Tens of thousands of job losses were announced in the US on Monday. American economists say they expect the recession to worsen this year.
US heavy vehicles maker Caterpillar said it would cut over 20,000 jobs to deal with the challenging global business environment.
The company had earlier announced axing 15,000 workers in 2008. The people who will lose their jobs amount to about 18 per cent of the company's total workforce. Caterpillar currently employs about 1,13,000 workers.
Last week, Microsoft said it would cut 5,000 jobs over the next 18 months.
Research-based biomedical and pharmaceutical company Pfizer/Wyeth has announced a layoff of 20,000 workers while Texas Instruments will axe 3,400 employees.
In Europe too, more than 10,000 job cuts have been announced.
Financial firm ING has announced that 7,000 employees will be sacked.
Other companies that have recently announced job cuts include electronic giant Philips which will axe 6,000 workers and UK's steel manufacturer Corus which will layoff 3,500 among others.
Hoping to deal with the financial crisis soon, US President Barack Obama is lobbying for a quick Congressional passage of his $825 billion stimulus package.
Showing posts with label Corus. Show all posts
Showing posts with label Corus. Show all posts
Wednesday, January 28, 2009
Sunday, January 25, 2009
Tatas to slash 5,000 jobs at Corus, Jaguar
Indian conglomerate Tatas are expected to cut as many as 5,000 jobs at their steel and auto subsidiaries in the UK -- Corus and Jaguar Land Rover -- in the coming weeks. About 3,500 jobs are anticipated to go at Corus this week itself, while Jaguar Land Rover is expected to see another 1,500 layoffs in the coming weeks, The Sunday Times has reported.
"Britain's largest steelmaker, Corus is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector. "Further large-scale job losses are expected within weeks, with Jaguar Land Rover understood to be considering another 1,500 layoffs," the newspaper said.
Tata group firm Tata Steel had purchased Anglo-Dutch steel maker Corus for about 6.7 billion pounds (12 billion dollars approx.) in 2007.
Another group entity Tata Motors snapped up luxury car maker Jaguar Land Rover last year for more than two billion dollars from American auto major Ford. Meanwhile, the report noted that job cuts at Corus are likely to "overshadow this week's announcement by Lord Mandelson, the business secretary, of aid for the car industry".
The UK government is expected to come up with assistance to boost the country's car industry, which is hit by the economic downturn. "It is understood the planned job cuts (at Corus) will come across the company's 23,000-strong British workforce, and are not expected to lead to the closure of any large sites," the report said.
Quoting one industry insider, the Sunday Times said, "This is not about site closure. This is about making Corus in the UK competitive".
Agencies
"Britain's largest steelmaker, Corus is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector. "Further large-scale job losses are expected within weeks, with Jaguar Land Rover understood to be considering another 1,500 layoffs," the newspaper said.
Tata group firm Tata Steel had purchased Anglo-Dutch steel maker Corus for about 6.7 billion pounds (12 billion dollars approx.) in 2007.
Another group entity Tata Motors snapped up luxury car maker Jaguar Land Rover last year for more than two billion dollars from American auto major Ford. Meanwhile, the report noted that job cuts at Corus are likely to "overshadow this week's announcement by Lord Mandelson, the business secretary, of aid for the car industry".
The UK government is expected to come up with assistance to boost the country's car industry, which is hit by the economic downturn. "It is understood the planned job cuts (at Corus) will come across the company's 23,000-strong British workforce, and are not expected to lead to the closure of any large sites," the report said.
Quoting one industry insider, the Sunday Times said, "This is not about site closure. This is about making Corus in the UK competitive".
Agencies
Wednesday, December 3, 2008
Credit Suisse, HSBC to axe 1,150 jobs
Switzerland’s Credit Suisse AG Britain’s HSBC Holdings are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite.
The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.
Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said.
The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year.
HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.
“We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC UK Managing Director Paul Thurston said.
JP Morgan Chase & Co has said it will cut a total of 9,200 jobs at Washington Mutual, which it acquired September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis.
Of the 9,200 jobs being eliminated as JP Morgan integrates Washington Mutual, 4,000 will be cut by the end of January. The remaining 5,200 employees will remain with JP Morgan through a transition period, but will lose their positions by the end of 2009. ArcelorMittal, the world’s biggest steelmaker, also plans to cut 1,400 support jobs at its French operations. The job cuts will take the form of voluntary redundancies, Daniel Soury-Lavergne, head of the steelmaker’s French business, said in an e-mailed statement.
European steel maker Corus, which was acquired by the Tatas, has said it will cut 146 jobs at one of its units. Corus in a statement said as part of the reorganisation process, the decision has been taken to reduce employment levels at Corus Tubes, a business division of the company, 146 jobs would be at risk.
Citi cuts package
American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.
Source: Agencies
The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.
Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said.
The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year.
HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.
“We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC UK Managing Director Paul Thurston said.
JP Morgan Chase & Co has said it will cut a total of 9,200 jobs at Washington Mutual, which it acquired September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis.
Of the 9,200 jobs being eliminated as JP Morgan integrates Washington Mutual, 4,000 will be cut by the end of January. The remaining 5,200 employees will remain with JP Morgan through a transition period, but will lose their positions by the end of 2009. ArcelorMittal, the world’s biggest steelmaker, also plans to cut 1,400 support jobs at its French operations. The job cuts will take the form of voluntary redundancies, Daniel Soury-Lavergne, head of the steelmaker’s French business, said in an e-mailed statement.
European steel maker Corus, which was acquired by the Tatas, has said it will cut 146 jobs at one of its units. Corus in a statement said as part of the reorganisation process, the decision has been taken to reduce employment levels at Corus Tubes, a business division of the company, 146 jobs would be at risk.
Citi cuts package
American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.
Source: Agencies
Subscribe to:
Posts (Atom)