 AM
Postal Service Looks To Cut 40,000 Jobs In First Layoff In History

10-29-2008, 11:59 AM
Postal Service Looks To Cut 40,000 Jobs In First Layoff In History

Looks like I'll be using online billpay, Fedex ground and e-mail a LOT more often.

10-29-2008, 04:43 PM
Time Inc. Plans 600 Layoffs, Magazine Reorganization

The largest magazine publisher in the U.S. has announced major job cuts and an overhaul that will bring a new organizational structure to the company. The announcement arrives the same day that the largest newspaper publisher in the country also announced major layoffs.

Time Inc. plans to cut 6% of its workforce, or more than 600 positions.

10-29-2008, 04:49 PM
Motorola may announce layoffs {rumor}
Daily Herald Staff Report

Motorola plans to make more job cuts and simplify how it makes devices, the Wall Street Journal has reported on its Web site. The story attributed the information to co-chief executive, Sanjay Jha.

Details of the plan, which could include thousands of layoffs, may be announced Thursday, when the company reports third-quarter earnings, the Web site said.

10-29-2008, 04:51 PM
Tenneco Intends 1,100 Job Layoffs , To Close 4 US Manufacturing facilities; To Record $60 Mln Charges-
10/29/2008 12:03 PM ET

(RTTNews) - Wednesday, Tenneco Inc (TEN: News ), a company that designs, manufactures and distributes automotive emission control and ride control products, said that as a part of the restructuring initiatives to further reduce structural costs and capacity in response to the worsening industry downturn, it intends to eliminate approximately 1,100 jobs worldwide. The company anticipates to complete the restructuring by the end of 2009.

10-30-2008, 07:04 AM
i wonder if any of those laid off will be replaced by temp staff,my local ASDA owned by wal-mart which has its own recruitment centre in poland,has just taken on 100 polish staff,and the union is in uproar when there are local people like me who want work,and apparently the contract they are on they wil not pay any income tax for the first 12 months of there stay.so how the hell can they be good for the economy like mr scrooge gordon brown says.

10-30-2008, 11:19 AM
Jobs set to go at Leyland Trucks

More than 1,200 people are employed at the site

More than 100 jobs are to go at the Leyland Trucks site in Lancashire, it has been announced.

The site in Farington, near Leyland, employs more than 1,200 people and produces vehicles delivered to Australia, Europe, and North America.

A spokesman for the firm said 24 office workers were set to go by the end of the year.

Bosses are in negotiations with unions about the compulsory redundancies of a further 92 shop floor posts.

These cuts are in addition to 145 temporary agency workers who were laid off at the site last week.

A spokesman for the company blamed the economic downturn.


10-30-2008, 12:33 PM


Date: October 30, 2008

To: All American Express Employees

From: Ken Chenault

I know it has been an anxious time for everyone since we first announced the
need to step up reengineering in light of the worsening economy. In a matter of
weeks, we've witnessed a chain of events that we wouldn't necessarily expect to
see in a lifetime: the collapse of major institutions, dramatic government
actions to stabilize the financial system and panic in the stock markets. As
households and businesses struggle, we face a global economic downturn that's
expected to persist well into 2009.

Without a doubt, this is one of the most challenging environments we've seen in
many decades. We have certainly felt the effects in our own business results:
earnings have declined as cardmembers are spending less and are having more
trouble paying their bills on time.

In this new reality, which evolves seemingly day by day, we must be even more
aggressive about reining in costs, staying flexible and adapting our business
strategies. We have to act with increased urgency to both manage through the
current turmoil and protect the long-term health of our company.

As you know, we've been engaged for the past few months in an intensive,
companywide review of priorities and staffing levels to see how we can work
more efficiently, which activities we can stop or reduce without compromising
our long-term growth potential, where we should focus our resources, and what
additional steps we can take to increase revenue. In this note I will provide
an overview of the reengineering decisions we've made to date, which fall into
three broad categories: staffing and compensation expenses, other operating
costs and investment spending.

Staffing and Compensation

We announced today that we will be taking a fourth-quarter restructuring charge
of approximately $370 to $440 million pre-tax related to the elimination of
approximately 7,000 positions or about 10 percent of our workforce. This total
includes several hundred open positions that we will not be filling. The cuts
are occurring across markets, band levels, businesses and staff groups, with a
focus on positions that do not interact directly with customers. In making
these decisions, we have placed particular emphasis on management levels,
resulting in a 15 percent companywide reduction in the number of positions at
bands 50 and above.

People who are being displaced will be hearing directly from their leaders.
Different units have different schedules for implementing their plans, with a
number of the job eliminations coming this year and the remainder occurring in
early 2009. In many cases, affected employees have already been notified. In
some cases, we have identified the groups where jobs will be eliminated, but
decisions on specific individuals have not yet been made. Eligible employees
will receive severance, outplacement assistance and other support to aid their
transition. In countries where local regulations require consultation, we are
observing all applicable requirements.

Over the coming days, leaders of business units and staff groups will be
communicating with their teams about workforce reductions in their areas and
how they may affect day-to-day operations.

Eliminating even a single job is something that no one wants to see happen. But
in a climate like this, we have no choice. These are especially uncertain
times, and it's essential that we keep staffing levels appropriate for our
needs now and for the conditions we anticipate heading into 2009.

In addition to the staffing decisions, we have also decided to suspend merit
increases for individuals in bands 35 and above in 2009, except in those
international markets where increases are required by local regulation. When
conditions improve, we fully intend to resume our normal merit increase

We have also put a hiring freeze into effect for all open positions in bands 35
and above, with extremely limited exceptions that must be approved by senior

We expect that the total cost benefits from these decisions, as well as lower
payouts from variable compensation programs that are tied to company
performance, will amount to approximately $700 million in 2009.

Other Operating Costs

As part of our companywide assessment, we have identified many additional ways
we can generate needed savings. These include:

Reducing employee travel and entertainment expenses by at least 20

Reducing the amount we spend on external consulting services.

Suspending all business unit and staff group recognition programs and
related payments, with the exception of the Chairman's Award for
Innovation and the Customer Service Award, as these programs reinforce
the priorities and behaviors that require our sharpest focus.

Suspending many leadership development programs, although existing offers
for Global Rotation will be honored.

Suspending large-scale internal overnight meetings, including all
multi-day incentive programs and business meetings. Sales kick-off
meetings may continue, but will be shorter and very tightly managed from
a cost perspective.

Eliminating year-end holiday parties across all markets, regions,
business units and staff groups for 2008 and 2009.

We expect to realize cost benefits of approximately $125 million next year from
these operating expense controls.

You will receive more details about these changes in follow-up communications
from Kevin Cox, head of Human Resources, and from your leaders. These measures
should be seen only as a reflection of the current environment and not on the
value of the programs and events cited or our long-term commitment to employee
recognition and development.

Investment Spending

We will continue to make investments in our infrastructure and
business-building opportunities, however we are taking a much more selective
approach for the time being. As a result, we are reducing our spending on
technology, marketing and promotion, and certain business development
activities across the company. As conditions improve, we will increase spending
to take advantage of the substantial opportunities we know will be available to
us over the medium to long term.

By reducing our investment spending and streamlining costs related to some
rewards programs, we expect to realize benefits of approximately $1 billion in
2009. I am confident that we can take this step while still protecting the
strong health of our franchise.

Overall Financial Benefits

Altogether, the staffing and compensation changes, other operating expense cuts
and investment spending reductions I have just outlined will result in
approximately $1.8 billion in total benefits in 2009. We are also moving ahead
with some pricing initiatives that will generate substantial additional
revenues. These actions will strengthen our near-term financial results and
give us more flexibility to capitalize on future opportunities.

Given the rapid pace of change we've been experiencing lately, it's even more
difficult than usual to predict what lies ahead. That means we must continue to
be vigilant about controlling costs and increasing revenue through new and
existing sources. Of course, we're also continuing to adjust our business
tactics in response to the environment, such as refining risk models and
slowing the growth of new cardmember loans. We believe actions like these will
help to position us for the uncertainty ahead.

The Need for Urgency

I often talk about the leadership philosophy I subscribe to, which is to define
reality and give hope, especially in difficult times. Now, I know I've given
you a bracing dose of reality in this note, and that's because I want everyone
to be fully informed about the scope of our challenges and the actions we're
taking to rise to them. There is no sugarcoating the fact that the economy and
our industry are in for more turbulence in the coming months.

So, what about the other half of the equation? How can we find reasons for
optimism when the prevailing mood in much of the world is decidedly
pessimistic? Let me tell you why I continue to be confident that American
Express will not only manage through this period but prosper in the years to

First and foremost, our business and our position within the payments industry
remain strong. Nothing has changed our status as the leading payments provider
for businesses and affluent consumers. Our financial footing is solid, and
we're profitable. We serve a diverse range of customers in multiple markets. We
have a powerful brand and experienced leadership with a track record of
successfully managing through tough times. In short, we have many strengths
that will help us continue to take advantage of long-term shifts in how people
and businesses pay for goods and services, manage their expenses, and affiliate
with companies that help them pursue their interests and ambitions.

That is more than can be said for many companies. And while the recent wave of
consolidation in our industry is creating fewer and larger banks, bigger isn't
always better.

Nevertheless, we have to navigate the short term effectively. So, until the
environment stabilizes, we will be directing our energies toward three
priorities that I am confident we will be able to achieve:

Staying liquid. We will be very focused on ensuring we have access to the
capital and funding we need to run our day-to-day operations during the
current turmoil in the credit markets.

Staying profitable. Of course, this is a state we always want to achieve,
but we will be protecting our bottom line even more intently.

Investing selectively for growth. With fewer resources, we must be much
more targeted in selecting our opportunities for investment -- seeking
out those that represent the highest potential for sustaining the growth
of our existing businesses and others that open new avenues for us.

I understand it's hard to stay focused in an environment like this one, and
that most everyone is feeling the impact of the economic downturn in ways both
personal and professional. So here is what we can do -- remember what is firmly
in our hands, which includes:

Understanding what our customers need and how we can deliver it.

Staying informed about our environment and our competitors so we have
context for moving forward.

Challenging our thinking about established ways of doing business and
having the courage to surface ideas even in early stages.

Being more frugal in how we choose to spend company resources.

Getting the information we need and acting on it quickly.

Treating each other and our customers with respect.

Maintaining perspective.

Being flexible and ready for the opportunities, as well as the
challenges, that lie ahead.

I can't predict when we'll return to a more "normal" business environment, or
what normal will even look like when the economy stabilizes.

The pace of change
in the marketplace is intense and things are bound to be different.

But here's what I'm sure of -- conditions will eventually get better.
Confidence will return among consumers and the business community, their
spending will increase, and we'll see credit quality improve. And when we turn
that corner, we will be ready to meet our customers' needs, beat our
competitors and reward our shareholders and employees.

Thank you for your ongoing commitment to our customers and to achieving our

10-30-2008, 12:48 PM
BG, where did you find that?


10-30-2008, 07:05 PM
BG, where did you find that?


I have some venture capital economic outlook powerpoints too, but I ain't gonna post those. :D

Although they are scary enough for Halloween coming up.

10-30-2008, 07:07 PM
I have some venture capital economic outlook powerpoints too, but I ain't gonna post those. :D

Although they are scary enough for Halloween coming up.

Okay...you could email them to me. :D

10-30-2008, 09:40 PM
It's at times like this that we need to focus on the positive. It's not all doom and gloom out there.


10-30-2008, 11:31 PM
Okay...you could email them to me. :D

Sorry, restrictive non-disclosure and it's a very small world for that to be tracked back.

11-02-2008, 07:24 AM
Steel production halted at Cleveland mill
Nov 2 01:04 AM US/Eastern

CLEVELAND (AP) - Steelmaking is on hold at the ArcelorMittal plant in Cleveland due to a drop in business.

Both blast furnaces were idled this week, and the company plans to offer voluntary layoffs with partial pay starting next week. About 1,450 union members work at the plant.

Mark Granakis, president of the United Steelworkers local in Cleveland, says there could be as many as 400 job reductions.

ArcelorMittal spokeswoman Katie Patterson says updated information could come Wednesday when the company announces third quarter earnings.

Jobs for those who remain at the plant will include maintenance and completing work on existing inventory. The hot strip part of the mill, where slab is turned into coil, continues to operate.

11-02-2008, 12:18 PM
The global nature of the financial meltdown over the last 4
weeks has meant three sure outcomes for major businesses
here in Japan: 1) there is no market in which to seek safe
haven, 2) even the healthiest of large companies is having
to batten down the hatches for a rough 2009 -- this is of
course what is killing the stock market, and 3), a lot of
people are going to lose their jobs.

The job-cutting aspect has already started in a number of
Japanese manufacturers, but looking at the employment
figures put out by the government, you wouldn't know it.
This is because, we suspect, Japanese firms are cutting the
easiest-to-trim sections of their workforces first, and
thus the numbers won't become apparent until the cuts go
deeper into their core full-timer workforces early next

According to the Ministry of Internal Affairs and
Communications, the nation's jobless rate actually fell,
from 4.2% in August to 4% in September -- with about
2.71m people out of work. This means that the workforce
currently numbers around 63.95m people.

As with most things, the USA is much quicker to reflect the
reality of the current turmoil, and there the unemployment
is already at around 6.1% of the workforce, with about
479,000 new jobless registering last month. This is
significantly up from the 332,000 who were unemployed a
year ago, although less than the peak 499,000 registering
after hurricanes Ike and Gustav hit several months back.
Apparently U.S. companies have already cut 760,000 jobs
in the last 9 months.

So is unemployment really down in Japan? Or is this the
calm before the storm?

Experts in the USA are predicting that the unemployment
rate there for next year will rise to 8% or more, a surge
of 30% over the current rate. Now, 400,000 newly
unemployed is already considered a recessionary
environment in the U.S., so with even more people set to
lose their jobs, fear will increase and consumer spending
will drop even further.

Most Japanese exporters either
make products for global consumers, or tools for
companies that do, and either way they're going to be hit
by the downturn. Although the delay in layoffs may be
longer, because Japanese firms are reluctant to take the
PR hit that comes with layoffs, the fact is that there is
already a precedent for letting people go in an acceptable
manner -- being set by Matsushita and others back in the
late 1990's. So we believe that the job cuts are not long
in coming.

Or, more correctly, perhaps we should say that the job
cuts are already happening, but the local media is
downplaying the trend...

First to go have been the foreign workers in overseas
plants. Two weeks ago, Nissan announced that it would cut
its workforce by 1,680 people at its Barcelona assembly
plant -- one of two major plants the company has in
Europe. This is almost 1/3 of all the people working at
that facility and represents the halting of one of the
3 production shifts. Sales of vehicles in Spain have
plunged 24% in the last 9 months, and when the numbers
finally come out at the end of the year, we expect that
sales for this current quarter might be almost
non-existent. Indeed, Peugot has said that it expects a
17% fall in auto sales in Q4 in Western Europe. We think
the final numbers will be worse and Japanese firms will
share blood shed.

Certainly Toyota knows this, and so the company is laying
off another category of "outsiders" -- non-permanent
workers at its factories here in Japan. Apparently the
company employs 6,800 contract workers, also known as
fixed-term workers, a number which is 2,000 down from March
and 4,000 down from the peak of 10,800 employed in 2004.

Back then, non-permanents accounted for 30% of the
company's total workforce. The thing about these contract
workers is that so long as they are employed for less
than 36 months, then the company can flexibility lay them
off in times of hardship -- as will many other companies
around the country now that Toyota has set the pace.

In addition, in Q2, June-August this year, Toyota laid off
an extra 8,000 temporary workers -- for a total of around
10,000 redundancies so far this year. Are you seeing these
numbers in the major newspapers? Not really. This is
probably because Japan's number one advertiser is sitting
on an estimated JPY4trn (US$40bn) of cash reserves (not
including other assets) which make it difficult for the
company to defend its actions in the Japanese context of
being needed to be seen to be looking after your own. In
this respect, the message clearly is that you need to be
a full-time employee to be considered "one of the Toyota
family". Otherwise you're just a squatter.

Now that Toyota, a core company in the Japanese industrial
complex, has been able to lay off so many people and yet
has drawn no protests from the politicians, bureaucrats, or
press, this portends badly for a large number of Japanese
working in other companies and who are also not full-time

Some readers may recall that out of 64m
(approx.) workers in Japan, a full 33.5% (as of 2007) are
now part-timers, contract employees, temps, freeters, or
otherwise non-permanent workers. For these people, the
on-going downturn represents a high likelihood that many
of them will be handed termination notices over the next
3-6 months.

However, they can't afford to not work. According to a
recent Reuters article, there are now more than 10m
"working poor" in Japan. The term apparently refers to
those earning less than JPY2m (US$20,000) a year.

Lastly, it surprised us to learn in an AP article that the
government does NOT track the number of jobless foreigners.
Surprising if only because we're all paying taxes and
unemployment benefits. Maybe these aren't counted either?

So, given that there are at least 755,000 foreigners (as of
2006) working here in Japan, and probably another 350,000
or so working illegally, you can bet that this group will be
another at-risk segment to lose their jobs.

The AP article
says that the government HELLO WORK centers used to
get about 700 foreigners looking for jobs each month, but
in August due to the massive layoffs by auto manufacturers,
the numbers of foreign newly jobless people doubled to
1,500 a month. Local officials note that the number of
Japanese applicants has not changed appreciably (yet) --
so clearly Toyota, Honda, and Yamaha are dumping on
their Brazilian-Japanese and Chinese workers first.

Could be a bleak Christmas for many people.

Get Terrie's Take by giving your name and email address at
http://www.japaninc.com/newsletters/free_sign_up, or go
straight to Mailman at:

11-02-2008, 03:40 PM
In addition, in Q2, June-August this year, Toyota laid off
an extra 8,000 temporary workers -- for a total of around
10,000 redundancies so far this year. Are you seeing these
numbers in the major newspapers? Not really.And it remains there is hardly a peep in the USA of contract/temporary worker cutbacks. This segment of the economy's growth has been massive, yet there no accomodation in economic reporting statistics for their income losses. But their spending counted in the "good news" just fine!

I submit this rose-colored-glasses bias towards see-the-good, ignore-the-bad makes evaluations of this crisis in comparison to past ones very unrealistic and optimistic.

11-02-2008, 03:42 PM
This cuts through the fog...


11-06-2008, 08:11 AM
AMD lays off 500 people worldwide
Thu Nov 6, 2008 5:09am EST

SAN FRANCISCO (Reuters) - Advanced Micro Devices, one of the world's two makers of microprocessors for personal computers, said it had cut 500 people from its staff of 15,500, effective Wednesday, as part of a move to cut costs.

A spokesman declined to give any details about where the cuts had been made.

They are part of major changes the company is undergoing to reduce expenses, including spinning off its manufacturing arm.

The plans pre-date the economic troubles of September and are part of an approach the company has called "asset light."

"We were expecting the company to initiate some cost-cutting. In a move toward 'asset light' they need to become a leaner company and we view this as a positive step," said JoAnne Feeney, an analyst with FTN Midwest.

The company said 3,000 more jobs would be moved early next year to The Foundry Co, the $5.7 billion spin-off of its manufacturing plants in a joint venture with Abu Dhabi.

That venture gives AMD a cash injection and shrink debt to better compete against larger rival Intel Corp.

Advanced Technology Investment Company (ATIC), the Abu Dhabi firm, also committed to investing another $3.6 billion to $6.0 billion over five years to fund the venture's expansion.

The 3,000-person new company will hold AMD's two plants in Dresden, Germany and make all of its central processing units, as well as chips for other companies.

(Reporting by David Lawsky; editing by Carol Bishopric and Ted Kerr)

11-06-2008, 09:07 AM
I guess they didn't cut actual employees. Just long term temporary or supplemental workers. 9

IBM verifies cuts, clarifies workers' status

By Dan McLean • Free Press Staff Writer • November 6, 2008


IBM on Wednesday confirmed the cutting of 100 jobs but corrected the status of those workers as reported by the governor's office Tuesday.

"We did cut approximately 100 temporary manufacturing positions between yesterday and today," IBM spokesman Jeff Couture said Wednesday. "These are what we call long-term supplemental employees and they work directly for IBM." The governor's office wrongly stated Tuesday the employees worked for a temp agency, Couture said. Couture said IBM declined to comment on the layoffs when asked Tuesday because not all of the affected employees had been notified.

Contract workers are "a flexible work force for manufacturing," he said. The employees' contracts are for a minimum of one year and no more than three years, unless they are renewed, he said.

The economic slowdown is responsible for the layoffs at IBM Corp.'s Essex Junction microelectronics plant.

"The workload has lessened to the point where we didn't need this flexible work force. ... It is a slower period in the economy, in the microelectronics industry. So we are responding to that," Couture said.

