Britain's BT Group cut its dividend and said a further 15,000 jobs would go after a 1.58 billion pound ($2.4 billion) write down and restructuring at its Global Services unit drove it to a fourth quarter loss.
The group, which had for years looked for growth at its Global Services unit which supplies the IT needs of multinational companies, also said it would almost double its pension contributions to 525 million pounds ($794.1 million) a year.
BT, which has twice previously in the past year warned about profits at the Global Services unit, said earnings before interest, tax, depreciation and amortisation and contract and financial review charges were 1.35 billion pounds, down 14 percent.
Profit before tax on an adjusted basis was down 40 percent and on a reported basis showed a 1.28 billion pound loss.
To help meet its increased pension obligations, BT cut its final dividend to 1.1 pence to give a full year dividend of 6.5 pence, which was down 59 percent on last year.
The pension contributions will almost double from the previous 280 million pound annual payment to 525 million pounds a year for the next three financial years.
BT has been engaged in a three-yearly pension review to establish the size of its deficit and what it should contribute to the scheme on an annual basis, based on its asset values and liabilities.
The last review in 2006 put BT's deficit at 3.4 billion pounds and set annual contributions on a 10-year recovery plan at 280 million pounds.
BT said on Thursday the contributions would rise to 525 million pounds but did not reveal the new deficit from the three-year review.
A leading pensions expert said on Wednesday that BT's pension deficit now stood at 11 billion pounds
BT said its triennial pension funding valuation was at an advanced state of completion. It did give its pension position at March 31 on an IAS 19 accounting basis as a deficit of 2.9 billion pounds net of tax, compared with a surplus of 2 billion pounds last year.
"Three out of four of BT's lines of business have performed well in spite of fierce competition and the global economic downturn," Chief Executive Ian Livingston said.
"However this achievement has been overshadowed by the unacceptable performance of BT Global Services and the resulting charges we have taken."
Agencies
Showing posts with label cuts. Show all posts
Showing posts with label cuts. Show all posts
Thursday, May 14, 2009
Friday, April 24, 2009
Does cost cuts help tech giants ride out weak economy?
A solid crop of earnings reports from the leading lights of technology suggests the sector is proving adept at cost cuts and more resilient to the economic meltdown than previously thought.
While executives from Apple Inc, Google Inc, IBM and Intel Corp were almost uniformly cautious in talking about the rest of the year, they all reported quarterly profits that beat Wall Street expectations.
Microsoft Corp's earnings on Thursday were in line with forecasts, but investors sent its shares higher in part because of cost cuts that the world's largest software maker is undertaking to protect its bottom line.
With corporate and consumer spending under pressure, analysts say many tech companies moved swiftly to slash jobs and output- positioning themselves for growth when a bottom is reached, which some say may have happened already.
"It does look like tech might very well lead us out of the recessionary market," said Enderle Group analyst Rob Enderle. "They are structured to respond more quickly and they've demonstrated they can."
Although the results were not necessarily strong on a historical basis and the outlook for the economy remains extremely uncertain, analysts see positive signs for the sector.
Technology shares have been surging, with the Morgan Stanley Hi-Tech index of major tech stocks up more than 30 per cent since early March.
While a rally may prove difficult to sustain, analysts say the prospects are better for an IT recovery because tech products and services are integral to the day-to-day functioning of the global economy and people's lives.
"Everybody's taking big cuts in their budgets, but a lot of tech spend is not so variable," said M Eric Johnson, director of the Center for Digital Strategies at the Tuck School of Business at Dartmouth. "A lot of their spending needs to and has to occur even in a downturn."
He said the recession in some ways has benefited information technology service providers like IBM, as corporations have moved to outsourcing.
IBM reported an 11 per cent drop in revenue, which was weaker than expected, but higher margins helped its profit beat analysts' forecasts.
There were other encouraging signals in major tech earnings reports. Apple's earnings topped Wall Street forecasts as consumers showed they were still willing to spend on premium devices such as iPhones and iPods even in a tough economy.
