Peugeot Court Ruling May Delay Job Cuts
PSA Peugeot Citroen will continue negotiating 8,000 job cuts with unions despite a court ruling that may delay their implementation, the struggling French carmaker said on Tuesday. Hot Deals “The negotiations are not suspended and will continue to make progress,” a company spokesman said. In a court ruling on Monday, the Paris Appeal Court ordered...
Tata Steel to Cut 900 Jobs in Britain
India’s Tata Steel said on Friday it would cut 900 jobs across Britain as part of a restructuring plan aimed at stemming losses in weak European markets. The group said 580 jobs would go at its Port Talbot plant in south Wales as part of proposals to restructure its management and administrative functions. It also...
Banks Seen Shrinking for Good as Lay-offs near 160,000
Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one. A Reuters analysis of job cuts announced by 29 major banks showed the lay-offs were much bigger...
UBS Shares Jump on Expected Radical Overhaul
Shares in UBS jumped more than 5 per cent on Monday after media reports that the Swiss bank will announce cuts of up to 10,000 jobs and split off of its fixed-income operations into a separate division to be ultimately wound down. UBS Chief Executive Sergio Ermotti is expected to announce the radical restructuring along...
Ford to Cut 5,700 Jobs with Three European Plant Closings
Ford Motor Co will shut three European plants, its first factory closings in the region in a decade, and cut about 5,700 jobs to stem losses that the company predicts will exceed US$1 billion in 2012. A factory in Southampton, England, that makes chassis cabs for the Transit van and a stamping plant in Dagenham,...
UBS Set to Cut 400 Investment Banking Jobs: Source
UBS is set to cut 400 investment banking jobs as early as Wednesday, a source familiar with the situation told Reuters, with more job losses at the Swiss bank likely to follow. The 400 jobs would translate to less than 2.5 per cent of UBS’s overall investment bank, which employed 16,432 people at the end...
Japan’s Sharp to Cut 11,000 Jobs, Sell Assets: Report
Troubled Japanese consumer electronics giant Sharp is to cut 11,000 jobs worldwide and sell US$2.7 billion worth of assets and factories in a bid to turn its finances around, a report said on Tuesday. The company, best known for home appliances, including LCD televisions, will also cut wages, Kyodo News said, citing a company plan...
Bank of America to Cut 16,000 Jobs: Report
Bank of America plans to cut 16,000 jobs as part of a major restructuring plan by the end of 2012, when it would no longer be the largest US banking employer, the Wall Street Journal reported on Thursday. The cuts will take the banking giant’s total employment to 260,000, the Journal said, the lowest level...
Sony to Cut 15 Per cent of Mobile Phone Workforce
Sony said Thursday it would chop 15 per cent of the workforce at its struggling mobile phone unit and move its headquarters to Tokyo from Sweden as the Japanese consumer electronics giant slashes costs. The move to cut 1,000 jobs at Sony Mobile Communications comes about six months after Sony bought Swedish telecom company Ericsson’s...
Siemens Preparing to Axe ‘Thousands’ of Jobs
German engineering giant Siemens, which is increasingly feeling the effects of the economic downturn, is to slash “thousands” of jobs, the financial daily Boersen Zeitung reported on Tuesday. A company spokesman declined to comment on the information when contacted by AFP, but said that Siemens was scheduled to hold its traditional annual management conference in...
Japan’s Sharp May Sell China, Mexico Plants
Japan’s embattled Sharp is considering selling television assembly plants in China and Mexico and shedding 3,000 jobs, boosting the number of planned payroll cuts to 8,000, reports said Tuesday. Sharp is mulling the sale of the two factories as part of talks with Taiwanese partner Hon Hai Precision Industry, Dow Jones Newswires and the Yomiuri...
Motorola Mobility to Slash 4,000 Jobs
Motorola Mobility, which was bought by Google Inc for US$12.5 billion, will cut 20 per cent of its workforce and shut nearly a third of its offices worldwide, a spokeswoman for parent company Google Inc said on Monday. “Motorola is committed to helping them (the employees) through this difficult transition and will be providing generous...
