Alcatel-Lucent Plans More Job Cuts
Alcatel-Lucent said Friday it will eliminate 1,000 more white-collar jobs as part of its new chief's plan to return the company to profitability, but shares slumped as investors were hoping for a bolder shift in business strategy. The Paris-based maker of networking equipment for telecommunications operators also intends to cut half of the 10,000 contractors it employs in measures aimed at saving $991 million by the fourth quarter of 2009.
BofA to Cut 35,000 Jobs
Bank of America Corp., battling the slowed economy, expects to eliminate about 35,000 positions over the next three years as it absorbs New York securities firm Merrill Lynch & Co.
The reductions, representing about 10% to 11% of the companies' combined work force, will hit "all lines and staff units" in both companies, reflecting both redundancies created by the Merrill acquisition as well as the "current recessionary environment," Bank of America said.
Yahoo Layoffs Today May Not Be the Last
Yahoo began laying off 1,500 workers on Wednesday as part of a plan, announced in October, to slash expenses by $400 million a year. The cost cutting, however, may have to go deeper in the coming year.
Rio Tinto With 14,000 job Cuts
Rio Tinto, the Anglo-Australian mining giant, said yesterday that it would cut 14,000 jobs in an attempt to reduce its $39 billion (£26.2 billion) debt mountain.
Sony Plans 16,000 Job Cuts
Sony is to cut more than 16,000 permanent and part-time jobs from its worldwide electronics division and will raise prices for its products in the face of dwindling consumer spending.
Sara Lee Expects 700 Job Cuts
Sara Lee Corp. announced plans Thursday to outsource some additional back-office operations in an effort intended to save up to $250 million a year as the company continues its turnaround effort.
Pfizer Slashes 700 Jobs
Pfizer is restructuring its operations in France, and you know what that means: streamlining, a.k.a. layoffs. The company said 700 jobs will be cut in the reorganization, with the layoffs focused on its French HQ in Paris and its sales force. Its union, however, claims that the cuts actually will amount to 892: from current employment of 1,771 to 879. "It is much higher than what we thought," a union delegate told Agence France Presse.