The contract workers are added or subtracted, depending of demand, he said. "This is part of our normal balance of skills to meet client or business needs ... to respond to changing business climates," he said.

Most of the products manufactured at IBM's Vermont facility are used by third parties in consumer goods, not in IBM products, Couture said.

In the wake of Tuesday's job cuts, there are now fewer than 100 contract workers working at the Essex Junction plant.

The job cuts bring the full time employee count at the plant down to about 5,300 employees, Couture said, the lowest level in more than two decades.

IBM's Vermont plant employed 8,500 people in 2001.

The local plant is part of IBM's Systems and Technology business group -- the only of the computer giant's five major business units that has generated fewer revenues than the same period last year.
Contact Dan McLean at 651-4877 or [email protected]

11-06-2008, 09:19 AM
Steel production halted at Cleveland mill
Nov 2 01:04 AM US/Eastern

CLEVELAND (AP) - Steelmaking is on hold at the ArcelorMittal plant in Cleveland due to a drop in business.

Both blast furnaces were idled this week, and the company plans to offer voluntary layoffs with partial pay starting next week. About 1,450 union members work at the plant.

Mark Granakis, president of the United Steelworkers local in Cleveland, says there could be as many as 400 job reductions.

ArcelorMittal spokeswoman Katie Patterson says updated information could come Wednesday when the company announces third quarter earnings.

Jobs for those who remain at the plant will include maintenance and completing work on existing inventory. The hot strip part of the mill, where slab is turned into coil, continues to operate.

This is bothersome, given that DH is in the same industry, although a plant with more than double the number of employees. Good to see they still have a mill open, though I don't know how they're doing it with no blast furnace up and running.

Still no news for us yet, after the company gave everyone the two weeks notice of possible layoffs. DH was lowest on the pole in his shop then, but now he's got three guys below him...all apprentices. It's clear they're trying to continue on without layoffs, but the lack of overtime now is really bothering me. That was debt paydown money. Better to get 40 hrs a week than none, though.

11-06-2008, 01:05 PM
[QUOTE=VT9;43405]I guess they didn't cut actual employees. Just long term temporary or supplemental workers. 9

IBM verifies cuts, clarifies workers' status[/QUOTE

IBM actually laid off over 350 people last week at multiple locations in the U.S. Not factory type jobs, but white-collar technical sales folks. Of course in a company of 350,000 people its a blip

11-06-2008, 06:12 PM
Fidelity latest fund firm to cut jobs

Mutual-fund giant joins growing list of asset managers that are downsizing
By Sam Mamudi, MarketWatch

Last update: 3:07 p.m. EST Nov. 6, 2008
NEW YORK (MarketWatch) -- Fidelity Investments said Thursday that it will lay off 1,300 employees this month in response to troubled markets across the globe.
Fidelity also plans to make another round of cuts early next year, but said that details of those layoffs are being finalized. A spokeswoman declined further comment.

11-06-2008, 08:04 PM
Citi readies for another round of layoffs: sources
Thu Nov 6, 2008 6:43pm EST

NEW YORK (Reuters) - Citigroup is drawing up lists of employees in a division including investment banking who will be let go in another round of layoffs, people with direct knowledge of the matter told Reuters on Thursday.

The layoffs are part of Citigroup's previously announced plans to reduce headcount by about 9,100 across the company by next October. The second-largest U.S. bank by assets has already eliminated about 23,000 positions this year.

Details of the upcoming round of layoffs in the institutional clients group have not been announced.

Some cuts will be in sales and trading and investment banking, and will be announced in coming weeks.

Reductions are expected in areas ranging from prime brokerage to structured finance to investment banking, according to people familiar with the matter.

Citigroup spokesman Dan Noonan declined to comment.

Citigroup has had several rounds of layoffs this year, and has cut positions outside these broader waves as well.

In the middle of October, 11 U.S. equity research analysts were laid off.

Citigroup had about 352,000 employees as of the end of September, about 58,000 of whom were in the institutional clients group, which includes alternative investments, global transaction services, capital markets and global banking.

At the end of 2007, the bank employed 375,000 people.

(Reporting by Dan Wilchins; Editing by Ted Kerr)

11-06-2008, 08:04 PM
Mattel cuts about 1,000 jobs citing economy
Thu Nov 6, 2008 4:05pm EST

NEW YORK, Nov 6 (Reuters) - Top U.S. toymaker Mattel Inc (MAT.N: Quote, Profile, Research, Stock Buzz) announced on Thursday it was cutting about 1,000 jobs, saying the global economy had entered "one of its most challenging and difficult periods in the last 100 years."

The job cuts come less than a month before the holiday sales season, which is expected to be one of the worst in up to 20 years.

Mattel said the 1,000 positions, which represent about 3 percent of its total workforce, would be eliminated through layoffs, freezing open positions, attrition and retirement.

The company, known for toy brands such as Barbie and Elmo, had already posted disappointing third-quarter results in October, At that time, its Chief Executive Bob Eckert said, "we're experiencing what is likely the worst economic crisis of my generation."

On Thursday, Mattel said the current economic environment had heightened its need to address the future structure of its business, which included streamlining its workforce.

Wedbush Morgan Securities analyst Chris White said it was the timing of the announcement and not so much the job cuts, which was surprising.

"The fact that any company right now would announce jobs is not surprising," White said. "But the largest toy company, maybe two weeks before Black Friday announcing it? A little surprising."

Its shares, which were down almost 3 percent, would have fallen lower if not for dismal October same-store sales results from U.S. retailers which was keeping investors focused on those stocks, White said.

Mattel shares closed down 46 cents at $14.52 on the New York Stock Exchange. (Reporting by Aarthi Sivaraman; Editing by Andre Grenon)

11-06-2008, 08:55 PM
La-Z-Boy to cut 10 pct jobs, close some stores
Thu Nov 6, 2008 5:52pm EST

Nov 6 (Reuters) - Furniture maker and retailer La-Z-Boy Inc (LZB.N: Quote, Profile, Research, Stock Buzz) said it will immediately reduce its headcount by about 10 percent, or about 850 employees, due to the difficult macroeconomic conditions.

Sales of discretionary items such as furniture have been hurt as cash-strapped U.S. shoppers have cut down on their appetite for big-ticket items amid falling home values and tighter lending conditions.

La-Z-Boy said it will close 15 to 20 La-Z-Boy Furniture Galleries stores, primarily dealer owned, over the next 90 to 120 days, due to the overall tightening of the credit markets.

The Monroe, Michigan-based retailer, known for its recliners, also said it will significantly cut its planned fiscal 2009 capital expenditure from about $27 million to between $18 million and $20 million.

"Based on the magnitude of the change in our incoming order rates, we are taking immediate action to aggressively reshape our business...," Chief Executive Kurt Darrow said in a statement.

The company said it expects an about $1.5 million to $2.5 million pre-tax charge related to severance and other benefit costs, majority of which will be incurred in the third quarter. (Reporting by Dilipp S Nag in Bangalore; Editing by Jarshad Kakkrakandy)

11-07-2008, 10:01 PM
USG cuts 900 jobs as economy deteriorates
Fri Nov 7, 2008 6:16pm EST

NEW YORK (Reuters) - U.S. building materials maker USG Corp (USG.N: Quote, Profile, Research, Stock Buzz) said on Friday it was cutting around 900 jobs, or 20 percent of its salaried positions.

The company said the layoff plan began on Monday. USG said it expected charges in a range of $35 million to $45 million from the jobs cut plan in the current and next quarters.

The company has posted a net loss of $125 million in the first nine months of 2008 as the housing market slumped and raw material prices increased.

In the same period, sales fell around 10 percent to $3.6 billion.

U.S. jobless rate shot to a 14-1/2-year high last month as employers slashed 240,000 positions.

USG's shares have fallen 60 percent this year, while the S&P 500 index .SPX sank 36 percent.

(Reporting by Juan Lagorio)

11-09-2008, 05:03 PM
Deutsche Post's U.S. plans threaten 40,000 jobs: report
Sun Nov 9, 2008 10:16am EST

FRANKFURT (Reuters) - Some 40,000 Deutsche Post (DPWGn.DE: Quote, Profile, Research, Stock Buzz) in the United States are at risk as the group steps up plans to turn round its loss-making DHL express delivery company there, a German newspaper report said on Sunday.

Citing internal sources, the Frankfurter Allgemeine Sonntagszeitung (FAS) said of the total, 20,000 of jobs were threatened directly at Deutsche Post's U.S. express unit and the other half at U.S. partner firms.

A spokeswoman for Deutsche Post, which on Monday is due to report third-quarter earnings, on Sunday declined to comment on the figures mentioned in the newspaper report.

The U.S. business has been hit by shrinking investments from businesses amid the global economic crisis.

A Deutsche Post spokeswoman had said in October that her firm was cutting its U.S. ground network capacity by 30 percent faster than planned and could take further measures if necessary.

The company in May announced a $2 billion restructuring program for the U.S. express business, for which it expected to post a $1.3 billion loss before interest and tax this year.

(Reporting by Matthias Inverardi; Editing by Jon Loades-Carter)

11-09-2008, 05:11 PM
UPS is doing stealth layoffs as well, depending on the hub volume.

Rumor is DHL will cease all NorthAm operations.

11-09-2008, 05:13 PM
UPS is doing stealth layoffs as well, depending on the hub volume.

Rumor is DHL will cease all NorthAm operations.

Any idea where this rumor is emanating from? This will impact my business directly and in very short order if it is true.

11-09-2008, 05:27 PM
Any idea where this rumor is emanating from? This will impact my business directly and in very short order if it is true.

Director Worldwide logistics, at a global 100 company.

11-09-2008, 05:55 PM
Director Worldwide logistics, at a global 100 company.

Great. :eek:

11-10-2008, 11:19 AM
9,600 layoffs in first round

Deutsche Post to exit U.S. domestic air, ground ops

By MarketWatch
Last update: 7:43 a.m. EST Nov. 10, 2008

FRANKFURT (MarketWatch) -- Postal and logistics giant Deutsche Post AG , parent of DHL, will exit its U.S. domestic air and ground business, Chief Financial Officer John Allan said in an interview on Deutsche Post's Web site Monday. The decision is aimed at reducing the company's risks to a minimum and to intensify its Roadmap to Value program in order "to prepare for the rough times ahead." End of Story

11-10-2008, 05:01 PM
GM to cut production, idle 5,500 hourly employees
Mon Nov 10, 2008 2:43pm EST

CHICAGO (Reuters) - General Motors Corp said on Monday it will cut production in North America due to declining demand through the first quarter of 2009. Highlights:

* Says production cuts to result in idling of 5,500 hourly employees

* Says to record a charge of at least $300 million in Q4, 2008, for capacity


* Says have started providing materials for the Strasbourg transmission plant

to interested parties

* Says GMAC will cease wholesale originations to dealers in Australia, New

Zealand by December 31 and transition out of business

* Expects $1.4 billion cash expenditures for 2008 capacity reductions in U.S.,

Canada of which $0.1 billion to be spent in 2008, $0.6 billion in 2009, $0.7

billion beyond 2009

11-10-2008, 05:14 PM
Hat tip JWB at PFI

Postal Service Looks To Cut 40,000 Jobs In First Layoff In History

SHREVEPORT, LA (KSLA) - "We lost 2 billion dollars and like any other business we have to stay afloat." And to keep from sinking, the United States Postal Service is considering cutting thousands of jobs nationwide. Lavelle Pepper with the post office in Shreveport says they too are feeling the affects of the same disease hitting the country... a struggling economy. "We employ about 685,000 people. If we do layoffs it would include clerks, carriers, mail handlers across all crafts."



11-12-2008, 09:50 AM
AK Steel to lay off 600 in Ashland

The Herald-Dispatch

November 11, 2008 @ 09:20 PM


The Herald-Dispatch

ASHLAND -- About 600 employees at the AK Steel Ashland Works Plant and an undetermined number of employees at the company's Ashland coke plant are being laid off until at least January as the company announced late Tuesday afternoon it was temporarily idling most of its operations in the Ashland area.

"We just received verbal notification from the company," said Mike Hewlitt, president of United Steelworkers Local 1865 at the Ashland area steel plant. "A lot of our young people are sick at their stomach. It's a sad day here. Six hundred are affected by this layoff. It will leave 100 people working on a coating line."

The layoffs will be effective Nov. 22.

The company announced it was temporarily idling operations at the Amanda blast furnace, putting it on "hot-idle status." The steel plant and the coke plant employ about 1,100 workers, 275 of them at the coke plant which will continue to operate at a reduced level. A company spokesman couldn't be reached for comment about how many workers at the coke plant will be impacted by the layoffs.

"We remain hopeful that we will be able to return our dedicated and hard-working employees to their jobs as swiftly as possible," James L. Wainscott, AK Steel chairman, president and chief executive officer, said in a press release. "Of course, that depends entirely on credit availability and consumer confidence, which are at the heart of this serious economic downturn."

"It will have a very negative impact on our economy," said Jim Purgerson, president of the Ashland Alliance. "It will be a lean Christmas season. It'll be very tough."

The layoffs are tied to the national economy, which is very bleak right now, Purgerson said. "The greatest concern is the uncertainty. This is a direct impact from the downturn in the auto industry. No one knows how long this recession will last."

State Rep. John Vincent, R-Ashland, called the layoffs a blow to the community.

"Our legislative delegation is ready to work on any type of state assistance that might be available," he said. "Our heart goes out to any employee affected by this. It's a very tough time. We'll keep them in our thoughts and prayers."

"It's imperative Congress pass a bailout provision for the auto industry," said Kevin Gunderson, Ashland's mayor pro-tem. AK Steel's largest customers are Ford and Chrysler, he said.

"Ashland has been very good to AK Steel and AK Steel has been very good to Ashland," he said. "My dad worked there for 38 years."

The steel plant has provided thousands of jobs over the years for Ashland area men and women. The plant had a work force of more than 5,000 in the 1960s.

"I've worked there for 40 years and never seen anything like this," Hewlitt said. The fact that the company is keeping the blast furnace on hot-idle status gives some hope that the layoffs will be temporary, he said.

"We feel for our (union) members," he said. "We'll do everything we can to help our employees and their families. We will do what we can to protect the integrity of our contract."

The layoffs will have a big, negative impact on the city, Gunderson said. "We'll need to watch our discretionary spending."

"The workers at the plant are very productive, no one disputes that," he said. "Hopefully, the economy will bounce back after the first of the year if consumer confidence returns."

Citing a recent and unanticipated downturn in the economy, AK Steel also announced it was temporarily idling its Mansfield, Ohio, operations impacting 365 employees.

Last week, AK Steel, which is based in West Chester, Ohio, lowered its projections for steel shipments in the fourth quarter by about 14 percent, citing weaker-than-expected U.S. and global economic conditions.

The company said it expects shipments to be closer to 1.2 million tons than the 1.4 million tons forecast when the company reported a jump in third-quarter profit last month.

11-12-2008, 11:36 PM
QVC to cut 900 jobs amid weak consumer spending
Wed Nov 12, 2008 9:15pm EST

SAN FRANCISCO (Reuters) - Television shopping network QVC Inc said on Wednesday it plans to cut 900 jobs over the next 14 months, a move that will lower 2009 operating costs by $30 million to $40 million amid a global economic downturn.

"I had hoped we could avoid layoffs as we pursued our long-term growth strategies, but after witnessing the continuing deterioration in the economy, I came to the reluctant conclusion that this was not going to be possible," QVC President and CEO Mike George said in a statement.

The West Chester, Pennsylvania-based company, which also has an online shopping site, laid off about 160 employees Wednesday from its U.S. offices. They were offered severance packages.

QVC plans to cut 500 jobs in its West Chester distribution center over the next 14 months as the company shifts focus toward its Florence, South Carolina distribution center. It said it will create 200 jobs in Florence.

QVC will also close its call center in West Chester, ultimately eliminating 250 jobs by the end of March 2009. The company said it "will provide the opportunity for additional work hours for team members" at its call centers in Virginia, Florida and Texas.

QVC is aiming for 300 call center employees to join its home representatives program, which allows employees to switch between working shifts at home and at the company's call centers, by the end of 2009.

The cost-cutting strategies will result in a net reduction of 700 jobs, or 5.8 percent of QVC's U.S. workforce.

QVC is owned by Liberty Media Corp, which is controlled by cable pioneer John Malone.

Liberty Media shares closed at $3.46, down 8 percent, on Nasdaq, and barely changed in after-hours trading.

(Reporting by Jennifer Martinez; editing by Richard Chang)

11-14-2008, 01:28 AM
Hawaii sees 6 mass layoffs, 867 jobs cut in Q3
Pacific Business News (Honolulu) - by Randi Petrello

There were six “mass layoffs” in Hawaii that resulted in 867 workers losing their jobs for at least 31 days during the third quarter of 2008, according to figures released Thursday by the U.S. Department of Labor.

That’s up from three mass layoffs and 344 workers in the third quarter of 2007.

A mass layoff event occurs when there are 50 or more initial claims for unemployment insurance benefits from an employer during a five-week period.

The latest count included layoffs at Maui Land & Pineapple, North Hawaii Hospital, The Honolulu Advertiser, Kona Community Hospital and two rounds of layoffs at Hawaii Medical Center.

Nationwide, there were 1,330 mass layoffs during the quarter that resulted in the separation of 218,158 workers from their jobs for at least 31 days, according to the bureau. Among the seven categories of economic reasons for layoffs, business demand accounted for 43 percent of events and 76,979 separations for the period of July through September.

11-14-2008, 01:31 AM
Cessna cuts 665 jobs in Kansas, Oregon

Cessna cuts 665 aircraft jobs in Kansas, Oregon amid global economic downturn
November 13, 2008: 08:14 AM EST

NEW YORK (Associated Press) - Cessna Aircraft Co. announced Wednesday it is cutting 665 jobs in Kansas and Oregon because of the global economic downturn.

Spokesman Doug Oliver said 500 layoffs will be made at Cessna's 12,000-employee Wichita plant, which builds the company's larger jets.

The other 165 cuts will occur at the Bend, Ore., plant, which has 460 employees producing a high-performance, single piston aircraft. Cessna and its parent company Textron Inc. acquired the plant from Columbia Aircraft Manufacturing Co. in December 2007 for $26.4 million.

No layoffs are planned at the Independence, Kan., plant that makes Cessna's popular, entry-level Citation Mustang jet, Oliver said.

Wichita-based Cessna had warned employees earlier this month to expect layoffs, which Oliver said will be made across the board.

"Everybody has just been waiting on some determination on numbers _ which is what we saw today," Oliver said.

The large number of layoffs triggered a federal law requiring a 60-day notification period, meaning the cuts won't take effect until late January or early February.

Cessna also offered a voluntary layoff program beginning immediately for any employees who want it. The severance package would be the same under the voluntary and involuntary layoffs.

Cessna will also begin its annual holiday shutdown a few days earlier than usual in December.

"The future is bright _ it is just a short-term thing," Oliver said. "Customers are coming up and saying, 'I need to defer delivery of my airplane.' They are not canceling, they are deferring.":laugh:

Cessna said earlier this month that total deliveries in 2009 will rise slightly from 2008, but not as much as earlier expected. Cessna had previously targeted 535 Citation aircraft for delivery in 2009, compared with 475 this year.

Another Wichita aircraft maker _ Hawker Beechcraft _ announced nearly 500 job cuts earlier this month. Top of page

11-14-2008, 01:34 AM

FORT SMITH, Ark. -- Riverside Furniture Corp. opened its doors in 1946. Today it's a leading furniture designer and manufacturer serving an international customer base.

On Wednesday, the company's president announced future layoffs of 250 workers. In a press release, Scott Ostrander said, "We certainly recognize the impact these actions have on our employees and their families and regret that we are forced to make these difficult decisions. But until more normal market conditions return we must operate our business as efficiently as we can."

The company said it will be consolidating two of its Fort Smith plants and job losses are expected at its Russellville, Ark., mill plant.

The consolidation is scheduled to be complete by Jan. 12, and that is when the layoffs are expected to be carried out.

Tom Manskey of the Fort Smith Chamber of Commerce said recent job losses, including 700 jobs at Whirlpool and 184 jobs at Rheem, are troubling, but he said the local economy should hold up.

11-14-2008, 01:37 AM
CEOs warn Daley that 'huge layoffs' are coming to Chicago

November 13, 2008

BY FRAN SPIELMAN City Hall Reporter

Mayor Daley said Wednesday he’s been warned by a parade of corporate CEOs that a blizzard of job cuts are about to bury the souring Chicago economy.