Google's and Intel's results also beat expectations, thanks to cost discipline. Intel Chief Executive Paul Otellini declared the worst is over for the PC market, a message echoed by disk drive maker Seagate Technology, but Microsoft Chief Financial Officer Chris Liddell said he saw no sign the bottom had been reached.
Positive signs also emerged from earnings reports from chipmaker Texas Instruments and flash memory maker SanDisk.
"Things at least seem to have stopped falling," said Barry Jaruzelski, a partner at consulting firm Booz & Co He said the key is in how enterprise IT spending plays out.
"It looks like we've found the reset level...The thing IT has going for it is it's often an enabler for cost reductions."
Agencies
While executives from Apple Inc, Google Inc, IBM and Intel Corp were almost uniformly cautious in talking about the rest of the year, they all reported quarterly profits that beat Wall Street expectations.
Microsoft Corp's earnings on Thursday were in line with forecasts, but investors sent its shares higher in part because of cost cuts that the world's largest software maker is undertaking to protect its bottom line.
With corporate and consumer spending under pressure, analysts say many tech companies moved swiftly to slash jobs and output- positioning themselves for growth when a bottom is reached, which some say may have happened already.
"It does look like tech might very well lead us out of the recessionary market," said Enderle Group analyst Rob Enderle. "They are structured to respond more quickly and they've demonstrated they can."
Although the results were not necessarily strong on a historical basis and the outlook for the economy remains extremely uncertain, analysts see positive signs for the sector.
Technology shares have been surging, with the Morgan Stanley Hi-Tech index of major tech stocks up more than 30 per cent since early March.
While a rally may prove difficult to sustain, analysts say the prospects are better for an IT recovery because tech products and services are integral to the day-to-day functioning of the global economy and people's lives.
"Everybody's taking big cuts in their budgets, but a lot of tech spend is not so variable," said M Eric Johnson, director of the Center for Digital Strategies at the Tuck School of Business at Dartmouth. "A lot of their spending needs to and has to occur even in a downturn."
He said the recession in some ways has benefited information technology service providers like IBM, as corporations have moved to outsourcing.
IBM reported an 11 per cent drop in revenue, which was weaker than expected, but higher margins helped its profit beat analysts' forecasts.
There were other encouraging signals in major tech earnings reports. Apple's earnings topped Wall Street forecasts as consumers showed they were still willing to spend on premium devices such as iPhones and iPods even in a tough economy.
Google's and Intel's results also beat expectations, thanks to cost discipline. Intel Chief Executive Paul Otellini declared the worst is over for the PC market, a message echoed by disk drive maker Seagate Technology, but Microsoft Chief Financial Officer Chris Liddell said he saw no sign the bottom had been reached.
Positive signs also emerged from earnings reports from chipmaker Texas Instruments and flash memory maker SanDisk.
"Things at least seem to have stopped falling," said Barry Jaruzelski, a partner at consulting firm Booz & Co He said the key is in how enterprise IT spending plays out.
"It looks like we've found the reset level...The thing IT has going for it is it's often an enabler for cost reductions."
Agencies
Friday, April 17, 2009
Infosys to cut variable pay compenent
Infosys has cut the variable pay for employees, with the cuts being deeper at the higher levels. For senior executives, the variable pay, which constitutes nearly 50 per cent of their total compensation, has been slashed by 58 per cent.
“Some boardroom executives have even taken a 70 per cent to 85 per cent variable pay cut,” said T V Mohandas Pai, head of HR in Infosys. The company's hiring has been steadily declining.
In Q4, it added (net) only 1,772 people, compared to 2,772 in Q3, and 2,586 in Q4 of 2007-08. In the whole of 2008-09, it hired (net) 13,663 people, down from 18,946 in the year before.
The company maintained that it will not seek to trim its payroll by laying off software professionals. There will, however, be no salary hike this year, as the company plans to keep its operational costs under control.
“We are not laying off anybody and there are no such plans,” said Infosys Technologies HR-director, TV Mohandas Pai.
