HSBC Holdings plc (NYSE:HBC) (LON:HSBA) (HKG:0005) is expected to announce more job cuts this week. It said in its earnings report last week that it would give an update on its cost reduction plan this week, and the bank was said to be planning to slash thousands of jobs two months ago. HSBC Sells Off Businesses, Cuts More Costs In the last two years, HSBC Holdings plc (NYSE:HBC) (LON:HSBA) (HKG:0005) has sold off more...
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Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) will reduce its workforce in Germany by eliminating 500 jobs as the company tries to modify its operations amid strong competition and lower fees in the country. The report regarding the group’s plan to cut 500 jobs in Germany was reported by Frankfurter Allgemeine Zeitung and Rheinische Post. The spokesperson of Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) confirmed the reports and stated, “We have started a two-year program.” According to Reuters,...
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SUPERVALU INC. (NYSE:SVU) revealed today its plans to eliminate 1,100 jobs from its corporate and store-support employees in an effort to improve its business. The company also announced that it would not fill existing positions and open jobs. For more than three years, the supermarket’s sales have been declining due to strong competition from Wal-Mart Stores, Inc. (NYSE:WMT), and the expansion of thrift stores such as Family Dollar Stores, Inc (NYSE:FDO), and Dollar Tree, Inc....
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The Coca-Cola Company (NYSE:KO), the world’s largest maker of beverages announced its plan to cut 750 jobs in the United States as it continue to restructure its business operations, according to report from the Associated Press. A spokesperson of the company said that a quarter of the workforce reduction will be in Coca-Cola’s headquarters, and it will across the board. All of the affected employees will receive a notice from the management of the...
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Thomas Cook Group plc (LON:TCG), the oldest travel firm worldwide said it would restructure its business in the United Kingdom and it would cut 2,500 full-time jobs. The company also closing 195 of its high street travel agencies in the country as its business has been affected by the crisis in the European region, high fuel costs and the turmoil in primary destinations such as Egypt and Turkey, according to report from Reuters. According to...
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The stock price of Best Buy Co., Inc. (NYSE:BBY) declined by almost 3 percent to $16.57 per share during the midday trading in New York following reports that the company will eliminate 400 jobs at its headquarters. Hubert Joly, president and chief executive officer of the consumer electronics retailer is trying to restructure Best Buy by reducing its selling, general and administrative expenses by approximately $150 million. According to the company, the majority of its...
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JPMorgan Chase & Co. (NYSE:JPM) is planning to cut its workforce by almost 19,000 employees by 2014. The move was part of the initiative of its CEO Jamie Dimon to reduce the expenses of the company. According to a report from Bloomberg, the largest bank in the United States will cut jobs in its community and mortgage businesses. As of December 2012, JPMorgan Chase & Co. (NYSE:JPM) has approximately 259,000 employees. The bank intends to...
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JPMorgan Chase & Co. (NYSE:JPM) is the latest financial institution to order another round of job cuts. The financial industry has been hit hard by job losses in recent years. On Monday, it was announced that Goldman Sachs Group, Inc. (NYSE:GS) was planning more job cuts. Morgan Stanley (NYSE:MS) has already announced that it doesn’t plan to cut any more jobs any time soon, although we have yet to hear from Citigroup Inc. (NYSE:C) on...
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Goldman Sachs Group, Inc. (NYSE:GS) is said to be planning a new round of job cuts, possibly as early as this week. This is just the latest round in a series of job setbacks that has plagued Wall Street in recent months. Both Goldman Sachs Group, Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) were said to be considering big layoffs in December. However, Morgan Stanley announced in January that it wouldn’t be cutting anymore jobs soon. That news...
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Hasbro, Inc. (NASDAQ:HAS) announced plans to reduce its workforce by 10 percent and to consolidate its facilities to cut expenses after the company failed to meet its revenue expectations for 2012. Hasbro, Inc. (NASDAQ:HAS), the toy manufacture, released its preliminary results and expects to report earnings of around $2.73 to $2.75 per share excluding restructuring on revenue of around $4.09 billion for the entire year. According to the company, the result includes approximately $0.10...
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Barclays PLC (NYSE:BCS) (LON:BARC), on Tuesday, served a notice to its U.K. investment banking staff about potential job cuts. The job cuts are the result of the restructuring plans adopted by the bank to adhere to new regulations and a tougher business climate. In a changed strategy, Barclays PLC (NYSE:BCS) (LON:BARC) Chief Executive Officer, Antony Jenkins, is trying to improve the culture at the bank, with increased focus on more profitable ventures amid tougher capital...
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