“Huge layoffs are coming in November and December. And next year, there’s going to be [even more] huge layoffs. All the corporation CEOs have come in to tell me. That’s just the beginning. It’s not their end result,” Daley told reporters after a City Council meeting.

Mayor Daley told reporters after Wednesday's City Council meeting that CEOs throughout the city have warned him of sweeping job cuts to last into next year.

“Each one of them tell me what they’re laying off and they’re going to double that next year. So, you’re talking about huge numbers of permanent layoffs…It’s going to have a huge effect upon all businesses relying off of one another. And for cities, counties and states, your revenue is going to keep coming down….Some of these local governments are going to be in jeopardy. They won’t have enough money to [meet] their payroll. It’s that serious.”

11-14-2008, 01:40 AM

Layoffs spread into new sectors

With files from reporter Tara Perkins.

November 13, 2008

The economic storm that has lashed the auto and forest sectors appears to be blowing through the office towers of Canada as cutbacks begin to hit banking, technology and media companies.

White-collar layoffs mounted yesterday with CanWest Global Communications Corp. announcing 560 layoffs, or about 5 per cent of its work force. That came on the heels of Nortel Networks Corp. cutting 1,300 job cuts, and several Bay Street firms swinging the axe.

"The big picture is: pretty tough year ahead," said Dale Orr, chief economist at Global Insight Canada.

Mr. Orr this week predicated a "mild" Canadian recession that will cost 100,000 job losses in the first quarter of next year, with the auto, financial services and forest sectors among the most vulnerable.

Employment in the auto sector will "probably get worse before it gets better" while forest industry jobs will continue to decline as U.S. demand falters, he said.

Softer housing starts in Canada may translate into fewer residential construction jobs, and financial services firms will continue to shed jobs.

"What affects the labour markets even more is changes in small and medium-sized businesses, which are firing people or not hiring the people they'd intended to hire," Mr. Orr said.

About 16 per cent of small businesses also expect to cut jobs in the next year, according to a Canadian Federation of Independent Business study last week.

History suggests the worst corporate job cuts are yet to come. December and January tend to have the most mass layoffs, a study by Forbes found this week.

11-14-2008, 01:42 AM

IGT Laying Off About 500 Employees

International Game Technology in south Reno is laying off about 500 employees over the next two days.

IGT is eliminating nearly 10% of its workforce, which amounts to about 500 jobs. About 200 of those jobs eliminated were done through early retirement packages.

The remaining jobs will be treated as layoffs. Those employees will be still paid through January 4th through severance packages.

IGT says it needs to be lean to stay in business right now. And cutting its workforce is just one of many moves its making to reduce its spending in the economic slump.

IGT employs about 5,400 workers worldwide, including 3,000 employees at its corporate headquarters in Reno.

11-14-2008, 01:43 AM
I could fill the entire database with these.

Better to track them daily via Google:


11-14-2008, 04:46 AM
RBS to slash 3,000 jobs, ending a week that has already seen 15,000 people made redundantBy Becky Barrow and Nicola Boden
Last updated at 8:08 AM on 14th November 2008

Thousands more British jobs are under threat today after Royal Bank of Scotland announced plans to slash 3,000 staff on an especially dire week for the economy.
More than 15,000 workers have already lost their jobs since Monday as company after company revealed cut-backs in the face of the growing recession.

RBS, which is in line for a £20billion taxpayer bail-out to bolster its balance sheet, follows British Telecom which yesterday said it was having to cut another 6,000 posts.

The bank, which employs 170,000 people globally and some 100,000 in the UK, today refused to give details of where the axe will fall.
Facing the axe: Royal Bank of Scotland employees leaving their offices in London. The bank has announced it is cutting 3,000 jobs
A RBS spokeswoman said: 'We constantly review our operating model to make sure that it is appropriate to the market condition, and take action accordingly.'
However, it is understood its high street operations will not be affected, nor branches run by its subsidiary NatWest. Scottish workers are also thought to be safe.
The cuts are expected to hit its global banking and markets workforce and should come in the next few weeks.
The bank's chief executive Stephen Hester had already said earlier this month that cost cuts would have to be made after it's rescue by the Government.
Its announcement today compounds a horrendous week for the jobs market in Britain.
BT yesterday revealed it was cutting another 6,000 jobs on top of the 4,000 it has already slashed. Thousands more are to go at Virgin Media, Yell, JCB and Leyland.

The telecoms giant expects to have cut 10,000 jobs by the end of the year

And Ian Livingston, BT's chief executive, suggested yesterday the redundancies will continue.
'I suspect that will carry on in the future as we become more and more efficient,' he said.
More...Workers in 30s and 40s losing jobs at fastest rate as young families bear brunt of credit crunch
Bank of England: We'll slash interest rates to ZERO to rescue the economy

The company's workforce stands at 160,000, down from a peak of 250,000. Although there will be no compulsory redundancies, BT is ending its final salary pension scheme and raising the retirement age from 60 to 65.
The company's share price has dived 60 per cent this year and it recently announced an 11 per cent fall in profits.
Cuts: BT chief executive Ian Livingston

Economists are warning that the job losses will intensify as the economy weakens.
Howard Archer, an economist at consultants IHS Global Insight, said: 'This appears to be just a taste of things to come as the labour market is hit even harder by contracting economic activity, depressed business confidence and very tight credit conditions.'
Yesterday, Friends Provident announced dramatic cutbacks. The life and pensions firm will close one of its two offices in Manchester by the end of next year, which unions fear will cost 280 jobs.
Earlier this year the company said it hoped to reduce its workforce by 600.Vodafone, GlaxoSmithKline, Virgin Media and Psion this week revealed plans to lay off at least 4,300 staff between them.
Vodafone's 10,000 British staff are unclear about how many of them will lose their jobs in a global cull.
Leyland, a truck maker, is cutting nearly 250 jobs and yesterday became the latest manufacturer to reveal plans for an extended Christmas shutdown.
A spokesman for the American-owned firm said it will close for a fortnight, rather than a week, blaming a severe decline in demand for heavy vehicles.
Laid-off workers face a rapidly contracting jobs market with vacancies at their lowest for five years.
Unemployment, which stands at 1.8million, is at its highest for 11 years with analysts pencilling in a figure of 3.3million by 2010.
The number of workers between 35 and 49 in employment is a falling at the fastest rate since records began.

The figure fell by 43,000 in just three months, according to the Office for National Statistics.
Unions have reacted furiously to BT's redundancy plans.
Andy Kerr of the Communication Workers' Union said: 'Ten thousand jobs is a huge number and it will be difficult for BT to shed that amount in one year.
'We'll be holding BT to their statement that there will be no compulsion to meet these cuts.'
The shake-up in the company's pension scheme will affect up to 340,000 staff and retired workers.
To save £100million, BT is proposing to link benefits to career average earnings rather than final salary.
The final salary scheme was closed to recruits seven years ago and existing members will not lose their benefits.
Instead, the new rules will apply to contributions made from April 2009. Unions said they supported the shake-up, agreed after weeks of negotiation.
BT is offering a home phone deal to benefit claimants.
The service costs just £4.50 a month, compared with the cheapest standard line rental of £10.50.



11-14-2008, 08:06 AM
US Steel lays off 675 workers in US, Canada

By DANIEL LOVERING – 12 hours ago

PITTSBURGH (AP) — United States Steel Corp. has laid off about 3 percent of its production workers in North America as a global economic slowdown cuts into demand for steel used in construction, autos and appliances.

The Pittsburgh-based company said Thursday the layoffs, effective immediately, include 500 employees in the U.S. and 175 in Canada. All of the workers are union members.

The U.S. layoffs affect workers at the steel maker's Edgar Thomson and Irvin plants near Pittsburgh; its Gary Works in Gary, Ind.; its Midwest Plant in Portage, Ind.; its Great Lakes Works in Ecorse and River Rouge, Mich.; its Granite City Works in Granite City, Ill., and its Fairfield Works in Fairfield, Ala.

In Canada, the layoffs affect workers at the Lake Erie Works in Nanticoke, Ontario, and the Hamilton Works in Hamilton, Ontario — both of which make up U.S. Steel Canada.

John Armstrong, a company spokesman, declined to provide details about the number of workers laid off at each facility.

"We regret having to do this, but it's necessary in order to control costs and maintain our competitiveness in this difficult environment," he said.

The cuts primarily reflect weaker demand for U.S. Steel's flat-rolled steel, a sheet product used in autos, appliances and construction, Armstrong said.

The dramatic downturn in the economy has negatively affected U.S. Steel's overall business, he said, and the company has already cut production to stay in line with customer demand.

"Now we're forced to adjust our work force to match our production levels," he added. "When the jobs will come back is dependent on when we see customer demand strengthening."

Gerald Dickey, a spokesman for the United Steelworkers union, which represents at least some of the workers, said the layoffs were handled according to seniority. "Basically, business is slow," he said.

Last month, U.S. Steel said its third-quarter profit more than tripled as higher prices led to record gains in its tubular and flat-rolled steel businesses. But it warned softening demand in North America and Europe would hurt results for the rest of the year.

U.S. Steel, the largest domestically based steel company, said it cut production late in the third quarter to match declining order rates for its flat-rolled and European segments.

Shares of U.S. Steel rose $3.85, or 14 percent, to $31.23 on Thursday.

11-14-2008, 08:06 AM
Citigroup to cut at least 10,000 jobs: report
Fri Nov 14, 2008 3:23am EST

(Reuters) - Citigroup Inc is cutting at least 10,000 jobs in its investment bank and other divisions throughout the world, the Wall Street Journal said, citing people familiar with the matter.

Citigroup Chief Executive Vikram Pandit and his deputies have instructed managers to slash their budgets for employee compensation by at least 25 percent, the paper said citing the people.

"We will continue to carefully manage our head count levels as we re-engineer the company in line with our stated goal and market realities," Citigroup spokeswoman Christina Pretto told the paper.

Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000.

Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept 30, the WSJ said, citing another person.

The paper also reported that Citigroup is notifying some credit card customers that their interest rates are being raised by an average of three percentage points.

A person familiar with the strategy estimated that the rate increases would apply to less than 20 percent of Citigroup's card portfolio, according to the paper.

A Citigroup spokeswoman told Reuters that she had nothing further to add to the company's comments reported by the Journal.

(Reporting by Ajay Kamalakaran in Bangalore)

11-14-2008, 11:06 AM


NEW YORK (MarketWatch) -- Sun Microsystems Inc. said Friday it'll lay off between 5,000 and 6,000 employees, or 15% to 18% of its work force, in a move to cut costs by $700-$800 million a year.

The Santa Clara, Calif. tech firm will take $500 to $600 million in charges over the next 12 months in connection with the plan, of which it expects to incur approximately $375 to $450 million within its current fiscal year 2009.

Sun Micro will break up its Software organization into new business groups: Application Platform Software, Systems Platforms, and Cloud Computing & Developer Platforms

11-14-2008, 02:23 PM
So far, no layoffs at DH's steelmaker. Two days ago, a company communication went out to all employees, offering early retirement (5 years early, I believe) incentive of $20,000 to the first 200, must give their notice no later than Dec. 20, and may want them to stay up to 3 months, depending on their department. That's about 6% of their current workforce. Rumour on a local forum today is that there will be layoffs starting today, but that makes little sense until they see how many will take early retirement. Especially since there are many there that already could have retired with full pension, so they could very easily have more than 200 workers gone by Christmas, possibly more than double that figure.

11-14-2008, 04:34 PM

More than 500,000 U.S. jobs lost in one week

More than half a million workers in America lost their jobs this past week according to the latest unemployment report from the government.

It’s the fastest rise in joblessness since the Sept. 11 terrorist attacks seven years ago. And the total number of people on benefit rolls jumped to the highest level since 1983, according to Bloomberg.

The New York Times reported that the new figures are likely to push the U.S. unemployment rate from its current level of 6.5 percent to 7 percent by January 2009.

Consumer spending accounts for more than two-thirds of the economy and is affected by rising joblessness. A protracted downturn could result, economists said.

11-14-2008, 04:35 PM
More than half a million workers in America lost their jobs this past week according to the latest unemployment report from the government.

wow. that is HUGE.

11-14-2008, 07:45 PM

Nissan announces additional production, job cuts in Japan

Saturday 15th November, 07:10 AM JST


Nissan Motor Co, facing a sharp slowdown in global demand, said Friday it would cut production for the second time in two weeks.

Japan’s third-biggest automaker said it plans to lower domestic output by 72,000 vehicles during the rest of the fiscal year through March 2009, on top of a global production reduction of 200,000 units it announced on Oct 31.

“In light of declining sales in major global markets, the production cut is necessary in order to manage inventory levels and ensure a balanced production supply,” Nissan said in a statement.

While Japanese automakers are faring better than American rivals, they too have been battered in recent months as consumers in the U.S., Europe and even Asia increasingly shun showrooms.

Nissan last month reported a 39% drop in second quarter profit to 73.5 billion yen.

The Tokyo-based company also sharply lowered its net profit forecast for the fiscal year to 160 billion yen, down 67% from the previous year. Earlier, Nissan had expected a 340 billion yen profit for the fiscal year.

Its Japanese rivals, including Toyota Motor Corp and Honda Motor Co, have also slashed their profit estimates and output projections for the year.

From December, Nissan will slow production line speeds and halt operations completely on some days at its Tochigi and Kyushu plants.

The Tochigi factory, north of Tokyo, manufactures Infiniti luxury models for export to North America as well as the 350Z sports car. The Kyushu facility’s models include the Murano, a mid-size crossover sport utility vehicle, and the X-Trail, a compact crossover SUV.

Nissan will also eliminate four shifts in December at its Oppama plant southwest of Tokyo, which makes small passenger cars for the domestic market such as the Cube, Note and March.

Two engine plants will sit idle on some days in December, according to the company.

Nissan said it would retain 1,000 short-term workers through December, but plans to reduce the number to 500 in 2009.

11-15-2008, 08:18 AM
Fidelity Investments to cut 1,700 more jobs
Fri Nov 14, 2008 9:59pm EST

NEW YORK (Reuters) - Fidelity Investments, the world's biggest mutual fund company, told employees on Friday it will cut a further 1,700 jobs on top of 1,300 already announced.

Boston-based Fidelity had laid off 1,300 people on Wednesday in a first round of cuts. With these two rounds, the company is shedding about 7 percent of its staff.

The second round of cuts is to come in the first quarter of 2009

The privately held company's executives have not yet decided where the latest round of cuts will be made, said spokeswoman Anne Crowley.

Fidelity, one of the largest employers in Boston, is undertaking its biggest job cuts in six years as investors pull record amounts of money from mutual funds.

Financial companies around the world have cut jobs as the economy deteriorates. Citigroup Inc plans to shed about 10 percent of its global workforce, a person familiar with the matter said on Friday. A Citigroup spokesman declined to comment.

(Reporting by Elinor Comlay; Editing by Gary Hill)

11-15-2008, 08:20 AM
wow. that is HUGE.

no kidding...a few more weeks at that rate and this deflationary spiral will accelerate so fast there will be no way for them to stop it.

Personally, I think the only way they are going to do it now is to revalue the money.

11-15-2008, 11:19 AM
CAN governments revalue money? Doesn't the market set the value no matter what they say?

11-16-2008, 07:39 AM
Emphsis mine...

Citigroup to cut 10 percent of jobs: source
Fri Nov 14, 2008 6:34pm EST

By Dan Wilchins and Jonathan Stempel

NEW YORK (Reuters) - Citigroup Inc plans to shed about 10 percent of its global workforce, a person familiar with the matter said Friday, as the bank tries to return to profitability and faces mounting criticism of Chief Executive Vikram Pandit.

The cuts could result in a loss of roughly 35,000 jobs, based on the bank's reported 352,000-person workforce as of Sept 30. The cuts will be on top of the 23,000 jobs Citigroup has already slashed this year.

Additional reductions would come from layoffs, the sale of units and attrition, said the person.

Citigroup spokesman Michael Hanretta declined to comment. Pandit in a memo said he will host a "town hall" meeting for employees on November 17 at 8 a.m. EST (1300 GMT), at which he plans to discuss the bank's plans, including "the money we spend."

Since replacing Charles Prince as chief executive in December, Pandit has made cost-cutting a top priority and has announced plans to shed $400 billion of assets.

He has, however, faced growing and sometimes withering criticism from investors and others for failing to implement a workable turnaround plan for New York-based Citigroup.

This week, the bank's shares fell below $10 for the first time since Sanford "Sandy" Weill in 1998 created Citigroup from the merger of Travelers Group Inc with Citicorp.

The bank's shares closed up 7 cents at $9.52 in New York Stock Exchange trading, making it one of only two components of the Dow Jones industrial average to gain on a day when U.S. stocks suffered broad declines. Earlier in the day, the stock dropped to $8.80 and has now lost more than two-thirds of its value from $29.44 at the beginning of the year.

Citigroup's market value is only about $52 billion, barely twice the $25 billion of capital it received from the U.S. Treasury Department's new bank bailout plan.

"The current strategy has been in place for more than a decade," said William Smith, chief executive of Smith Asset Management Inc in New York, which owns Citigroup stock. "I don't know how many more quarters we have to go through this."


Like many rivals, the second-largest U.S. bank by assets faces growing credit losses now that many economies worldwide appear to be in recession.

But Citigroup is also constrained from growing at home, and Wells Fargo & Co last month derailed its attempt to buy Wachovia Corp and its $418.8 billion of deposits.

Citigroup has lost $20.3 billion in the last year, analysts expect it to lose money this quarter, and some analysts believe it may not be profitable in 2009.

The bank was cobbled together principally by Weill, who ceded control to Prince in 2003. But analysts believe Citigroup never invested enough in technology or to make the bank's disparate parts work well together.

And Citigroup's geographic diversity, including operations in more than 100 countries, is by some measures now a negative, as customers in Brazil, India and Mexico -- like many in the United States -- find it harder to keep up with their bills.

Pandit on Thursday bought 750,000 Citigroup common shares and 100,000 preferred shares -- the first time he has disclosed using his own money to buy the bank's stock. He joined Citigroup in 2007 when he sold his hedge fund, Old Lane Partners LP, to the bank for an estimated $800 million.

Citigroup has this week also tried to set aside reports of dissension among its directors with the performance of Pandit and the bank's chairman, Sir Win Bischoff.

"The board of directors and management are operating as one team," lead director Richard Parsons, who is also chairman of Time Warner Inc, said in a memo late Thursday to employees. "We are confident that the direction our management team has set is the right direction."

Citigroup disclosed on Friday that Pandit acquired 750,000 of the bank's common shares and 100,000 preferred shares on November 13. Its global head of investment banking, Edward Kelly, bought 100,000 common shares and global head of capital markets James Forese acquired 200,000 common shares.

(Reporting by Dan Wilchins and Jonathan Stempel, editing by Gerald E. McCormick and Andre Grenon)

11-16-2008, 07:54 PM
no kidding...a few more weeks at that rate and this deflationary spiral will accelerate so fast there will be no way for them to stop it.

Economic Flat Spin:


In the past, some airplanes displayed an unrecoverable spin in which the nose was higher, relative to the horizon, than in conventional spins.

This is sometimes called a flat spin, although whether a flat spin is indeed unrecoverable depends on aircraft type and loading.

The plane spins on its belly along the transverse axis. The empennage will feel very light and loose. Depending on the aircraft, rudder and aileron inputs and changing engine power settings may have little effect.

11-17-2008, 01:25 AM

Worst unemployment to emerge around Chinese New Year, says economist

Sunday, November 16, 2008
The China Post news staff

TAIPEI, Taiwan -- Taiwan is very likely to experience the most serious unemployment situation around the Chinese New Year holiday since the bursting of the dot.com bubble in 2002, as the substantive impact of global financial tsunami on the job market is expected to surface remarkably then, according to economists.

The export-oriented industries, especially those depending heavily on the U.S. and European markets will bear the brunt of the upcoming sluggish sales in the markets caused by the global financial collapse, the worst one since the Great Depression in 1930, Christina Liu, chief economic advisor of the Daiwa Institute of Research (DIR) said yesterday.

Liu said that export-oriented manufacturing enterprises are facing increasingly great pressure on laying off part of their workforce to cut operating costs and survive sharp business shrinkage.

In fact, domestic hi-tech makers of dynamic random access memory (DRAM) products, plagued by sluggish business operations, are forced to order their employees to take an unpaid leave for one week per month, tantamount to a salary cut of at least 15 percent.

Traditional manufacturing, banking and insurance enterprises are also reportedly forced to tighten up personnel spending and freeze recruitment of new personnel for replacement purpose.

Liu said that the jobless rate will surge along with the economic slowdown, and once those who have regular monthly working income become unemployed and their incomes drop to zero as a result, then the households of these bread-earners will suffer tremendously. The government should work hard to help such families tide over the "most-chilly winter" ever seen.