Infosys plans to hire 18,000 professionals in the current fiscal, including almost 16,000 fresh graduates and experienced hires. It will also recruit around 1,000 non-Indians outside the country to increase the number of foreign professionals in its workforce.
Times News Network
“Some boardroom executives have even taken a 70 per cent to 85 per cent variable pay cut,” said T V Mohandas Pai, head of HR in Infosys. The company's hiring has been steadily declining.
In Q4, it added (net) only 1,772 people, compared to 2,772 in Q3, and 2,586 in Q4 of 2007-08. In the whole of 2008-09, it hired (net) 13,663 people, down from 18,946 in the year before.
The company maintained that it will not seek to trim its payroll by laying off software professionals. There will, however, be no salary hike this year, as the company plans to keep its operational costs under control.
“We are not laying off anybody and there are no such plans,” said Infosys Technologies HR-director, TV Mohandas Pai.
Infosys plans to hire 18,000 professionals in the current fiscal, including almost 16,000 fresh graduates and experienced hires. It will also recruit around 1,000 non-Indians outside the country to increase the number of foreign professionals in its workforce.
Times News Network
Thursday, April 16, 2009
Will Yahoo layoff hundreds of employees?
Yahoo Inc is gearing up for its third round of mass layoffs in 14 months, signaling the long-slumping Internet company is still struggling to snap out of its financial malaise under a new leadership team.
The cuts will likely affect several hundred employees, a person familiar with the plan said, confirming a report first published on The New York Times' Web site.
The person asked to remain anonymous because Yahoo isn't publicly discussing anything that might affect its stock price until the April 21 release of the Sunnyvale, California-based company's first-quarter earnings report.
Most analysts expect those results to be lackluster, extending a pattern of disappointing profits that began in 2006.
Yahoo hired technology veteran Carol Bartz as its chief executive in January to steer a turnaround. The blunt-talking Bartz has spent much of her tenure trying to understand Yahoo's strengths and weaknesses while promising to throw out the dead wood. She already has reorganized Yahoo's management team.
Bartz's predecessor, Yahoo co-founder Jerry Yang, also tried to shake things up by laying off about 1,000 workers in February 2008 only to expand the payroll again in the next few months. Just before Bartz's hiring, Yahoo eliminated more than 1,500 jobs to enter 2009 with 13,600 workers.
When they made the last cuts, Yahoo executives warned more layoffs could be coming if the recession worsened — an unwelcome turn that occurred during the first three months of the year.
The deepening downturn has caused more advertisers to trim their spending, a trend that has hurt all companies like Yahoo that depend on advertising for most of their revenue. The retrenchment has been a bigger problem for more traditional media, particularly newspapers, but it's also forcing Internet companies to tighten their belts.
Even Internet search leader Google Inc, which generates three times more revenue than Yahoo, decided to lay off about 340 workers and curb other expenses during the first quarter to bolster its profits during the tough times.
Agencies
The cuts will likely affect several hundred employees, a person familiar with the plan said, confirming a report first published on The New York Times' Web site.
The person asked to remain anonymous because Yahoo isn't publicly discussing anything that might affect its stock price until the April 21 release of the Sunnyvale, California-based company's first-quarter earnings report.
Most analysts expect those results to be lackluster, extending a pattern of disappointing profits that began in 2006.
Yahoo hired technology veteran Carol Bartz as its chief executive in January to steer a turnaround. The blunt-talking Bartz has spent much of her tenure trying to understand Yahoo's strengths and weaknesses while promising to throw out the dead wood. She already has reorganized Yahoo's management team.
Bartz's predecessor, Yahoo co-founder Jerry Yang, also tried to shake things up by laying off about 1,000 workers in February 2008 only to expand the payroll again in the next few months. Just before Bartz's hiring, Yahoo eliminated more than 1,500 jobs to enter 2009 with 13,600 workers.
When they made the last cuts, Yahoo executives warned more layoffs could be coming if the recession worsened — an unwelcome turn that occurred during the first three months of the year.