Statistics compiled by the Directorate General of Budget, Accounting and Statistics showed that Taiwan's jobless rate surged to 4.27 percent in September, the highest figure of its kind for the same month in four years.

In addition, the average jobless rate for the first nine months of the year also hit a three-year high of 3.96 percent for the same period.

After seasonal adjustment, the jobless rate in September reached a four-year high of 4.12 percent for the month after surging for the third consecutive month.

The same tallies also indicated that of the 464,000 jobless people in September, as many as 145,000 became unemployed due mainly to firms downsizing or closing their operations, representing a growth of 14,000 over August, for the highest corresponding increase for the same month in five years.

Meanwhile, Professor Lin Hsiang-kai at the Department of Economics, National Taiwan University, also expressed worries about the upcoming serious unemployment wave.Lin said that once large-sized enterprises start to lay off their employees to survive poor business operations, the number of newly jobless people will jump significantly and the government will be forced to spend heavily to counter the problem.

Lin said the former ruling Democratic Progressive Party used to spend at least NT$80 billion to launch various employment-enhancement programs, managing to reducing the jobless rate to under 4 percent from a high of 5.17 percent in 2002, when the dot.com. bubble burst.

In fact, the current ruling Kuomintang government is actively enforcing a spate of measures to create job opportunities to lower the unemployment rate, according to Shan Chi, vice chairman of the Council for Economic Planning and Development.

Shan said that the ongoing "take the jobs immediately" program, which will run through the end of June 2009, will create 140,000 job opportunities.

Starting 2008 and running through 2012, the government will implement an employment promotion package, under which the government will invest NT$6.8 billion to create 55,000 job opportunities per year. This means that over the next four years, the government will funnel a total of NT$27.2 billion to help employ at least 220,000 people, according to Shan.

11-19-2008, 12:49 AM
Tuesday, November 18, 2008

Neptune Orient Lines To Cut 1,000 Jobs, Relocate U.S. Office

HONG KONG -- Neptune Orient Lines Ltd. said Wednesday it will cut about 1,000 staff positions globally as part of efforts to reduce costs. The majority of the cuts will take place in North America because of the higher operating cost base, the company said in a statement on its Website Wednesday. The shipping line also said it plans to relocate its Americas headquarters from Oakland, Calif. to a cheaper base elsewhere in the U.S., without providing details of what other locations were being considered. About 50 staff cuts will take place in its Singapore office. The shipper, which has about 11,000 employees globally, said the staff cuts follow its earlier move to reduce cargo capacity.

Copyright © 2008 MarketWatch, Inc.


11-19-2008, 01:03 AM
How does a revalue of the money work?

11-19-2008, 01:07 AM
How does a revalue of the money work?

For a good answer, read posts 15 and 16 here: http://curevents.org/showthread.php?t=5129

11-19-2008, 01:12 AM
Thanks.... :)

Back to layoffs....srry for thread drift.

11-20-2008, 07:29 AM
AstraZeneca to cut 1,400 jobs, restructure logistics

Last update: 5:38 a.m. EST Nov. 20, 2008

By Gustav Sandstrom

STOCKHOLM (Dow Jones)--AstraZeneca Plc said Thursday it plans to cut 1,400 jobs until 2013 as part of a program to improve productivity within its global logistics organization.

It said its plants in Porrino, Spain and Destelbergen, Belgium will be closed, as well as its packaging plant in Umea, Sweden. Staff will also be reduced in Macclesfield, UK and in Sodertalje, Sweden.

The pharmaceutical company said it will introduce a regional packaging strategy to adapt its business to the growth on its newer markets.

It said it will make further investments in its Wuxi plant in China to meet continuing demand in Asia and the Pacific region.

The guidance for restructuring costs in 2008 remains unchanged, AstraZeneca said, adding that it will give an update in connection with its full year report on Jan 29.

Company Web site: http://www.astrazeneca.com

11-20-2008, 07:33 AM
Sandvik to Fire 1,500 Workers, Cut 900 Temporary Jobs (Update1)

By Diana ben-Aaron

Nov. 20 (Bloomberg) -- Sandvik AB, the world's largest maker of cutting tools, will eliminate 1,500 jobs at its materials technology division as the recession hurts sales.

The reduction of the workforce by about 3 percent follows 380 job cuts aimed at making the materials division more efficient, the Sandviken, Sweden-based company said today in a statement. The new cuts will be completed by the end of the second quarter and will hit Sweden hardest, with more than 1,000 workers fired.

Sandvik said last month that it would need to adjust costs and capacity as manufacturers ordered fewer parts and builders postponed projects. The euro-area economy entered a recession in the third quarter, while Sweden posted zero growth in April through June after 19 quarters of expansion.

The materials division sells bulk and semi-finished metal products and specialty products such as medical implants. Sandvik said it's also terminating temporary contracts with about 900 workers at its mining and tooling units.

Demand ``has deteriorated significantly in several segments, primarily relating to the automotive and engineering industries,'' Chief Executive Officer Lars Pettersson said in the statement. ``We cannot rule out the need for additional measures at a later stage.''

Sandvik fell as much as 4.10 kronor, or 9.5 percent, to 39.20 kronor, the lowest value in more than five years. It was trading down 4.4 percent at 41.40 kronor at 10:45 a.m. in Sweden.

The company will also lay off workers in Finland, reduce working hours and close some units for two to three weeks in Sweden, and close a factory in Perth, Australia that makes surface drill rigs used in mining.

To contact the reporter on this story: Diana ben-Aaron in Helsinki at [email protected]
Last Updated: November 20, 2008 04:48 EST

11-20-2008, 08:03 AM
Hundreds of jobs axed at UK firms
41 mins ago

Hundreds more job losses have been announced at some of the UK's leading firms in the wake of the economic downturn. Skip related content
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Hundreds of jobs axed at UK firms .Almost 600 cuts were announced, some as part of wider global job losses.

Rolls-Royce said it would axe up to 2,000 jobs worldwide, including 140 in the UK, after reviewing the impact of the current economic "uncertainties".

The aerospace giant said it had started consulting unions about the proposed job losses at its assembly and test facility in Derby, part of the group's civil aerospace business.

Rolls-Royce, which employs 39,000 workers globally, 60% of whom are based in the UK, said the announcement was the first stage in a more general programme aimed at matching the group's capacity more closely with the expected load in its facilities.

Anglo-Swedish drugmaker AstraZeneca plans to cut 1,400 jobs and is closing three plants in Europe as part of a programme to improve efficiency.

Around 250 jobs will be affected in Macclesfield and Sweden, while the factory closures will be in Spain, Belgium and Sweden, with the jobs going by 2013.

Meanwhile, BAE Systems announced the loss of up to 200 jobs in its land systems business in the UK, hitting several sites.

The job losses will affect factories in Newcastle, Leeds, Leicester, Barrow and Telford, said the company, adding that a voluntary redundancy programme was being launched immediately.

The firm blamed the cuts on a decline in workload on the UK Ministry of Defence's Armoured Fighting Vehicle programmes.


11-20-2008, 11:25 PM
Thursday, November 20, 2008

Bank Of New York Mellon To Cut 1,800 Jobs

SAN FRANCISCO -- Bank of New York Mellon Corp. said late Thursday it is cutting 1,800 jobs, or about 4% of its worldwide workforce. "It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy," said Robert Kelly, Bank of New York Mellon chairman and chief executive, in a statement. "We will take advantage of natural turnover to lessen the impact on existing staff."

Copyright © 2008 MarketWatch, Inc.


11-20-2008, 11:30 PM
Anglo-Swedish drugmaker AstraZeneca plans to cut 1,400 jobs and is closing three plants in Europe as part of a programme to improve efficiency.

Closing 3 plants that make medicine?

That is hard to absorb.

11-20-2008, 11:37 PM
Closing 3 plants that make medicine?

That is hard to absorb.

They've been on an acquisition binge for several years.

Probably incorporated those product lines into cheaper plants by now.

11-20-2008, 11:38 PM
They've been on an acquisition binge for several years.

Probably incorporated those product lines into cheaper plants by now.

*sigh of relief*

Okay....so they aren't going to slow down on meds....


11-21-2008, 03:22 PM
Unemployment jumps in state, Sacramento

By Dale Kasler
[email protected] ([email protected])
Published: Friday, Nov. 21, 2008

Unemployment jumped a whopping half point in California last month, as the recession gained speed and drove thousands of Californians out of work.

The statewide unemployment rate rose to 8.2 percent, the Employment Development Department said today. About 26,400 jobs disappeared.
Remarkably, the rate has jumped 2.5 points since October 2007, the largest one-year leap since December 1982, said Howard Roth, the state's chief economist.

The numbers are "pretty sobering," he said. "Certainly the unemployment rate has gone up fast."

Sacramento-area unemployment also jumped a half point, to 7.9 percent, the EDD said, even though the region actually added 1,000 jobs. Diane Patterson, a labor market consultant at the EDD, said the labor force grew twice as fast as usual, and not everyone could find jobs. That explained the higher unemployment rate.

The unemployment rates, both statewide and in greater Sacramento, were the highest since 1994.

The pain was evident across multiple sectors of the economy. Sacramento-area retailers added 200 jobs -- less than half the usual number in the runup to the holidays. "You're not seeing the usual Christmas hires," Patterson said.

Construction contractors laid off 1,600 workers in October in Sacramento; normally they cut 600 jobs.

There were a few bright spots. Educational and health services industries added 1,200 jobs in Sacramento, and government added 3,900 jobs, mostly in education.

Still, the Sacramento region has lost 10,200 jobs in a year, a 1.1 percent decline. The state has lost 101,300 jobs in a year, a 0.7 percent drop.


11-21-2008, 03:26 PM
International Paper Announces Indefinite Closure of its Louisiana Mill

MEMPHIS, Tenn., Nov 21, 2008 /PRNewswire-FirstCall via COMTEX/ -- International Paper today announced the indefinite closure of its Louisiana Mill in Bastrop. The decision to idle the 100 percent pulp mill operation is because of the continuing decline in pulp demand from its customers worldwide coupled with a weak economy across the globe. The closure will result in curtailment of the company's annual pulp production capacity by approximately 450,000 tons. The shutdown process will begin immediately. The mill is currently taking downtime due to a lack of pulp orders.

"We have carefully reviewed current options for the Louisiana mill and determined that because of an accelerating decline of pulp demand by our customers and the continued weakening of the global economic outlook for the foreseeable future, we needed to reduce our pulp production and close the mill indefinitely," said Wayne Brafford, IP's senior vice president, Printing & Communications Papers. "Our company is committed to matching our supply with the needs of our customers, which makes this difficult business decision necessary in a rapidly declining pulp marketplace. We will also work closely with our customers to help them meet their product needs."

"As always, the most difficult part of this closure is the effect on employees, their families and the community," said Brafford. "The hard-working employees at the Louisiana mill have not only consistently performed and made excellent quality products for years, but have also been great examples of excellence in safety and employee engagement. We will do all we can to assist them during the closure process."

The indefinite closure will affect approximately 550 employees at the Louisiana mill. Salaried and non-exempt employees will be offered severance packages and outplacement assistance. The company is committed to working closely with union officials to determine benefits. Negotiations concerning the effects of the closure with the union will begin as soon as possible. Employee assistance providers will be available to support employee and family needs.

About International Paper

<IMG class=pixelTracking height=1 width=1 border=0>IP (http://www.marketwatch.com/tools/quotes/quotes.asp?symb=IP) 10.48, +0.12, +1.2%) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs more than 65,000 people in more than 20 countries and serves customers worldwide. 2007 net sales were approximately $22 billion. For more information about International Paper, its products and stewardship efforts, visit www.internationalpaper.com (http://www.internationalpaper.com/).

About the Mill

The Louisiana mill is part of International Paper's Printing & Communications Papers sector. The mill operates three pulp machines that produce market pulp in both roll and bale and fluff pulp for hygiene products. The facility employs approximately 550 people.

This press release may contain forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include delays in the process of shutting machines down and changes in market conditions, which may require the company to shut the mill down permanently, bring the mill back up or convert it to another use. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
SOURCE International Paper
http://www.internationalpaper.com (http://www.internationalpaper.com/)Copyright (C) 2008 PR Newswire. All rights reserved http://i.mktw.net/mw3/News/greendot.gif

11-21-2008, 04:17 PM
Honda Swindon closing for 50 days

Honda makes a range of family, sports and utility vehicles

Honda has announced plans to cut production at its plant in Swindon, which will close for 50 days next year.

Honda said it plans to make 61,000 fewer vehicles in Japan and Europe as it struggles to cope with slowing global demand.

It will make 21,000 fewer vehicles at the Wiltshire plant, home to the popular Civic model.

The 50-day shutdown will mean the Swindon plant will close for the whole of February and March 2009.

The company said that there are "no plans for redundancies" at the Swindon plant.

"This is unexpected bad news," said Jim D'Avilia, labour union Unite's regional officer.

"The union, staff and the company need to work together to minimise any financial hardship and to find ways to protect pay and long-term job security," he added.

The car maker had already announced plans to stop production at the plant for 13 days during the two months. The extension of this period means that no vehicles will be produced in Swindon during February and March.

Dramatic cuts

Earlier this year, Honda announced that it would cut output at Swindon by 32,000 units. With Friday's announcement of further production cuts, the Swindon plant will now produce 175,000 vehicles this financial year, down 23% from an original forecast of 225,000 vehicles.

Friday's announcement also means that Honda will have reduced its overall global annual vehicle production by 150,000 vehicles.

Rival Japanese carmaker Toyota is also suffering from the economic slowdown. It announced on Friday plans to cut its domestic temporary workforce in half.

"We will not be renewing contracts for 3,000 of our temporary workers at the end of March 2009," the company said.

Mazda, another of Japan's largest car markers, announced on Thursday that it would cut 1,300 jobs and cut production for the current year by 48,000 units.

Isuzu, one of Japan's biggest truck makers, also announced on Thursday that it would cut 1,400 domestic jobs and cut production for the year by 10%.

Tough economic conditions and banks' unwillingness to lend money mean global demand for cars is slowing dramatically.

In the US, General Motors, Ford and Chrysler are seeking a cash injection from the government after a collapse in sales.


11-22-2008, 02:02 AM
I am REALLY questioning whether some of these plants will actually re-open at the end of the shutdown period.

Winter/Spring of 09 will most likely have a radically different business landscape.

11-22-2008, 09:36 PM
Philips Plans to Cut 1,600 Jobs at Health-Care Unit (Update2)

By Martijn van der Starre

Nov. 22 (Bloomberg) -- Royal Philips Electronics NV, the world’s largest maker of patient-monitoring systems, plans to cut about 1,600 jobs at its health-care unit as it seeks to protect profit margins.

Philips will reduce about 5 percent of the unit’s global workforce of 32,000, Arent Jan Hesselink, a spokesman for the Amsterdam-based company, said today in a telephone interview. He declined to comment further on the matter.


“As Philips needs to put in an extra effort to keep getting orders and therefore make concessions, management can only cut jobs to keep the margins up to the mark,” said Wing-Yen Choi, an analyst at Theodoor Gilissen Bankiers NV in Amsterdam, who recommends investors buy the stock.

Profitability at the health-care unit, in which Philips invested about 4 billion euros ($5 billion) this year, fell in the third quarter on lower sales and declining prices for imaging systems in the U.S.

Earnings before interest, tax and amortization at the health-care division dropped to 10.9 percent of sales, Philips said on Oct. 13. It also said it will increase some prices and accelerate the reduction of expenditures to protect margins. The moves will cost as much as 230 million euros, which will be booked in the fourth quarter.

U.S. Factories

Dutch newspaper Eindhovens Dagblad reported the staff reductions at Philips, which has a total workforce of about 110,000, earlier today. The health-care unit has factories in the U.S., Germany, Finland, Israel and the Netherlands.

The Dutch government plans to spend more than 1 percent of gross domestic product, or about 6 billion euros, to stimulate the nation’s economy. The measures will include temporarily subsidizing company payrolls and speeding up infrastructure spending, Prime Minister Jan Peter Balkenende said yesterday.

11-25-2008, 05:46 AM
Call for Woolworths to delay sale

Woolworths has had a presence on the UK High Street for almost a century

The largest shareholder of troubled High Street retailer Woolworths has called on the firm to delay plans to sell the business for just £1.

Property tycoon Ardeshir Naghshineh told the BBC that Woolworths should instead look at making money by selling off some of its 840 UK stores.

The £1 offer is said to come from restructuring firm Hilco, although no confirmation has been made.

Hilco would have to agree how much of Woolworth's £385m debt to take on.

'Market properly'

Without some form of a deal, analysts say Woolworths faces the real risk of going into administration.

Up to 20,000 jobs could be lost at the iconic and battered retailer

Read Robert Peston's thoughts

It is continuing emergency talks with its two main banks.

"Quite a lot of retailers now want to expand on the UK High Street," said Mr Naghshineh.

"If marketed properly, further afield, overseas, you'll probably get better value for them [the stores]."

BBC Business Editor Robert Peston said that "even on a best case outcome" for Woolworths, 20,000 of the firm's 30,000 UK workers could lose their jobs

Both Hilco and Woolworths have declined to comment on whether they are in talks.


Shares in Woolworths have fallen by 92% over the past year.

The firm announced a record first-half pre-tax loss of £90.8m in September and scrapped its dividend to shareholders.

In August, it rejected a takeover bid of £50m for its 815 stores from a group headed by the founder of the Iceland frozen food chain, Malcolm Walker.

Woolworths has been an icon of the British High Street for almost a century. It also has a distribution business and a DVD publishing business.


11-29-2008, 01:12 PM
More Merry Grinchmas.....
This is going to squick Seattle real estate/retail sales.


JPMorgan Plans To Ax The WaMu Suits
Lisa LaMotta, 11.28.08, 05:10 PM EST
The bank plans job cuts at its new acquisition.

Up to 19,000 employees of Washington Mutual face being laid off this weekend :eek: as JPMorgan Chase turns up the synergy on its recent acquisition.

On Friday, JPMorgan Chase (nyse: JPM - news - people ) said it expects to retain the 22,000 employees who work at Washington Mutual branches and 2,000 workers in the mortgage and wealth management divisions in California, spokesman Tom Kelly told Forbes.com. The company has not yet determined the total numbers to be cut in other states, but it planning to inform all former WaMu employees of their job status by Monday.

About 1,600 employees who work in the back-offices of the California branches have already been informed that their jobs will be cut by March.

WaMu had about 43,000 employees as of June, according to a filing with the Securities and Exchange Commission. Combined, Chase and WaMu have about 5,400 branches. The company said it only plans to close about 10.0%.

The bulk of the job cuts will be at the Washington Mutual headquarters in Seattle due to the overlap in operations with the current employees at JPMorgan.

12-03-2008, 01:22 AM
LINK (http://www.marketwatch.com/news/story/US-Steel-idle-3-plants/story.aspx?guid={163C421A-23C8-43D4-A9FD-2E1D27A324C4}&dist=hplatest)

U.S. Steel to idle 3 plants affecting 3,500 workers
By Wallace Witkowski
Last update: 6:14 p.m. EST Dec. 2, 2008

SAN FRANCISCO (MarketWatch) -- United States Steel Corp. said late Tuesday that it will idle three plants over the next several weeks. The affected plants are in Keewatin, Minn.; near Detroit, Mich.; and near St. Louis, Mo.

The company said it will consolidate production at other plants. About 3,500 employees will be affected by the idling.

12-03-2008, 01:35 PM

U.S. Job Cuts More Than Double From Year Ago, Challenger Says
By Timothy R. Homan

Dec. 3 (Bloomberg) -- Job cuts announced by U.S. employers in November more than doubled from a year earlier, led by a surge at financial firms as the credit crisis deepened and the global economy faltered, according to a private placement firm.

Firing announcements rose 148 percent to 181,671, the most since January 2002, from 73,140 in November 2007, Chicago-based Challenger, Gray & Christmas Inc. said today. The figures aren’t adjusted for seasonal effects, so economists prefer to focus on year-over-year changes instead of monthly numbers.

Companies are slashing jobs as access to credit remains frozen and sales weakened worldwide. A deteriorating labor market is likely to undermine consumer confidence and spending, pushing the economy further into what may become the longest recession in 70 years.

“Those hoping for a holiday reprieve in downsizing as Christmas approaches could be disappointed,” John A. Challenger, chief executive officer of the placement company, said in a statement. “December has historically been among the larger job-cut months of the year, with many employers making last-minute staffing adjustments to meet year-end earnings goals.”

Labor Department figures due this week may also show firings accelerated in November as companies cut workers for an eleventh consecutive month. Payrolls last month fell by 325,000 after declining 240,000 in October, according to the median forecast of economists surveyed by Bloomberg News. Total job losses have climbed to 1.2 million so far this year.