The deepening downturn has caused more advertisers to trim their spending, a trend that has hurt all companies like Yahoo that depend on advertising for most of their revenue. The retrenchment has been a bigger problem for more traditional media, particularly newspapers, but it's also forcing Internet companies to tighten their belts.
Even Internet search leader Google Inc, which generates three times more revenue than Yahoo, decided to lay off about 340 workers and curb other expenses during the first quarter to bolster its profits during the tough times.
Agencies
Monday, March 23, 2009
Has HP cut salaries of EDS employees?
Hewlett-Packard Co said it will cut the base salaries of some employees in its EDS business by 10 per cent for the month of April.
The temporary salary reduction is in addition to a company-wide pay cut HP instituted last month.
The salary cut impacts only EDS workers based in the United States and Puerto Rico and will not affect those making less than $40,000.
A company spokeswoman said in a statement via email that the move is a "temporary cost action to keep the organization strong while increasing financial flexibility."
HP bought EDS last year for $13.2 billion. Last month, after the company cut its full-year outlook and posted weaker-than expected quarterly revenue, HP moved to reduce base pay for all its employees, including a 5 per cent cut for most salaried workers.
HP Chief Executive Mark Hurd has stressed the company's commitment to lowering costs. HP is the world's largest maker of personal computers, and second-largest technology services company.
Agencies
The temporary salary reduction is in addition to a company-wide pay cut HP instituted last month.
The salary cut impacts only EDS workers based in the United States and Puerto Rico and will not affect those making less than $40,000.
A company spokeswoman said in a statement via email that the move is a "temporary cost action to keep the organization strong while increasing financial flexibility."
HP bought EDS last year for $13.2 billion. Last month, after the company cut its full-year outlook and posted weaker-than expected quarterly revenue, HP moved to reduce base pay for all its employees, including a 5 per cent cut for most salaried workers.
HP Chief Executive Mark Hurd has stressed the company's commitment to lowering costs. HP is the world's largest maker of personal computers, and second-largest technology services company.
Agencies
Friday, February 6, 2009
Will Infosys freeze recruitment, mulls pay cuts?
Employees of Infosys Technologies may have to live with a salary cut and without any significant increment, even as the IT bellwether has virtually frozen fresh recruitments on account of the global meltdown, a top company official has said.
"A part of our salary is determined by variable sales component, which is the percentage of the company's revenue," said Infosys' director for human resources T V Mohandas Pai.
"Since the revenues are down, the salaries will naturally be trimmed."
Speaking to reporters on the sidelines of a press conference here, Pai said the leading software exporter and business process outsourcing firm may also opt out of salary hikes because of the slowdown.
"The increments may not happen this year. But, if they do, they will be subdued."
Pai also maintained that the company will honour the 20,000 campus offers made last year, but added that fresh hiring has been frozen.
Infosys, India's second largest IT firm, had reported a net profit of Rs.16.41 billion ($335.5 million) for the third quarter of this fiscal, to log a 33 percent year growth. The jump was above expectations but below what it had logged in the past decade.
Speaking about the fallout of the $1.43-billion Satyam Computer Services scam, Pai said Infosys had, indeed, received offers from some customers of the rival group, which were being analysed.
"Our chief executive officer (K. Gopalakrishnan) had earlier made an announcement that we have received offers from Satyam customers," he said, adding: "But we do not go and poach on customers."
Gopalakrishnan had also said last month that there was no pro-active move on the part of his company to approach Satyam customers. "But if they come on their own, we will look into their proposals case-by-case."
Agencies
"A part of our salary is determined by variable sales component, which is the percentage of the company's revenue," said Infosys' director for human resources T V Mohandas Pai.
"Since the revenues are down, the salaries will naturally be trimmed."
Speaking to reporters on the sidelines of a press conference here, Pai said the leading software exporter and business process outsourcing firm may also opt out of salary hikes because of the slowdown.
"The increments may not happen this year. But, if they do, they will be subdued."
Pai also maintained that the company will honour the 20,000 campus offers made last year, but added that fresh hiring has been frozen.