Surpassed 1 Million

The Challenger report today showed companies have announced a total of 1,057,645 cuts so far this year, up 46 percent from the same period in 2007. Job cuts have surpassed 1 million for the first time since 2005.

The number of planned job cuts increased 61 percent in November from the 112,884 announced in October, Challenger said.

Financial companies led industries in announced cutbacks with 91,356 reductions last month after Citigroup Inc. said it would cut 52,000 workers from its payroll. Retail employers followed with 11,073 firings, while computer and electronics firms combined for 15,350 cuts.

Applied Materials Inc., the largest maker of chip- production machinery, said last month it will cut 1,800 jobs, or 12 percent of its workforce, as sales slow.

“Almost daily we are hearing customer reports of factory slowdowns, closures and capacity reductions,” Mike Splinter, chief executive officer of the Santa Clara, California-based company, said on a Nov. 12 conference call. “This will be an extended downturn, lasting a year or longer.”

The Challenger report does not always correlate with figures on first-time jobless claims or employment as reported by the government.

12-03-2008, 06:02 PM
More layoffs at Electrolux plant in Webster City
Associated Press
7:43 AM CST, December 3, 2008

WEBSTER CITY, Iowa - More workers are getting laid off at the Electrolux washer and dryer plant in Webster City.

Officials say 20 workers will be laid off on Dec. 8. That's in addition to 99 jobs cut last month.

Company spokesman Tony Evans says both rounds of layoffs are due to the economy and a softening demand for appliances.

Before the layoffs, the Webster City plant had 1,400 workers.

12-03-2008, 06:04 PM

Weyauwega officials worry over Presto layoffs

Associated Press
9:38 PM CST, December 2, 2008

WEYAUWEGA, Wis. - City officials are expressing concern for workers facing layoffs from Presto Products Co. in Weyauwega -- and for the impact the job cuts will have on the community.

Presto plans to cut about 110 employees, about a quarter of the plant's work force, starting in the first quarter of 2009 and continuing into about the middle of the year. The company, which makes food storage and garbage bags, contends the cuts are needed to stay competitive and said some of the production will be shifted to its other U.S. plants.

In a statement, Presto said it "has provided the required employee notification and will provide transition benefits to effected employees as provided in Presto's severance policies."

Mayor Donald Morgan and City Administrator Sheryl Scheurmann both said the cuts would be hard on those affected and also on the local economy.

12-03-2008, 06:06 PM

Atlanta govt. hit with more layoffs
Atlanta Business Chronicle - by Dave Williams Staff Writer

A third wave of layoffs this year has hit the cash-strapped city of Atlanta.

Mayor Shirley Franklin announced Tuesday that the city will eliminate 222 filled jobs this month to help close a projected $50 million budget shortfall.

Atlanta also will close recreation centers, pick up yard trimmings and recyclable materials biweekly instead of once a week and reduce the city’s permitting staff by 20 percent.

None of the new layoffs will affect the police or fire departments, the mayor said.

The cuts will save $13.9 million. Franklin announced a series of reductions last month that will plug the rest of the deficit, including employee furloughs, a hiring freeze and a drawdown of $12 million from the city’s reserves.

While the cuts this fall are aimed at eliminating this year’s shortfall, two previous rounds of layoffs last May and June affecting several hundred jobs helped address a deficit in last year’s Atlanta budget .

Franklin said the city has done a good job keeping spending down during the current fiscal year, which began on July 1. However, she said the city’s revenues for the year are down 12.6 percent as a result of the recession.

12-03-2008, 06:10 PM

City government expects 20 to 30 layoffs

By Joanne Huist Smith
Staff Writer
Wednesday, December 03, 2008

DAYTON — City Manager Rashad Young anticipates layoffs of 20 to 30 full-time staff members to balance the city's budget in 2009.

"We are fairly confident there will be layoffs. Exactly how that will shape up, we can't forecast that yet," Young said Wednesday, Dec. 3.

Young and staffers from the city's office of management and budget gave the Dayton City Commission an overview of budget solutions to deal with a projected $13 million deficit next year.

The city anticipates 181 fewer staff positions in 2009. Approximately 131 will be full-time positions, and 52 of those are currently filled.

A total of 88 employees opted to participate in the city's buyout offer this year. The average payout to those employees is $11,500 each.

12-03-2008, 06:12 PM

State Street to cut 6% of workforce, or up to 1,800 jobs
By Wallace Witkowski

Last update: 4:54 p.m. EST Dec. 3, 2008

SAN FRANCISCO (MarketWatch) -- State Street Corp. said late Wednesday it will reduce its workforce by 6%, or by 1,600 to 1,800 jobs, to lower operating costs.

The cuts will occur between now and before the end of the first quarter of 2009.

About two-thirds of the cuts will be in North America, with the rest in Europe and Asia.

State Street will take a charge of about 51 cents to 55 cents a share, and hopes to save about $375 million to $400 million a year as a result.

12-03-2008, 11:51 PM

Software maker Adobe to lay off 600 workers

Deborah Gage, Chronicle Staff Writer
Wednesday, December 3, 2008

(12-03) 16:30 PST -- Adobe Systems in San Jose is laying off 600 employees and will restructure its business, the company announced today after the stock market closed.

The layoffs are in progress and represent 8 percent of Adobe's global workforce, a spokeswoman said. They will affect all regions and business units. Adobe plans to offer more details on Dec. 16 during its regular earnings conference call.

"The global economic crisis significantly impacted our revenue during the fourth quarter," Adobe's president and chief executive officer, Shantanu Narayen, said in a statement. "We have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities."

Narayen said the chief cause of Adobe's problems is weaker than expected demand for the company's latest software, Creative Suite 4, which began shipping in October.

The suite combines several tools used by illustrators and designers and is central to Adobe's plans to create software that can connect the Web with PCs and phones.

Adobe also lowered its preliminary financial results for its fourth fiscal quarter ended Nov. 28. The company is now expecting fourth quarter revenue of $912-915 million, down from $925-955 million. Earnings per share are expected to be 45 cents to 46 cents, up from 39 cents to 41 cents, although these projections also include two favorable tax items that increased estimates by about 5 cents, the company said.

For the current quarter, Adobe expects revenue of $800 to $850 million and is targeting an operating margin of 26 percent to 28 percent.

In an interview with The Chronicle in November, Narayen said Adobe would not be immune to the global recession.

"Adobe is another company in tech land making layoffs now that their revenue run rate has been adjusted to the new reality," said Ross MacMillan, an analyst at Jefferies and Co., who does not own stock in Adobe.

He said the percentage of Adobe's layoffs is in keeping with layoffs at other software companies.

Adobe's stock fell in after hours trading by more than 7 percent, from $22.54.

12-04-2008, 07:44 AM
CNBC may cut 80 jobs: report
Thu Dec 4, 2008 6:21am EST

(Reuters) - Business news channel CNBC, part of General Electric Co's NBC Universal media division, may cut 80 jobs as early as Thursday, the New York Post said, citing sources.

The expected cuts are said to be across the board but will not affect the familiar on-air faces on the business channel, the paper said.

CNBC could not be immediately reached for comment.

(Reporting by Pratish Narayanan in Bangalore; Editing by Jon Loades-Carter)

12-04-2008, 07:44 AM
Credit Suisse to cut 5,300 jobs after $2.5 billion loss
Thu Dec 4, 2008 5:50am EST

By Lisa Jucca

ZURICH (Reuters) - Swiss bank Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) said on Thursday it was cutting 11 percent of its workforce, or 5,300 jobs, as it revealed it made a net loss of about 3 billion Swiss francs ($2.5 billion) in October and November.

The bank said the loss in the two months to end November, primarily in investment banking, where most of the job cuts will fall, was due to adverse market conditions and risk reduction.

More than 100,000 jobs have been lost in the financial industry as banks across the world slash costs to cope with the worst financial crisis since the Great Depression, and Japanese broker Nomura (8604.T: Quote, Profile, Research, Stock Buzz) also added 1,000 to the tally on Thursday.

"These actions will better position us to weather the continuing challenging market conditions, capture opportunities that arise amid the continuing disruption, and prosper when markets improve," Chief Executive Brady Dougan said.

In addition, the bank will take a restructuring charge of 900 million Swiss francs, mostly in the fourth quarter.

Analysts at Wegelin said in a research note: "Restructuring costs are not yet included. Thus, the total fourth-quarter loss could well be closer to 4 billion francs."

On the brighter side, Credit Suisse said in November alone it was modestly profitable, and it also said its private banking segment was still seeing asset inflows and had hired 370 relationship managers this year.

Having fallen 9 percent on Wednesday, Credit Suisse shares reflected the positives, climbing 7.5 percent to 29.78 Swiss francs by 1045 GMT, while the DJ Stoxx index of European banking stocks was up 2.4 percent.

"The good news is that the loss occurred in October, and in November the bank was already profitable," said Georg Kanders, an analyst with WestLB.

"The company is not sitting still; they are carrying out a cost reduction. It is impressive how they have reduced risk, and they say they have quite good net new money."


Traders say investors have looking more critically at Credit Suisse since the Swiss state bailed out rival UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz), which was badly hit by the credit crisis and has made more writedowns than any other European bank.

When the rescue package for UBS was announced in October, Credit Suisse said it did not need government help, and Dougan told a conference call he did not foresee any circumstances in which the bank would need such help.

Echoing a similar move at UBS, the bank also said that, given its performance to date, "it would not be appropriate" for its chairman, its chief executive officer and the head of its investment bank to receive any bonuses for 2008.

Thursday's announcement brings the total number of job cuts at Credit Suisse this year to about 7,100, paring its workforce to about 45,000. Rival UBS is cutting about 9,000 jobs, also mostly in investment banking, to bring its total headcount to under 80,000.

Credit Suisse said the investment bank would bear two thirds of the new job cuts, bringing its staff to 17,500 by the end of 2009 from 21,300 at the end of the third quarter. There will also be cuts in asset management and private banking.

Most of the job cuts would take place by the end of the first half of 2009 and, along with other measures, should save 2 billion Swiss francs, or about 9 percent of the cost base.

In addition it said it would axe 1,400 contractors.

A spokeswoman said the new cuts included 650 investment banking jobs in Britain and 170 jobs in Asia already announced this week.

Credit Suisse said it had aggressively reduced risk-weighted assets and was aiming to bring them down to $170 billion by the end of the year from $236 billion at the end of 2007, and to $135 billion by the end of next year.

It said its investment bank would exit certain proprietary and principal trading activities to cut risk capital usage and continue to cut its origination capacity in complex credit and structured product businesses.

The bank also said it expected its Tier 1 ratio, a measure of its financial strength, to be around 13 percent at the end of this year, one of the strongest in the industry.

Dougan said Credit Suisse already met stricter new bank capital requirements that Switzerland's bank regulator said it had agreed on Thursday.

(Additional reporting by Rupert Pretterklieber and Olesya Dmitracova; Editing by Will Waterman)

12-04-2008, 10:12 AM
Link (http://www.marketwatch.com/news/story/att-cut-12000-jobs/story.aspx?guid={22F4AE5F-D6DF-4D10-B850-D15CF7E55E42}&siteid=bnbh)

AT&*T cutting 12,000 jobs, books $600 mln severance costs
By Steve Gelsi
Last update: 8:06 a.m. EST Dec. 4, 2008
NEW YORK (MarketWatch) -- AT&T Inc.
said Thursday it'll take a $600 million charge in its fiscal fourth quarter as part of a plan to cut 12,000 jobs, or 4% of the Dallas-based telecommunication giant's work force.

AT&T also plans to cut its 2009 capital expenditures over 2008 levels (bad news for Cisco and Nortel), with a specific dollar figure to be announced in January. "While AT&T is reducing jobs in some areas, it continues to add jobs in other parts of the business -- such as wireless, video and broadband -- to meet customer demand," the company said. AT&T cited economic pressures, a changing business mix and a more streamlined organizational structucture for the layoffs

12-05-2008, 07:42 AM
Investment banks set to cut 30,000 jobs

By James Quinn in New York and Jonathan Sibun in London
Last Updated: 9:38AM GMT 05 Dec 2008

Although restructuring teams working across both Merrill and BoA are still deciding on final headcount reductions, it is understood that the cuts will come through reducing overlap between the two institutions – in particular in areas such as technology and support services.

Duplication in Merrill's strong brokerage arm and BoA's private client business will also be hit.

Earlier reports that as many as 30,000 jobs woulds be lost are now understood to be wide of the mark. However, the cuts are likely to be twice the 10,000 redundancies that BoA internally estimated would be needed at the time of the rushed merger in September. Together, the two banks currently employ 360,000 staff.

Both companies' shareholders are due to vote on the merger today, but the cuts are not expected to be announced in full until next year, with actual redundancy announcements beginning at the end of January.

A Bank of America spokesman said: “We are currently evaluating our staffing levels, given both the pending merger with Merrill Lynch and the weak economic environment which is affecting the level of business activity. While we believe both factors will result in the elimination of positions, we have not completed our analysis. We expect to have a final plan early in 2009.”

It is also understood that as a result of Merrill's recent performance, the investment bank's final bonus pool is down 70pc on last year, with senior staff having already been informed that many will get no bonus.

Merrill is due to inform staff of bonuses on December 22, with payment due at the end of the month. A spokesman for the bank declined to comment.

Elsewhere, Credit Suisse announced it is to lose 5,300 staff – 11pc of its workforce – including 650 jobs to go in London. The Swiss bank, which has already cut 1,800 jobs this year, is trying to make savings of SFr2bn (£1.1bn) a year, with most of the cuts likely to come in its investment banking arm rather than its private client and wealth management business.

London is to lose a further 2,200 investment banking jobs with 1,000 jobs being shed at Nomura and 1,200 at Dresdner Kleinwort.

Nomura, which bought Lehman Brothers' European business, is cutting roughly a quarter of its 4,500-strong British workforce. Dresdner is shutting its UK mergers and acquisitions business as part of its cutbacks after being taken over by Commerzbank. The investment bank has to date been a significant player in the London M&A scene, advising HBOS most recently on its pending takeover by Lloyds TSB.

In addition, US institutional bank State Street is to lose 1,800 staff, or roughly 6pc of its global workforce, in a series of redundancies.

12-05-2008, 07:50 AM
Viacom to cut 7% of workforce; MTV division takes biggest hit
The media company is slashing more than 850 jobs and is freezing salary increases next year for senior managers. About 140 positions are cut at Paramount Pictures.
By Claudia Eller
December 5, 2008
Responding to the economic downturn and weaker revenue at its businesses, Viacom Inc. is slashing more than 850 jobs, or about 7% of its workforce, and freezing salary increases next year for senior managers.

The deepest cuts came at Viacom's largest division -- MTV Networks, which includes cable channels MTV, Nickelodeon, VH1 and Comedy Central. Viacom's Hollywood movie studio, Paramount Pictures, let go 140 employees -- 100 in the U.S. and the remainder in its international operations. Cable channel BET is cutting about 50 jobs.

Viacom is the latest media company to get battered by the economic crisis and fall victim to steep declines in advertising and consumer spending.

NBC Universal is also joining the layoffs bandwagon -- it said Thursday that it was cutting about 500 jobs, or 3% of its workforce, including 70 from Universal Pictures and its specialty film division, Focus Features. This is part of NBC Universal's previously announced plan to cut $500 million from its $16.7-billion annual budget.

As for Viacom, the company also said it would write down certain programming and other assets, which would result in a pretax charge of $400 million to $450 million in the fourth quarter. The staff cuts and compensation reductions are expected to result in pretax savings of $200 million to $250 million in 2009, the company said.

"The changes we are making in our organization and processes will better position Viacom to navigate the economic slowdown and generate sizable efficiencies that will help us drive our business as the marketplace stabilizes and conditions improve," Viacom Chief Executive Philippe Dauman said in a statement. The company said the layoffs would be worldwide and cut across all divisions.

Viacom reported last month that its third-quarter net income fell 37%, largely because of lower advertising revenue at its cable TV networks and an operating loss in its filmed entertainment division as a result of its movies not performing as well as the year-earlier period.

Analysts predict that Viacom's and the industry's advertising woes are far from over.

Credit Suisse analyst Spencer Wang said in a report this week that Viacom's U.S. advertising sales would decline 4% in the fourth quarter as audiences for MTV and Nickelodeon continued to shrink. MTV's fourth-quarter viewer ratings are down 22% from a year earlier, the worst decline among the company's channels, Wang wrote.

In Viacom's restructuring, MTV by far suffered the steepest cutbacks, losing hundreds of employees. In a memo to employees, MTV Networks chief Judy McGrath said: "In these tough times, we are responsible for sustaining and reinventing our company as thoughtfully as we can. The changes we're making today are necessary, difficult and the responsible way for us to move forward."

Viacom's Paramount unit is shedding about 4% of its workforce of more than 3,000. The reductions were across the board, including production, home entertainment, business and legal affairs, and studio lot operations. Paramount's specialty label, Paramount Vantage, which this year lost 60 employees after its marketing functions were consolidated into the bigger studio, suffered further cutbacks.

"Without question, the changes we implement today required us to make difficult choices," Paramount Chairman Brad Grey wrote in an e-mail to employees. "We take these steps after a careful analysis of our overall business and as part of a broader strategy to overcome the challenges of this unusual time in the market."

Other entertainment companies to fall victim to the economic crisis include NBC Universal's Spanish-language TV unit, Telemundo, which reduced its workforce 5%. Lionsgate, Hollywood's biggest independent movie and TV studio, last month cut 8% of its workforce. Walt Disney Co., which reported a 13% drop in fiscal fourth-quarter net income, is considering major belt-tightening moves across all divisions, including its Burbank studio, ABC network, cable channels and theme parks.

Analysts believe the cutbacks are far from over: Other media giants, including Time Warner Inc., whose assets include the Warner Bros. movie and TV studio and cable giant HBO, and smaller entertainment outfits are continuing to look for ways to reduce overhead and other costs.

"There will be more to come," said media analyst Harold Vogel. "I don't think there will be a massive wave of more layoffs, but this period of malaise is going to last quite a while. How to save costs is going to be on the front burner for a long time."

12-05-2008, 08:13 AM
On a personal note, rumors have begun to circulate that the conglomerate that bought our company 2 years ago is unhappy with our sales performance and has begun intense investigation of our operations. Although profitable, we are a very small slice ($60 million or so) of their very large pie ($8+ billion in sales for the last fiscal year). Competitors have been acquiring our accounts with aggressive pricing (up to 50% less) and we have been only moderately successful in stemming the loss of business. Although nothing is concrete and some of the rumors are a little ridiculous, another contingent of upper-level management from the parent firm are scheduled to "visit" our headquarters this month (compared to hardly seeing them for the last 2 years). As much as I try to avoid overreaction at this point in life (hard on the ticker, you know), I have a distant and knawing feeling in my gut that something is definitely up. As our new owner has expanded at a ferocious rate by massive acquisitions over the last 10 years (our company included), they have a reputation for not suffering poorly-performing units well (lots of talk of "missed benchmarks" from our management lately). The recent acquisition of a much larger(than us) firm that is in the same line of business (but in a much wider geographic area) only adds to my suspicions. Having survived over 5 months of unemployment in 2007 before landing this position, I'm more than a little concerned about joining the statistics in this thread...can only hope that the rumors are groundless...yet there's still that knawing in my gut that has been so accurate in the past.

12-07-2008, 09:30 PM
UBS could cut up to 4,500 more jobs: report
Sun Dec 7, 2008 5:39am EST

ZURICH (Reuters) - Switzerland's UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) (UBSN.VX: Quote, Profile, Research, Stock Buzz), the world's largest wealth manager in terms of assets, could cut up to 4,500 more jobs in the near future, local media reported on Sunday.

Newspaper SonntagsZeitung reported it was possible UBS could cut another 4,500 jobs in the next few weeks, without naming a source.

A second Swiss newspaper, Sonntag, reported 3,000 to 4,000 positions at UBS could be slashed, also without naming its source.

UBS is struggling to rebuild its once powerful brand after massive investments in risky U.S. assets forced it to make more writedowns than any other European bank and take government backing.

It has already announced about 9,000 job cuts, mostly in investment banking, to bring total headcount to under 80,000.

"In spring we announced a global headcount reduction initiative for the Investment Bank and all other business divisions and additional headcount cuts for the IB in fall," a UBS spokeswoman said.

"These job cuts are fully underway. We do not comment on speculations regarding further headcount reductions. There are no such decisions."

(Reporting by Sam Cage, editing by Will Waterman)

12-07-2008, 09:41 PM
Sorry, Watcher, sounds like a rough situation.

12-08-2008, 08:10 AM
3M Co cutting 1,800 staff: report
Sun Dec 7, 2008 11:07pm EST
NEW YORK (Reuters) - 3M Co. (MMM.N: Quote, Profile, Research, Stock Buzz) is cutting 1,800 jobs in the fourth quarter, postponing "merit pay" in 2009 and ordering some workers to take vacation time or time without pay during the last two weeks of December, the Minneapolis Star Tribune reported on Friday.

The paper cited 3M spokeswoman Jackie Berry saying the difficult economy forced the company's hand but couldn't say how much the company hoped to save by the job actions.

CFO Patrick Campbell had disclosed last month at a meeting with Goldman Sachs that there would be additional job cuts on top of the 1,000 announced during the third quarter, the paper said. It said the 1,800 new layoffs will come from the United States, Western Europe and other developed nations.

3M was not immediately available for comment.

(Reporting by Megan Davies)

12-09-2008, 07:29 AM
Sony Will Cut 16,000 Jobs as Recession Curbs Demand (Update1)
Email | Print | A A A

By Lena Lee

Dec. 9 (Bloomberg) -- Sony Corp. plans to eliminate 16,000 jobs in the largest reduction announced by a Japanese company since the credit crunch drove the world into a recession.

Sony will curb investments, outsource production and move away from unprofitable businesses by March 2010, as part of plans to save more than 100 billion yen ($1.1 billion) a year, the Tokyo-based company said today. The job eliminations will take place in the electronics division and include 8,000 contract workers, it said.

The reductions highlight the severity of the slump in consumer spending at a time when companies typically focus on the peak Christmas shopping season. Sony, the world’s second-largest maker of consumer electronics, said a “much larger” than anticipated deterioration in the economy spurred the cuts and the company may revise its mid-term targets.

“I can’t see how the company will regain its charm with consumers,” said Hiroshi Sato, chief investment officer of Tokyo-based GCSAM Co., who sold his Sony holdings. “The company might suffer from a bigger earnings decline in the second half, or even losses, if it doesn’t take any measures.”

The company said it will announce the financial impact of the measures in January, when reporting fiscal third-quarter results.

“The reason for this move is the deterioration of the economy, which was much larger than we expected,” Senior Vice President Naofumi Hara said.

Sony on Oct. 23 said net income will probably drop 59 percent in the year ending March 31, reducing the outlook by 38 percent as the stronger yen and slumping demand undermine sales of its electronics including Bravia televisions.

Possible Outlook Revisions

The electronics maker will review the impact of the reorganization steps and revise its current-year and mid-term profit targets if needed, Hara said, without elaborating. The company faces no problem with cash flow, he said.

Panasonic Corp., the world’s biggest consumer-electronics maker, cut its full-year net income outlook by 90 percent Nov. 27.

“We are working on reorganizing our global operations, reducing costs and speeding up structural changes to weather this crisis,” Akira Kadota, a Tokyo-based spokesman at Panasonic, said today. He declined to comment on the possibility of job cuts.

All reductions will take place by March 31, 2010, Sony said. The 8,000 full-time employees to be cut represent about 5 percent of the company’s workforce in the electronics division. Hara declined to provide the number of people on contract.

Weak Demand

Faltering consumer spending led companies including AT&T Inc and DuPont Co. to announce more than 15,000 job cuts this month. The number of people on jobless benefit rolls in the U.S., one of the biggest markets for Asian exporters including Sony and Panasonic, climbed to a 26-year high in the week ended Nov. 22.

Sony will invest 30 percent less in its electronics business than planned under its mid-term strategy, the company said, without giving figures.

The Bravia-brand TV maker said it will “adjust” pricing to cope with the stronger yen, two weeks after saying it didn’t have plans for “massive cuts” in prices in the U.S.

The yen has surged 21 percent against the dollar and 39 percent versus the euro this year, damping the value of Sony’s earnings from overseas.

Sony rose 3.9 percent to close at 1,896 yen on the Tokyo Stock Exchange before the announcement. The stock has slumped 69 percent in 2008, after climbing in each of the past four years.

It will also cut the number of manufacturing sites by 10 percent by the end of next fiscal year, from 57 currently.

Sony will postpone investment plans at its Nitra plant in Slovakia that assembles liquid-crystal-display televisions for the European market. The electronics maker plans to end production at two overseas manufacturing sites, including one in France that produces tape and other recording media.

“These initiatives are in response to the sudden and rapid changes in the global economic environment,” Sony said.

To contact the reporter on this story: Lena Lee in Tokyo at [email protected]
Last Updated: December 9, 2008 05:46 EST

12-09-2008, 12:56 PM
In a nutshell for every coming announcement:

“These initiatives are in response to the sudden and rapid changes in the global economic environment”

12-11-2008, 07:45 AM
Newsweek plans staff cuts in makeover: report
Thu Dec 11, 2008 2:36am EST
(Reuters) - Newsweek magazine is planning staff cuts as part of a major editorial makeover likely to result in a slimmer publication, the Wall Street Journal said, citing people close to the magazine.

The cuts are expected to be outlined in two companywide meetings on Thursday, and will come from an extension of voluntary redundancies offered in the spring, when Newsweek shed 111 jobs, the paper said.

It is not clear how many jobs will go but it is not expected to be nearly as many this time around, people with knowledge of the plan told the paper.

The magazine is also mulling cutting the number of weekly copies it promises advertisers from 500,000 to 1 million copies from its current guarantee of 2.6 million, people familiar with the situation told the paper.

Newsweek is published by Washington Post Co, which also publishes one of the largest daily newspapers in the United States and owns online magazine Slate.com.

The magazine could not be immediately reached for comment.

(Reporting by Pratish Narayanan in Bangalore; Editing by Mike Nesbit)

12-11-2008, 07:54 AM
Office Depot to Close 112 Stores, Cut 2,200 Jobs (Update3)
Email | Print | A A A

By Heather Burke

Dec. 10 (Bloomberg) -- Office Depot Inc. said it will close almost 10 percent of its North American stores and cut 2,200 jobs as the U.S. recession saps demand for business furniture, sending the shares up 9.1 percent.

The world’s second-largest office-supplies retailer said today in a filing that it will shutter 112 underperforming locations and six distribution centers in the next three months as it eliminates 4.5 percent of its workforce. The closings will reduce Office Depot’s North American sites to 1,163 from 1,275. Fourteen more stores will close in 2009 when their leases expire.

Office Depot posted losses or profit declines for the past six quarters as businesses stopped buying desk chairs and computers. Its sales and profit margins trail larger rival Staples Inc. Some investors have been concerned about the company’s future, said Dan Poole, senior vice president of equity research at National City Bank in Cleveland.

“Today’s announcement boosts cash flow in year one, which improves the company’s prospects for survival,” said Poole. His firm manages $34 billion, including Office Depot shares.

Planned new store openings for next year will be slashed in half to 20, reducing capital spending to less than $200 million in 2009, the company said. In October, Boca Raton, Florida-based Office Depot projected that it would spend $225 million in 2009. The moves will boost cash flow next year by $70 million.

Office Depot rose 22 cents to $2.65 at 4:06 p.m. in New York Stock Exchange composite trading. The shares have lost 81 percent this year, while Staples has fallen 22 percent.

$300 Million

The actions will trigger costs of $270 million to $300 million in the fourth quarter and in 2009 for continuing lease payments on closed stores, severance and liquidated inventory, Office Depot said. Other restructuring may take place, it said.

Forty-five locations will be closed in the central U.S., 19 in the West, eight in the South and 40 in the northeastern U.S. and Canada. Office Depot declined to release a list of specific store closures.

Staples eliminated 1,000 jobs in the third quarter at the unit that sells to companies as part of integrating Corporate Express, a Dutch office-supplies distributor, Chief Operating Officer Michael Miles said during a Dec. 2 conference call with analysts and investors.

Staples, which runs more than 2,000 locations worldwide, said it will open 60 stores in the U.S. and 15 in Canada next year, down from 107 in North America this year. It plans $400 million in capital spending in 2009, down from the $400 million to $500 million forecast in October.

-- Editors: Brad Skillman, Stefanie Batcho-Lino

To contact the reporter on this story: Heather Burke in New York at [email protected]
Last Updated: December 10, 2008 16:12 EST

12-11-2008, 05:49 PM
Bank of America
35,000 over next 3 years.

12-11-2008, 08:17 PM
*sigh of relief*

Okay....so they aren't going to slow down on meds....

Thanks...For industrialized nations besides the USA, true.

However, in the USA, my customers, which are mostly hospitals, are suffering big drops in patients and are cutting back spending and workforce budgets heavily. I wish I had some numbers for the list

I doubt illness has taken a break. If you are sick and don't have money, you don't buy medicine. Simple. Even an E.R. will just give you a few doses. and you get to find a way to buy the rest.

12-11-2008, 08:30 PM
However, in the USA, my customers, which are mostly hospitals, are suffering big drops in patients and are cutting back spending and workforce budgets heavily. I wish I had some numbers for the list

I know...census is way down and nurses are being called off and getting unpaid days....I know docs hurting from losing patients who lost their insurance.

12-12-2008, 08:08 AM
Bank of America to cut up to 35,000 jobs
Fri Dec 12, 2008 4:35am EST
By Jonathan Stempel and Dan Wilchins

NEW YORK (Reuters) - Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch & Co and weaker business activity stemming from the economic recession.

The cuts could affect as much as 11.4 percent of the combined companies' workforce of about 308,000 people, and are intended to help save $7 billion of annual costs.

Bank of America said the cuts will come from both companies and affect all business lines, and in part reflect "the weak economic environment, which is affecting the level of business activity."

The Charlotte, North Carolina-based bank said it won't determine the final number of cuts until early 2009, and that as many as possible will come through attrition.

Bank of America employs about 247,000 people and Merrill about 61,000. The merger values Merrill at about $20.5 billion and is expected to close on January 1, 2009, creating the largest U.S. bank by assets.

Financial companies have announced more than 250,000 job cuts this year, according to outplacement firm Challenger, Gray & Christmas Inc, as losses soared from mortgages, credit cards and securities write-downs.

Bank of America announced its cuts less than four weeks after Citigroup Inc set plans to eliminate 52,000 jobs, or 15 percent of its workforce, by early 2009.

"If you asked me six months ago I would be surprised, but in this day and age, it doesn't look as draconian, especially compared with what Citigroup did," said Howard Diamond, chief executive of Diamond Consultants, a Chester, New Jersey, recruiter.

Other financial companies to cut jobs in recent months include Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley. Bank of America previously said it would cut 7,500 jobs following the July 1 purchase of mortgage lender Countrywide Financial Corp.

Bank of America spokesman Scott Silvestri said the bank would not elaborate on where the latest job cuts will come from, how many might come from attrition, or where the banks' business activity had been hurt.

One recruiter said attrition could account for most of the announced job cuts, and that more cuts may be needed to make Bank of America more competitive.

Eventual losses may be "substantially higher" than 35,000, with many coming from the middle ranks, said Gustavo Dolfino, president of WhiteRock Group LLC, a New York-based recruiter.

Shareholders of Bank of America and Merrill approved the merger on December 5. The transaction was originally valued at $50 billion, but the value has fallen because Bank of America shares have declined.

Bank of America shares closed Thursday down $1.78, or 10.7 percent, at $14.91, while Merrill shares fell $1.43, or 10.1 percent, to $12.67. Shares of Bank of America fell 6 cents in after-hours trading.

(Reporting by Jonathan Stempel, editing by Matthew Lewis, Gary Hill)

12-12-2008, 10:18 AM
What to Do If You Get Laid Off

Posted Dec 12, 2008 07:00am EST by Aaron Task
Late Thursday, Bank of America said it will cut up to 35,000 workers, joining the ever-growing number of corporations to announce major layoffs in recent weeks. With millions of Americans out of work and many more facing the prospect, Diane Garnick, investment strategist at Invesco, offers some advice for the downsized:

* Negotiate your exit package (assuming you get one) just as you negotiate a job offer. And take a day or two to consider the offer; the HR department may be in a hurry, but you don't have to be.
* Make sure you secure continued healthcare benefits via COBRA.
* If you have borrowed against your 401(k) and lose your job, you typically have 90 days to repay the loan.
* Don't stop spending money but definitely "reallocate your expenses" on things like a Blackberry and interview attire that can help you stay in touch and land the next job.

Garnick, who has done a lot of hiring in her career, also offers advice for the job seeker, knowing its always tough but especially now.

One of her pet peeves is "unprofessional emails." If you're going to email someone with an inquiry about job leads, "write the cover letter you want for me to quite easily forward along."

Also, use social networking sites liked LinkedIn to network and keep your contact information updated and available.

But, of course, there's nothing that can replace old-fashioned face-to-face meetings with potential employers and, almost more importantly, the person you know who's the best networker.

"I don't want anyone who is unemployed to eat alone," Garnick says. "Have at least one or two appointments every day so you stay in the flow and fight against inertia. Once you're sitting at home, it's going to be hard to get out again."

12-12-2008, 02:46 PM
Fairchild Semiconductor International Inc. will cut 1,100 jobs, or 12% of its work force, as the chip maker looks to cut costs and boost cash flow.

The South Portland, Maine-based company also cut its revenue outlook for the fourth quarter and said it expected more downward pressure on margins.

"We are vigorously managing our business to reduce operating expenses and capital spending to drive cash flow," Chief Executive Mark Thompson said. "While current market conditions are definitely a catalyst, the restructuring should be viewed as part of an ongoing commitment to increasing the efficiency of our operations."

Fairchild, whose chips are used in computers, telecommunications gear and automobiles, becomes the latest company in the sector to cut estimates. Earlier this week, Texas Instruments Inc., National Semiconductor Corp., Altera Corp. and Broadcom Corp. slashed projections because of weak market conditions.

Fairchild expects to take a charge of $12 million to $16 million during the current quarter and the first quarter of next year, and the job cuts are expected to reduce expenses by $33 million a year.

Fairchild said it expects sales of $320 million for the current quarter, as its backlog has stabilized over the last two weeks after dropping steadily earlier in the quarter. Last month, the company had expected sales of $338 million to $360 million. It also expects gross margin to be 25.5% to 27%, below its November prediction of 27.9% to 28.9%.

Write to Kerry E. Grace at [email protected]

12-14-2008, 05:53 PM

Toyota cuts salaries as sales dive

By Tokyo correspondent Mark Willacy
Updated December 15, 2008 08:24:00

The world's largest car-maker Toyota is planning to slash salaries and bonuses to company executives.

Car sales have been falling as a result of the global economic slowdown and the Japanese company is facing the prospect of recording a $1.7 billion operating loss this quarter.

A significant jump in the value of the Japanese yen against the US dollar and the Euro has also hurt Toyota's sales.

Last year Toyota paid $64 million to its core of executives.

12-16-2008, 06:14 PM
Associated Press

Best Buy 3Q profit sinks, company offers buyouts

Associated Press, 12.16.08, 03:59 PM EST
.headap_partner { background-color: #ffffff; color: #ffffff; font-weight: bold; padding:2px;}.borderap_partner{ border:1px solid #ffffff;}.bordercolorap_partner { background-color: #ffffff;}.rowap_partner { background-color: #ffffff;}.row1ap_partner { background-color: #ffffff;}.row2ap_partner{ background-color: #efefef;}.ruleap_partner { background-color: #cccccc;}.spaceap_partner { background-color: #ffffff;} (http://www.forbes.com/breakingnews/AP_full.html)[/URL]

Best Buy Co. Inc. offered voluntary severance packages (http://www.forbes.com/breakingnews/AP_full.html) to virtually all its 4,000 corporate employees Tuesday as the nation's largest consumer electronics chain announced its third-quarter profit skidded 77 percent.

The results - which beat Wall Street's lowered expectations - came in what the company called the "most challenging consumer environment" in its history, an environment so rough Best Buy hasn't been able to take full advantage of its largest rival's bankruptcy.

"We believe that the environment for consumer spending (http://topics.forbes.com/consumer%20spending) is likely to get worse before it gets better," said Chief Executive Brad Anderson. "In fact, we can foresee a period in which consumers may significantly shift their spending behaviors, which could have a dramatic impact on retailing."

Tuesday's news comes about a month after Circuit City Stores Inc. filed for Chapter 11 bankruptcy protection because of slowing sales and mounting debt.

"(Best Buy) may be a bellwether here," Stifel Nicolaus & Co. analyst David Schick told investors in a research note Tuesday. "We want to hear retailers talk about the consumer slowdown in a historic sense and match the slowdown with historic changes to the model."

But he added some of his concerns were alleviated by the company's "bold management moves" and weak competitors.

Best Buy shares climbed $4.18, or 17.8 percent, to $27.65 in afternoon trading.

Data released by MasterCard SpendingPulse said total consumer electronic spending declined approximately 25 percent last month. And, as wary shoppers tamped down discretionary spending, retailers boosted discounts to keep merchandise moving, often at the expense of profits.

Best Buy's same store sales - an important retail industry metric - fell 5.3 percent from 2007 for the quarter ending Nov. 29. Same-store sales, which worsened every month in the period, are considered a key indicator of a retailer's health because they measure sales at existing stores rather than newly opened ones.

The company earned $52 million, or 13 cents per share, down from last year's profit of $228 million, or 53 cents per share.

Excluding a charge related to a decline in market value of its 2.9 percent stake in U.K. company Carphone Warehouse Group PLC, the company's net income came to 35 cents per share.

Revenue climbed 16 percent to $11.5 billion, from $9.93 billion last year.
Wall Street analysts expected worse - earnings per share of 24 cents on revenue of $11.09 billion, excluding one-time items.

The results were boosted by strong Thanksgiving weekend sales of electronics.

The company's stock regained much of the ground it lost in recent months, on news of the severance offers, not available to top executives, and the announcement that Best Buy plans to cut capital spending (http://topics.forbes.com/capital%20spending) 50 percent in 2009.

The chain also plans to open "significantly" fewer stores in the U.S., Canada and China next year and said it may have to lay off workers if not enough corporate employees accept the severance offers. The company had about 150,000 full-time, part-time and seasonal workers as of April, according to a regulatory filing. A spokeswoman said the company was unsure how many workers would accept the company's buyout offer.

Also Tuesday, Best Buy reiterated its full-year guidance for earnings of $2.30 to $2.90 per share, excluding the investment charge, and expects same-store sales will fall 1 percent to 5 percent for the year. Analysts expect earnings of $2.51 per share.


12-16-2008, 09:28 PM
1,443 pages of WARN act mass layoff notices for California companies in 2009 here:


12-16-2008, 11:29 PM
600 jobs cut at Sun Media
GRANT ROBERTSON, From Wednesday's Globe and Mail

TORONTO — — — When Pierre Karl Péladeau stepped in as head of Sun Media Corp. last month, it was evident a major restructuring of Quebecor Inc.'s newspaper division was at hand.

With Quebecor otherwise consumed by its expansion into the cellphone market, such direct attention from the parent company's chief executive officer was unusual.

His first move came yesterday when Quebecor announced 600 layoffs across the Sun Media operations, which comprise 43 newspapers, including the Sun tabloid chain and dozens of titles in Ontario and Quebec. The cuts will reduce the division's work force by 10 per cent. The company did not say how much it will save.

It is the second round of cutbacks at the company in two years, and may precede a broader shift at Sun Media to drive content online and save newsprint costs. The move comes as Quebecor's competitors, including CanWest Global Communications Corp. and CTVglobemedia Inc., have cut jobs in the face of an economic slowdown that is causing ad revenues to dry up.

“The speed at which the current economic environment is deteriorating forces us to make difficult decisions at this time of year,” Mr. Péladeau said in a statement. The cuts were spread across the company and included management.

“The cuts are broad and they are deep,” said Brad Honywill, president of the Communications, Energy and Paperworkers Union local that represents staff at the Toronto Sun. The flagship paper in the Sun chain was affected most with 27 full- and part-time jobs cut, he said.

Quebecor made $45-million in the past quarter, but most of the profit came from the cable subsidiary, Vidéotron, Mr. Péladeau said recently.

The Sun Media shakeup comes amid other sector changes, including a management shuffle at Torstar Corp., owner of the Toronto Star. Editor-in-chief Fred Kuntz is leaving at year's end, a move that comes a few weeks after former CBC executive John Cruickshank was named publisher.

Concerns about a prolonged advertising slump loom over the industry. A survey of 422 newspaper executives in Canada and the U.S. by Toronto-based Kubas Consultants indicates all major categories of advertising are expected to decline next year.

The deepest drop could come in employment classifieds, falling 16 per cent, the survey projects. The only exception is online advertising, which is forecast to rise more than 13 per cent. The survey notes increases in online revenues will not make up for drops in other categories.


12-19-2008, 10:31 PM

WASHINGTON, Dec 19 (Reuters) - The number of layoff announcements involving at least 50 workers rose by 188 in November from the prior month, official data showed on Friday, as a deepening recession forced employers to slash payrolls.

The Labor Department said there were 2,328 mass layoff actions involving 224,079 workers in November, with the manufacturing sector recording its fourth straight monthly increase in redundancies.

That took the total number of mass layoff announcements since the start of the recession last December to 20,712.

With the housing-led economic slump on track to be the longest and deepest since the 1981 recession, more companies are expected to wield the axe as they battle a sharp fall in demand and tight access to credit.

So far this year almost 2 million workers have lost their jobs, driving the unemployment rate to 6.7 percent, the highest since 1993.

The monthly mass layoff numbers are compiled from establishments with at least 50 initial claims for unemployment insurance filed against them during a five-week period.

12-20-2008, 12:07 AM

Updated Friday, December 19, 2008 10:07 am TWN, The China Post news staff

‘Unpaid leave virus’ spreading rapidly: labor groups

TAIPEI, Taiwan -- The "unpaid leave virus" is spreading rapidly among industries and massive layoffs by major high-tech firms are poised to trigger a domino effect on the entire manufacturing sector, both factors presenting great potential hardship to many employees, according to industry sources.

At a joint press conference held yesterday, the Youth Labor Union 96 and the Green Party said that over the past month, the unpaid leave scheme has been spread rapidly, like a virus among high-tech firms, with over 20 firms announcing the program, tantamount to a salary cut of 10 to 15 percent.

Spokesmen of both groups called for the Cabinet-level Council of Labor Affairs to inspect working conditions of enterprises on a large scale, and punish those who illegally implement unpaid leave programs.

At the press conference, they called out to a worker of a high-tech firm to tell of his working condition. The worker complained to the spokesmen that "we're all afraid of becoming the next one to receive a phone call from our company to take unpaid leave. Many of our colleagues have received such a call when they're ready to leave home for the office."

What's worse is that quite a few leading high-tech firms such as United Microelectronics Corp. (UMC), Chi Mei Electronics, and Wintek have decided to lay off contract workers. For instance, the UMC plans to lay off 500 workers, Wintek 600, and Chi Mei initially 860.

Also yesterday, the CLA announced that a maximum fine of NT$60,000 will be imposed on those enterprises that carry out "unpaid leave programs" without full consent from employees.

The CLA also reiterated that employers must not pay full-time employees a monthly salary less than the minimum wage of NT$17,280, regardless of any unpaid leave scheme.

"We would rather lay off workers instead of paying the minimum monthly wage to workers taking unpaid leave, so as to cut personnel costs," an employer said in response to the CLA regulations.

In related news, the Cabinet-level Council for Economic Planning and Development (CEPD) reported yesterday that more people are expected to benefit from a government-sponsored temporary job creation program, with over 70 new plans added to the existing project.

The expansion is expected to help some 69,000 jobless workers find employment under the program, an increase from the original estimate of about 56,000 people, CEPD officials said.

To date, as many as 31,000 workers have found jobs through the six-month program instigated by the Executive Yuan in November, the officials went on.

With the additional plans to be added, the program's length will also be prolonged until the end of next October, they added.

Premier Liu Chao-shiuan approved funding of NT$10 billion (US$303 million) on Oct. 31 to create the temporary jobs and help people in need as part of government efforts to combat the slipping economy and growing unemployment rate.

The short-term jobs offered in the program are mainly in the public sector, including street cleaning, community services and river inspecting.:D

12-20-2008, 08:28 AM
Sovereign, EA to cut 2,000 jobs

Sovereign Bancorp and Electronic Arts each announce 1,000 job cuts.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: December 19, 2008: 1:56 PM ET

NEW YORK (CNNMoney.com) -- Sovereign Bancorp and video-game designer Electronic Arts announced on Friday that they are cutting a total of 2,000 jobs, laying blame on the recession.

Sovereign (SOV, Fortune 500), based in Philadelphia, and EA (ERTS), based in Redwood City, Calif., both said they intend to cut 1,000 jobs.

EA spokesman Jeff Brown said the company will close nine facilities in addition to cutting 1,000 positions, or 10% of its workforce. The job cuts will take place across all divisions, said Brown.

"There's a high degree of economic uncertainty, and we're also not generating the revenue as forecast," said Brown, noting that the cuts will take place over the next three months. "We need to focus on making bigger bets on fewer games and cut costs accordingly."

EA said it plans to save $120 million annually from the restructuring, though the project will cost up to $65 million to implement.

EA has facilities in San Francisco, Los Angeles, Austin, Texas, and Orlando, Fla., as well as the Canadian cities of Montreal, Edmonton and Vancouver.

Sovereign said its job cuts will continue throughout 2009 and are necessary "to reduce costs and increase the bank's efficiency."

"The decision to reduce our workforce was a very difficult one, especially during the holiday season," Kirk Walters, chief financial officer and acting chief executive, said in a press release. "There is never a good time to reduce staff, but this step is necessary, particularly during this economic environment."

This 10% staff reduction is inclusive of the 6% cut that the company had announced on Oct. 30 in its quarterly earnings report.

The U.S. economy lost nearly 2 million jobs in the first 11 months of this year, according to government figures. That includes 533,000 job cuts just in November, the worst monthly toll in 34 years.

The month of December has also been unforgiving, with about 140,000 job cuts announced so far. Bank of America (BAC, Fortune 500) announced a particularly harsh plan earlier this month, when it promised to slash up to 35,000 jobs over three years as it absorbs Merrill Lynch.

Auburn Boy
12-20-2008, 04:12 PM
Well, yesterday was my lat day at INTEL.

I've been laid off! I knew it was coming for some weeks, as I was tasked to train my replacement. How maudlin is that?

No I need the "What to do if you get laid off" guidebook for myself.

I need to post to the Dec. B*I*T*C*H thread too I suppose..,

12-20-2008, 04:15 PM
Bummer, AB. I'm really sorry to hear about your job. :(

12-20-2008, 06:23 PM

Plunging tourist numbers blamed for layoffs at Hilo Hattie

By Zahid Arab - bio | email

HONOLULU (KHNL) - First bankruptcy and now lay-offs for one of the state's largest local retailers.

Late Monday afternoon, more than 30 employees of Hilo Hattie found out they no longer have jobs.

Big drops in sales and number of visitors to the islands are blamed for the company's cutback.

Hilo Hattie filed for Chapter 11 Bankruptcy in early October, but still, officials are hopeful to bounce back.

News hit Hilo Hattie employees late in the afternoon.

Offices were packed up. Stunned laid off workers are escorted to their cars.

They're angry and overwhelmed.

"My supervisor said I can go home because I'm totally shocked. Everyone can't concentrate," said Hilo Hattie employee Emiko Kuroyanagi.

Emiko Kuroyanagi is one of the lucky ones. But the company's 31 administrative cuts claimed some of her close friends.

"I'm totally blank," said Kuroyanagi.

Officials declined comment on camera but released a statement from the company president.

It says: "This has been a very difficult decision to make, especially in light of the holiday season, but that in itself shows how challenging the situation is. Hawaii is hit hard by the global economic meltdown and the consequences of that are especially tough on the retail sector."

"We didn't know anything about it until now," said Kuroyanagi.

Nearly $23 million in debt, Hilo Hattie filed bankruptcy in October to reorganize and focus its efforts on moving from the flagship Nimitz Highway location to the Royal Hawaiian Shopping center in July 2009. The company wants to draw more tourists, it's largest percentage of customers.

"Hopefully things will get better so we shall see," said Kuroyanagi.

A positive tune the company hopes pushes it through this turbulent economy.

Hilo Hattie still employs almost 230 people in its seven Hawaii stores and it's eighth in California. The company says the cut workers are terrific employees and they'll receive help to find other jobs.

12-22-2008, 03:49 PM

Caterpillar to cut pay in 2009, offers severance packages
By Wallace Witkowski
Last update: 10:16 a.m. EST Dec. 22, 2008

SAN FRANCISCO (MarketWatch) -- Caterpillar Inc
said Monday it will cut pay and institute a hiring freeze in 2009 because of the weakened economy. The company said it will cut executive pay by up to 50%, senior managers pay by 5% to 35%, and management and support staff pay by up to 15%.

Caterpillar will also give employees the option of signing up for a voluntary separation plan by Jan. 12, as well as making temporary and permanent layoffs.

The company said that it will also suspend merit pay increases for management and support employees.

12-23-2008, 05:23 PM
More layoffs hit foreign workers at mushroom farm

Dec 23, 2008 12:15 PM

Another 50 migrant farm workers were told today they've been fired by a mushroom factory in Campbellville, Ont., near Guelph, just two days before Christmas.

That's on top of 70 Mexican and Jamaican farm workers fired earlier this month by Rol-Land Farms. And it comes just as Justicia for Migrant Workers, an advocacy group, launched a food and shelter drive for the immigrants, who are brought to Ontario on temporary permits to work in agriculture.

The most recently fired workers, most of them women from Guatemala, were told they'll be evicted from factory housing they rent from Rol-Land and shipped back to Central America next Sunday, Monday and Tuesday, according to the United Farm and Commercial Workers union.

Many of the 120 farm workers borrow money to pay the fees and visas the federal government's temporary foreign worker program requires, and use their wages in Canada to repay those loans.

Justicia put out a call on Tuesday for donations of food and shelter for the fired workers, whose work permits are tied to Rol-land.

The company, Canada's largest mushroom farm, won court protection from creditors two weeks ago after the Bank of Montreal demanded payment Nov. 27 on a $35.3 million loan. Rol-land says the layoffs are part of its efforts to restructure.


12-24-2008, 08:20 PM
UAE tells construction workers to go home
Irish Sun
Wednesday 24th December, 2008

A report from the UAE has said up to 45 per cent of the construction workforce could be laid off due to the global financial crisis.

The Abu Dhabi Chamber of Commerce, has revealed thousands of people have already lost their jobs, with more to come if private sector projects are delayed or cancelled.

It is believed that most of those laid off are South Asians employed by companies in the booming city-state of Dubai, where property development has been badly hit by the credit crunch.

12-29-2008, 03:39 AM

Dire warning over 2009 job cuts

At least 600,000 jobs could go in the UK in 2009, according to a report by a personnel managers' professional body.

The Chartered Institute of Personnel and Development says even those who escape redundancy face pay freezes.

It says that while total unemployment will not hit three million, the time between New Year and Easter will be the worst for job losses since 1991.

According to official statistics, there were 1.86 million people out of work in the UK in October.

That figure was the highest since 1997, taking the overall unemployment rate to 6%.

'Worst year'

The CIPD, which represents managers and personnel staff, issued its gloomy forecast a day after children's retailer Adams joined a growing list of well-known chains applying for administration.

Chief economist John Philpott said: "This time last year, in the face of some scepticism, the CIPD warned that 2008 would be the UK's worst year for jobs in a decade.

"It was, but in retrospect it will be seen as merely the slow-motion prelude to what will be the worst year for jobs in almost two decades.:laugh:

"The CIPD's annual barometer forecast is that the UK economy will shed at least 600,000 jobs in 2009.

"Overall, the 18-month period from the start of the recession in mid-2008 until the end of 2009 will witness the loss of around three quarters of a million jobs, equivalent to the total net rise in employment in the preceding three years."

Mr Philpott said job losses were likely to continue into 2010, taking the final toll to about one million.

The CIPD also surveyed 2,600 workers and found that more than one in four did not expect a pay rise next year, while others feared a wage cut.

The institute's reward adviser, Charles Cotton, said employees were "realistic about their pay prospects".

"Against this backdrop, employers will need to work hard to find new ways to motivate their employees to perform," he said.

"More than ever, this is a time where organisations need to engage in an open and straightforward communication with staff, clearly explaining the reasons for any difficult measures that will affect them.

"This will help preserve staff loyalty and engagement even during times when unpopular decisions need to be made."

01-01-2009, 02:05 PM
UT Martin makes cuts

The Jackson Sun
• January 1, 2009

The current economic downturn is forcing the University of Tennessee Martin to cut positions and combine departments in an attempt to meet a budget shortfall.


It's hitting colleges......

01-04-2009, 07:06 PM
FedEx to lay off (furlough) 700 pilots by Feb.

Package volume down ~20% during "busy" Xmas season.

01-06-2009, 08:38 AM
Logitech to Reduce 500 Jobs After Abandoning Outlook (Update1)

By Andrea Tan and Allan Lopez

Jan. 6 (Bloomberg) -- Logitech International SA, the biggest maker of computer mice, will cut 15 percent of its non- manufacturing jobs and withdrew its fiscal 2009 profit targets because of the deepening global recession.

The shares slumped as much as 13 percent in Swiss trading. Logitech will eliminate 500 positions and may reduce its 5,500 factory jobs, Chairman Guerrino De Luca said in an interview today. The “weakness” in demand is “across all geographies and channels,” Logitech said in a statement.

“The situation is really bad,” De Luca said by telephone. “We’re on really shaky grounds with the consumer. The situation is really unprecedented.”

Logitech, based in Romanel-sur-Morges, Switzerland, joins Sony Corp., Royal Philips Electronics NV and Motorola Inc. in announcing job cuts as the earnings outlook for electronics makers deteriorates. Worldwide spending on information-technology products will shrink 4 percent this year as the global economy contracts, Goldman Sachs Group Inc. estimated last month.

On Oct. 21, Logitech reduced its fiscal 2009 sales and profit forecasts, citing concerns over slowing economic growth. It projected operating income to rise as much as 5 percent on revenue growth of up to 8 percent. The company previously estimated 15 percent expansion in both measures.

Logitech said today it will take an unspecified one-time charge in the fourth quarter ending March 31.

Shares Drop

Logitech, which also makes speakers for Apple Inc.’s iPod digital music player, dropped as much as 2.41 Swiss francs to 15.60 francs and traded at 17.26 francs as of 1:14 p.m. in Zurich, giving the company a market value of 3.3 billion francs ($2.9 billion). The stock tumbled 61 percent in 2008, compared with a 35 percent decline in the benchmark Swiss Market Index.

De Luca said today he isn’t expecting a loss in the fiscal third and fourth quarters. He declined to elaborate. The Swiss company is scheduled to report third-quarter profit on Jan. 20.

“Earnings risk has increased sharply at Logitech,” Credit Suisse Group analyst Christoph Gretler wrote in a note to clients today. He has a “neutral” rating on the stock. “We think that the market might well underestimate the severity of the likely earnings cuts.”

Savings from the job reductions will be reflected from the fiscal first quarter, Logitech said. The company didn’t provide revised financial targets. Logitech has more than 9,000 employees, according to its Web site.

The economic environment will probably “worsen in the coming months” in what is “likely to be an extended downturn,” Chief Executive Officer Gerald Quindlen said in the statement.

To contact the reporter on this story: Andrea Tan in Singapore at [email protected]
Last Updated: January 6, 2009 07:15 EST

01-06-2009, 08:46 AM
Report: Sanyo to cut 1,000 workers
Jan 6 06:50 AM US/Eastern

Write a Comment
TOKYO (AP) - Sanyo Electric Corp. is considering cutting up to 1,000 domestic workers in the next few months, as it scales back unprofitable businesses ahead of an expected buyout by Panasonic Corp., a press report said Tuesday.

Sanyo may cut 500 regular workers from its workforce of 20,000 in Japan by the end of the fiscal year in March, the Nikkei business newspaper said. Another 500 contract and temporary workers could also be cut.

The company, which is undergoing a broad restructuring, said in a statement it had made no such announcement, and a spokeswoman said nothing had been decided.

In December, Panasonic began a $9 billion takeover of Sanyo, which is a well-known brand but has struggled to stay competitive with larger rivals in Japan's cut throat electronics industry. Sanyo was rescued in 2006 with a 300 billion yen bailout by large investors led by Goldman Sachs, who have agreed to sell their stake to Panasonic.

The job cuts at Sanyo are likely to come in the company's struggling semiconductor business, as well as other weak areas such as home electronics, the Nikkei said.

The company will also continue reassigning workers to its solar and rechargeable battery divisions, which have stronger growth prospects.

A number of big-name Japanese companies have announced job cuts and production freezes in recent months, including Toyota and Sony. The global economic slowdown has hurt sales, and the yen's strength has reduced profits made overseas.

01-06-2009, 12:37 PM

North Carolina Jobless Claims Overwhelm Web Site

Unemployment is up so much in North Carolina that the state's Internet site for benefits crashed twice this week under a rush of claims.

The number of people trying to sign up online for new or continuing benefits was as much as triple pre-recession levels Sunday and Monday, the Employment Security Commission said. That volume, together with a phone line problem, overwhelmed the agency's computers and prevented some people from filing claims.

The system was working again by Monday afternoon after the ESC added another server and demand lessened, said ESC spokesman Andy James. The ESC said it had received no complaints Tuesday morning.

The phone line problem was fixed Sunday, when 74,000 people tried to access the system, and the ESC thought the overload problem had been handled as well. But the system failed again Monday when about 55,000 people tried to file.

Eighteen months ago, the Web site might have gotten 23,000 hits on a busy day, James said.

But the recession has pushed the jobless rate in North Carolina to 7.9 percent in November, the last month for which figures are available. That was the highest since October 1983.

The ESC said payment will be delayed about a day to people who couldn't file Sunday. People who couldn't access the system Monday had until 9 p.m. Monday to get their payment the same day they normally would.

North Carolina's ESC has about 300,000 people in its unemployment system and pays about $33 million a week in benefits.

01-06-2009, 03:44 PM
Hmm, anybody else seeing a January trend here ?


NY unemployment claim systems overwhelmed

Jan 6th, 2009 | ALBANY, N.Y. -- New York's unemployment claims systems have crashed, overwhelmed by tens of thousands of jobless New Yorkers trying to call or log in at once ahead of this week's filing deadline.

State labor department officials say the problem started Monday and caused the phone banks at the state's toll-free claims center to shut down, followed by the online filing system. Leo Rosales, an agency spokesman, says as many as 10,000 people per hour were trying to log into the system.

Technicians are trying to bring the systems back online Tuesday afternoon but officials couldn't say when they'll be back up and available.

Rosales says the system failure shouldn't delay newly unemployed workers from getting benefits because they have until the weekend to file claims.

01-06-2009, 03:45 PM
Hmm, anybody else seeing a January trend here ?

And it's only the 6th...:cool:

01-06-2009, 03:47 PM
IBM May Cut Thousands of Jobs This Month, Employee Group Says
By Katie Hoffmann

Jan. 6 (Bloomberg) -- International Business Machines Corp. (http://www.bloomberg.com/apps/quote?ticker=IBM%3AUS), the biggest technology employer, may cut thousands of jobs this month, according to the employee group Alliance for IBM.

Employees have been hearing that layoffs will take place in late January, said Lee Conrad (http://search.bloomberg.com/search?q=Lee+Conrad&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), national coordinator of the Alliance, an organization seeking union recognition at Armonk, New York-based IBM. The size of the reduction may be larger than those in the past few years, he said.

“Generally they go in batches of a couple hundred here and a couple hundred there,” said Conrad.

A post on the Alliance’s Web site (http://www.ibmemployee.com/) said the company may cut 16,000 jobs, which would top the 15,600 eliminated by Chief Executive Officer Sam Palmisano (http://search.bloomberg.com/search?q=Sam+Palmisano&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in 2002. The worldwide economic slump has tightened companies’ technology budgets and IBM may report a 1.6 percent drop in sales (http://www.bloomberg.com/apps/quote?ticker=IBM%3AUS) last quarter to $28.4 billion, based on the average analyst estimate.

“We constantly rebalance our workforce and continue to invest in growth areas,” said Ian Colley (http://search.bloomberg.com/search?q=Ian+Colley&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), a company spokesman. He declined to comment further when asked about the Alliance posting.

IBM has frequently pruned jobs over the past few years. The company eliminated 1,570 positions in May 2007 and 450 jobs that June.

In the year ended 2007, the company had $318 million in job-related costs, compared to $272 million in 2006.

IBM had 386,558 employees at the end of 2007. Palo Alto, California-based Hewlett-Packard Co., the world’s largest personal-computer maker, had 321,000 as of Oct. 31, and Panasonic Corp., based in Osaka, Japan, had 313,594 as of Sept. 30.

IBM rose $2.08, or 2.4 percent, to $89.90 at 1:27 p.m. in New York Stock Exchange composite trading (http://www.bloomberg.com/apps/quote?ticker=IBM%3AUS). The company fell 22 percent last year.

To contact the reporter on this story: Katie Hoffmann in New York at [email protected] ([email protected])

Last Updated: January 6, 2009 13:28 EST


01-06-2009, 03:56 PM
Also a substantiated rumor going around that Sun Microsystems will break into 3 at least separate divisions and be sold off in chunks, with another 6K of immediate layoffs out of it.

01-06-2009, 05:28 PM
Tuesday, January 06, 2009

Alcoa Cuts Job, Output To Cope With Tough Economy

SAN FRANCISCO -- Aloca Inc. late Tuesday said it plans to cut 13% of its global workforce, sell four business units, cut output, freeze salaries and hiring efforts. The Pittsburgh-based aluminum giant said it is taking the steps to conserve cash in the current economic downturn. The meausures will result in a fourth-quarter charge of $900 million to $950 million after tax, or $1.13 to $1.19 a share. Alcoa, a Dow Jones Industrials Average component, reports earnings Jan. 12.

Copyright © 2009 MarketWatch, Inc.


01-07-2009, 01:14 PM
ADP jobs report via Bloomberg for December 08.

Yep that's almost 700K jobs lost, just in December.

No wonder state's unemployment systems are crashing.

Actual - -693,000
Survey - -493,000
Previous -250,000

01-07-2009, 04:09 PM

LAUSD Could Lay Off 3,000 Non-Permanent Teachers

The layoffs could target teachers who have been with the district for two year or less.

Thousands of Los Angeles teachers and other employees could be laid off before the end of the school year.

Superintendent Ramon Cortines said Tuesday the Los Angeles Unified School District faces bankruptcy if it can't cut staff amid a $250 million budget deficit. Cortines says at least 2,000 untenured teachers who have taught for less than two years and are still on probation could lose their jobs if the state Legislature can't find funds to close the gap.

Officials say administrators could also lose their jobs or be reassigned to schools and classrooms.

The layoffs would take effect in March and would likely increase class sizes.

01-07-2009, 04:11 PM

Les Schwab Tire Company is announcing the layoff of 4.5% of their work force at the distribution center in Prineville. Company spokesperson Jodi Hueske says that amounts to 27 of 600 workers and right now they plan no further layoffs, stating it is occurring due to market conditions. Our news partner, News Channel 21, reports the employees were informed Tuesday and were employed in all five divisions of the distribution center. Les Schwab Tires has been in business since 1952.

01-07-2009, 07:27 PM

Jobless system fried
People can't get through online, by phone
Wednesday, January 7, 2009 3:12 AM
By Catherine Candisky

* Unemployment Hotline Problems

Ohioans' post-holiday demand for jobless benefits has spiked sharply, crashing the state's unemployment-claims system and forcing people to wait hours, sometimes days, before getting help.

In yet another sign of a worsening economy, the state Web site for filing claims electronically was shut down and phone lines have been jammed by more than 10 times as many requests.

Unemployment-filing systems have crashed in at least two other states in recent days as 4.5 million Americans -- a 26-year high -- are collecting jobless benefits.

Ohio officials say they are scrambling to hire temporary workers to staff call centers, and technicians are working to fix the Web site.

In the past week, the state call center has been receiving about 80,000 calls a day, up from 7,500 on average last month,:eek: said Dennis Evans, spokesman for the Ohio Department of Job and Family Services, which oversees unemployment benefits.

"It's the volume of calls, it's the economy, it's the extended benefits -- all are increasing caseloads," he said.

The endless busy signals and computer-error messages have left many out-of-work Ohioans, already stressed by mounting bills and fruitless job searches, on the verge of snapping.

"It's kind of like having a beacon. You are stranded at sea and somebody says, "We're coming to save you,' and no one shows up," said Christy Jones, who lost her job in August 2007.

"I owe money to everyone. I've borrowed from everybody I know. It's humiliating."

Jones, 45, of Delaware, said she's called the state's toll-free hot line daily since receiving a letter last month informing her that she is eligible for recently extended benefits.

"I can wait on hold for half an hour, that's it. All I have is a cell phone, and if I waited for hours I'd use up all my minutes," she said.

Joy Allen, a former sales representative who has been out of work since May 2007, was on hold for 5 1/2 hours Monday before she had to hang up to go to an appointment.

Allen, 51, later tried unsuccessfully to file online, then waited on hold nearly three hours yesterday before an operator was able to take her request for benefits.

"My (cordless) phone battery started dying, so I had to get another phone and leave it on speaker while I washed my hair and did the dishes," she said. "When someone came on, I jumped and grabbed the phone so they wouldn't hang up."

At times, Allen said, the stress of being out of work and broke is unbearable. She's dismayed to watch her credit-card balance steadily increase as she pays for groceries and gasoline.

"I'm chasing my tail, and I can't catch it."

Evans said, "We realize this is their safety net. We're working hard to address these issues so people can file their claims and receive their benefits as soon as possible."

The state agency is hiring additional staff members for call centers, adding another hot line and making adjustments to the Web site, http://unemployment.ohio.gov, to handle the increased requests for benefits.

Fifty temporary staffers soon will assist 150 operators working in four call centers to answer calls to the hot line, Evans said. Despite recent troubles, those trying to file claims or check on the status of claims should continue to call 1-877-644-6562, he said.

A second toll-free number, 1-866-962-4064, is in place for those needing their PIN numbers and passwords for online access.

Ohio's unemployment rate in November was 7.3 percent, with 435,000 out of work. The state pays nearly $43 million in jobless benefits each week.

The demand is about to exhaust the state's unemployment compensation fund, which as of Monday was down to $16 million.

When that's gone, Ohio will be forced to borrow -- with interest -- from a federal loan fund to ensure that benefits continue being paid.

Unemployment compensation systems are under similar strains in North Carolina and New York, where Web sites crashed because of high demand.

In the past week, the state call center has been receiving about 10 times more requests than usual.

01-08-2009, 12:17 AM

EMC announces restructuring, job cuts
January 7, 2009 05:06 PM

Data storage giant EMC Corp. of Hopkinton today announced plans to cut 2,400 jobs as part of a sweeping restructuring aimed at reducing costs by $350 million in 2009 and $500 million the following year. The restructuring will affect the company's information infrastructure business, which excludes its virtualization subsidiary VMware, acquired by EMC five years ago for $635 million.

The restructuring measures will include not only the job cuts, which represent 7 percent of the total affected workforce, but also, consolidation of back office functions and some offices, reductions in layers of management, and cuts in indirect third-party expenses, according to a statement from the company.

01-08-2009, 12:19 AM

State mental health agency laying off 100 case managers
Posted by Gideon Gil January 7, 2009 04:49 PM

By Carey Goldberg, Globe Staff

The state Department of Mental Health, facing a more than $9 million cut in its budget, today began laying off nearly one-quarter of the case managers who supervise people with severe mental illness and make sure they get the services they need.

About 100 case managers received their pink slips today or will get them tomorrow, said John Labaki, president of the Department of Mental Health chapter of local 509 of the Service Employees International Union, which represents state case managers, clinical social workers, and others.

The state estimates that more than 3,000 clients are losing their case managers, and a department spokeswoman said these clients will be shifted to other case managers among the remaining 350.

01-08-2009, 07:31 AM
Macy's to close 10 stores: report
Thu Jan 8, 2009 2:13am EST

(Reuters) - Macy's Inc is expected to announce as soon as Thursday it will close 10 locations, the Wall Street Journal reported citing a person familiar with the matter.

The department store operator, which runs more than 810 Macy's stores and also operates the Bloomingdale's chain, had reported a $30 million loss in the first nine months of 2008, with sales dropping 4.3 percent.

U.S. retailers faced what could be the worst holiday shopping season in nearly four decades as a year-long recession, tighter credit and mounting job losses squeeze household budgets.

"We have said that we will continue to prune stores on an as-needed basis over time," Macy's spokesman Jim Sluzewski told the paper, declining to comment further.

Macy's could not be immediately reached by Reuters for comment.

(Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by David Holmes)

01-08-2009, 07:31 AM
Bank of America begins layoffs: reports
Thu Jan 8, 2009 5:02am EST

(Reuters) - Bank of America Corp began laying off staff in its investment bank and capital markets group, the New York Post said, citing sources.

It was unclear exactly how many employees were being cut, the paper said.

The bank, which has been grappling with slackening business due to the recession, said last month it would shed 30,000 to 35,000 jobs over three years.

Bank of America could not be immediately reached for comment by Reuters.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes)

01-08-2009, 01:49 PM
K', may be able to count us in now. Essar Steel Algoma (formerly Algoma Steel) begins layoffs on the 11th. They are starting with 130 (out of about 3300) jobs. Hope DH's isn't one of them, but won't find out until he gets home.

Worst part of the letter they sent out was that steel analysts don't see any rebound in the steel market in 2009. Shit.

01-08-2009, 02:35 PM

19 hours ago
How Big Will Job Losses Get?
Posted By: Lee Brodie

As we first told you last week, the market could be in for a big test as soon as Friday. Investors are nervously waiting to see how -- or if -- the market shrugs off bad news.

That bad news comes in the form of employment data. Nobody expects a bed of roses but from what we can tell – it’s going to be pretty bad. Nonfarm payrolls are expected to shed 500,000 jobs.

And if anything that estimate is probably conservative. On Wednesday there was already terrible news about jobs. ADP Employer Services' payroll survey showed a whopping loss of 693,000 jobs in December, far worse than economists had expected.

CNBC's Steve Liesman tells the traders he's “concerned about the ADP number (because) it showed an incredible weakness in the service sector. Service providers had been the area that’s kept us above water.”

And that’s the good news. ING Bank analyst Rob Carnell thinks a loss of one million jobs is coming "sooner than you might think."

"At the risk of sounding like 'Dr. Evil', there is a very real possibility of seeing monthly payrolls falling by a million in the next few months," Carnell wrote.

Payroll losses could reach seven figures as soon as January or February, he added.

In case you’re wondering, for December, ING's forecast is for payrolls to drop by 750,000.

What’s the bottom line? According to Steve Liesman “the market knows unemployment could go to 8% -- the question is have they priced it in?”

01-08-2009, 06:24 PM
Spanish unemployment tops three million

The number of people registered as without a job in Spain topped three million for the first time ever in December.

And the Madrid government is warning that unemployment will get worse this year as the global economic crisis continued to hammer the country’s formerly property-driven economy.

After nine straight month of increases, the jobless total has now reached 3.13 million, that is almost one million higher that at the end of 2007.
That is 13 percent of the working population; the highest rate in the European Union.

Spain’s secretary-general for employment, Maravillas Rojo, said: “It’s a difficult situation that’s not yet over. I believe everyone in Spain should recall what the prime minister said in his address to the nation at the end of the year, that we’ve reached the worst and most difficult part of this economic crisis.”

Even for those still with jobs there is less work. Manufacturers have responded to weaker demand by cutting output.

At an Iveco vehicle assembly plant in Andalusia one worker explained: “From next week until the end of the month we’re going to work alternate weeks. That is we’ll work one week and then not the next.”

The government is rolling out economic stimulus packages, but economists predict Spanish unemployment will rise to over four million by 2010.

The International Monetary Fund has warned that Spain could suffers years of low growth and high unemployment unless it reforms labour laws and develops economic substitutes to the construction industry.


01-09-2009, 08:58 AM
AK to lay off salaried workers

By Jessica Heffner

Staff Writer

Thursday, January 08, 2009

WEST CHESTER TWP. — AK Steel announced this evening, Jan. 8, that it is implementing a salaried work force layoff plan due to the continuing economic downturn.

AK Steel currently employs about 1,500 salaried employees, 800 of which work in Middletown and the West Chester Twp. headquarters. The layoffs likely will affect salaried employees in all of the company's plants and offices, said spokesman Alan McCoy.

Employees were informed this afternoon. There are no estimates on how many workers will be affected within the company or locally, he said.

"It's really impossible for us to give any kind of indication on what it is going to be. We are dealing with the situation day by day," he said.

While the company said it hopes the layoffs are temporary, a continuation of the economic downturn could result in some or all of the layoffs becoming permanent job reductions.

"We have the utmost empathy for our employees, and we hope they may soon return to their jobs," said James L. Wainscott, chairman, president and CEO. "However, we simply must continue to size our total workforce to our sharply lower customer order levels."

In December, the company announced several cost reduction measures for salaried employees, including an indefinite 5 percent pay reduction effective Jan. 1, freezing the defined benefit plan for salaried employees and replacing it with a defined contribution retirement benefit, and offering temporary incentives for voluntary retirements.

At the time, the company said it could not rule out the need for involuntary salaried job reductions if the pay reduction and voluntary retirements did not produce the necessary cost savings.

McCoy said the voluntary program window is still open, and could not estimate how many employees had taken that option at this point.

01-09-2009, 02:57 PM
Boeing just filed a WARN act notice.

Up to 5K jobs gone by March.

01-09-2009, 03:13 PM
Boeing just filed a WARN act notice.

Up to 5K jobs gone by March.

Is the WARN act notice just applicable to CA?

01-09-2009, 03:15 PM
Is the WARN act notice just applicable to CA?

Nope, Federal law.

01-09-2009, 03:16 PM
Rumors of layoffs at Google are now confirmed. From a mid-December paper filing with the SEC, they have provided details about letting go an unspecified, but significant number of contract employees.

Ironic that Google would file this the old-fashioned way, via a paper filing, so that details about it wouldn't be immediately available via the web....just makes one go hmmmmmmm.

The full SEC filing has been scanned in and the reporter has provided it in their article:

01-09-2009, 03:37 PM
Select Comfort cuts 22 percent of headquarters employees
Minneapolis / St. Paul Business Journal
- by John Vomhof Jr. Staff Writer

Select Comfort Corp. announced Tuesday it is laying off 120 workers, or roughly 22 percent of the work force at its Plymouth headquarters.

The layoffs are part of a broader cost-cutting initiative “in response to further slowing of sales after Thanksgiving and in anticipation of continued macro-economic challenges in 2009,” the bed retailer said in a statement. The company is best known as the creator of the Sleep Number bed.

Most of the cuts will affect general and administrative or customer-service positions.

Select Comfort also said it will immediately cease the implementation of SAP-based IT software and all associated activities.

Those cuts and others that Select Comfort is exploring are expected to save the company approximately $15 million a year, beginning in the first quarter of 2009. However, the company will incur a charge of $35 million in the fourth quarter of 2008 related to asset impairments — approximately $4 million of severance payments and other cash costs.

“During the course of the year, we’ve navigated through an extremely difficult macro-economic environment by focusing on reducing our cost structure and improving product margins,” Select Comfort President and CEO Bill McLaughlin said in a statement. “We expect these macro-economic challenges to continue and possibly worsen in 2009. Therefore, we’ve taken additional actions to better align our cost and cash structure with our 2009 outlook for the economy.”

01-09-2009, 04:19 PM
Legal Services Industry Lost 7,000 Jobs Last Year

Posted 1 hour, 29 minutes ago
By Debra Cassens Weiss (http://www.abajournal.com/authors/4)
The legal services industry lost around 7,000 jobs in the year ending in December, according to new statistics from the U.S. Department of Labor.

The numbers reflect several law firm layoffs and include paralegals and other legal staffers, the Am Law Daily (http://amlawdaily.typepad.com/amlawdaily/2009/01/us-legal-job-market-contracts-in-2008-says-government-report.html) reports. The numbers were part of a report showing 2.6 million jobs were lost in the country last year, the largest job losses in six decades.

The publication does see a “silver lining,” however; legal jobs actually increased by about 1,300 in December, according to seasonally adjusted data.


01-09-2009, 05:06 PM
Major layoff for Arizona miners

Arizona Daily Star
Tucson, Arizona | Published: 01.09.2009

Freeport-McMoRan Copper & Gold announced today it will be cutting almost half the employees at its Morenci mine.

At least 1,550 employees at the operations in east-central Arizona will be out of work by the end of March, Freeport spokesman Richard Peterson said in an email. Most of them will be put on paid leave Feb. 2.

The Morenci operation — one of the biggest copper mines in the United States — employs 3,300 people, so the new layoffs represent 47 percent of the workforce. They come on top of 402 job cuts at Morenci that took place in November.

Freeport-McMoRan was the ninth-biggest employer in Southern Arizona, according to last year's Star 200 survey. But that was during a copper boom that ended in mid-2008 with the price of the commodity plunging by more than 60 percent.


01-09-2009, 06:03 PM
Select Comfort also said it will immediately cease the implementation of SAP-based IT software and all associated activities.

Those cuts and others that Select Comfort is exploring are expected to save the company approximately $15 million a year, beginning in the first quarter of 2009.

Stopping the SAP implementation will be $14mil of that. :lol:

01-09-2009, 06:57 PM
Retailer Cost Plus to close 26 stores and cut jobs

Associated Press, 01.09.09, 03:51 PM EST
.headap_partner { background-color: #ffffff; color: #ffffff; font-weight: bold; padding:2px;}.borderap_partner{ border:1px solid #ffffff;}.bordercolorap_partner { background-color: #ffffff;}.rowap_partner { background-color: #ffffff;}.row1ap_partner { background-color: #ffffff;}.row2ap_partner{ background-color: #efefef;}.ruleap_partner { background-color: #cccccc;}.spaceap_partner { background-color: #ffffff;} (http://www.forbes.com/breakingnews/AP_full.html)[/URL]
Cost Plus Inc. announced plans to close 26 stores and cut jobs on Friday in an effort to save about $21 million a year, after the specialty home retailer reported weak holiday sales.

The Oakland, Calif.-based company also plans to exit eight media markets. Cost Plus did not identify those markets or the stores to be closed.

The company will also cut 18 percent of the staff in its home office and distribution center. Cost Plus had 808 corporate office and distribution employees as of Feb. 2, according to a Securities and Exchange Commission filing. The company had 2,719 full-time and 3,986 part-time employees at the time.

Cost Plus did not disclose how many employees would be affected by the store closures (http://www.forbes.com/breakingnews/AP_full.html).

The company expects its action to save about $21 million a year starting in fiscal 2009.

Cost Plus also said its same-store sales fell 4.3 percent in December and 6.6 percent for the nine-week holiday period ended Jan. 3.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance because they measure growth at existing stores rather than newly opened ones.


01-10-2009, 09:05 AM
Boeing Cuts 4,500 Commercial Jobs as Economy Weakens (Update3)
Email | Print | A A A

By Susanna Ray

Jan. 9 (Bloomberg) -- Boeing Co. plans to cut about 4,500 jobs, or 6.6 percent of its commercial-aircraft workforce, this year to reduce costs as a weakening global economy hurts demand for new planes.

The job losses will take place mainly in Washington state, Boeing’s manufacturing hub, and happen in the second quarter with 60-day notices beginning in late February, the company said in a statement today. Boeing, which has a record backlog of 3,714 planes to fill, said the job cuts will focus on areas not directly associated with aircraft production.

“We are taking prudent actions to make sure Boeing remains well positioned in today’s difficult economic environment,” Scott Carson, the head of Boeing Commercial Airplanes, said in the statement.

Chief Executive Officer Jim McNerney told employees in November that Chicago-based Boeing would cut jobs and reduce costs to help offset expenses from aircraft program delays and to brace for possible order cancellations amid slumping air travel. Boeing yesterday said last year’s orders dropped to 662 planes, down from 1,413 a year earlier.

U.S. companies are cutting jobs amid a recession. Earlier today the Labor Department reported the U.S. lost 2.589 million jobs in 2008, more than in any year since 1945. December’s unemployment rate climbed more than economists forecast, to 7.2 percent, the highest level in almost 16 years.

Union and Non-Union

The layoffs announced today include union and non-union workers, and the employees could eventually be called back, said Tim Healy, a spokesman for the company. The 4,500 total includes contractors. The employment level will return to about the same level as at the start of 2008 -- about 63,500 -- for the commercial half of Boeing’s business.

The company said in November that some of the reductions would be made through attrition and by firing contractors and that it was also reducing discretionary spending, such as travel, and taking other steps to lower expenses and boost productivity.

Boeing fell 34 cents to $44.45 at 4:01 p.m. in New York Stock Exchange composite trading.

Development costs have risen because of delays to three new Boeing models -- the 787 Dreamliner, 747-8 and 777 -- brought on by problems with suppliers, parts shortages and redesigns. The work was also slowed by an eight-week machinists strike that ended Nov. 2 and cost Boeing about $10 million a day in profit.

Boeing, which is also the second-largest U.S. defense contractor, employed 162,191 workers as of Dec. 31, a 3 percent gain from five years ago, according to its Web site.

The company is preparing for a possible moderating in military spending as well because of the government’s focus on a financial bailout. Boeing said in November it was cutting 800 workers at its defense unit’s base in Wichita, Kansas, about 27 percent of the workforce there.

To contact the reporter on this story: Susanna Ray in Seattle [email protected]
Last Updated: January 9, 2009 16:07 EST