Infosys, India's second largest IT firm, had reported a net profit of Rs.16.41 billion ($335.5 million) for the third quarter of this fiscal, to log a 33 percent year growth. The jump was above expectations but below what it had logged in the past decade.
Speaking about the fallout of the $1.43-billion Satyam Computer Services scam, Pai said Infosys had, indeed, received offers from some customers of the rival group, which were being analysed.
"Our chief executive officer (K. Gopalakrishnan) had earlier made an announcement that we have received offers from Satyam customers," he said, adding: "But we do not go and poach on customers."
Gopalakrishnan had also said last month that there was no pro-active move on the part of his company to approach Satyam customers. "But if they come on their own, we will look into their proposals case-by-case."
Agencies
Thursday, January 22, 2009
Microsoft cuts 5,000 jobs as part of first layoffs
Microsoft Corp. said Thursday it is cutting 5,000 jobs over the next 18 months -- more than 5 percent of its work force -- a sign of how badly even the biggest and richest companies are being stung by the recession.
The layoffs appear to be a first for Microsoft, which was founded in 1975, aside from relatively limited staff cuts the software company made after acquiring companies.
The company announced the cuts as it reported an 11 percent drop in second-quarter profit, which fell short of Wall Street's expectations. Microsoft shares plunged 8 percent in morning trading.
The biggest names in the technology sector have been no stranger to layoffs lately. Giants such as chip maker Intel Corp. and even Google Inc. are among the companies that have pulled back on jobs to hunker down in the recession.
Even with $20.7 billion in cash on hand, Microsoft said its business prospects were hurt by the deteriorating global economy and lower revenue from software for PCs. The holiday quarter of 2008 was the worst the PC market had seen since 2002, with computer shipments declining about a half of 1 percent, according to IDC, a technology research group.
Making matters worse, the one type of PC consumers have warmed to in tight times -- the low-cost, low-power "netbook" -- actually cut further into Microsoft's earnings. The tiny portable computers run on Windows XP, which is older and less profitable for Microsoft than Windows Vista.
In a memo to employees, Chief Executive Steve Ballmer acknowledged that Microsoft is "not immune to the effects of the economy. Consumers and businesses have reined in spending, which is affecting PC shipments and IT (information technology) expenditures."
Ballmer said Microsoft cut operating expenses by $600 million in the quarter, but that it wasn't enough.
The layoffs, starting with 1,400 on Thursday, will affect workers in research and development, marketing, sales, finance, legal and corporate affairs, human resources and information technology, and mostly in Redmond, Wash., where the company is based. Ballmer also said changes would occur in departments that handle support, consulting, operations, billing, manufacturing, and data center operations, but he did not say whether layoffs are planned in those cases.
Microsoft won't stop hiring entirely. Ballmer said the company will add new jobs to support "key investment areas" over the next 18 months, so the total number of employees will drop by 2,000 to 3,000. Microsoft employs 94,000 people overall.
"I would have expected a more aggressive cut," said Cowen and Co. analyst Walter Pritchard. "They're trying to have their cake and eat it too, in terms of not cutting and hoping to have everything they were going to have before."
The software maker is trimming costs for travel, contractors and vendors, and said it will scale back a massive expansion to its Redmond campus.
Microsoft said its job cuts will reduce operating costs by $1.5 billion as it prepares for lower revenue and earnings in the second half of the year. The company says it is unable to offer profit and revenue guidance for the rest of the year, because of the market volatility.
Microsoft said profit in the last quarter fell to $4.17 billion, or 47 cents per share, from year-ago earnings of $4.71 billion, or 50 cents per share.
Total revenue edged up 2 percent to $16.63 billion.
The results missed Wall Street's forecast for earnings of 49 cents per share on sales of $17.08 billion.
Microsoft makes most of its profits on sales of the Windows operating system and its Office package of software, which includes programs such as Word, PowerPoint and Excel. Revenue and earnings shrank in both of those divisions.
A bright spot for Microsoft is software for corporate server computers, where revenue is still rising. Gartner analyst Neil MacDonald noted that the server business can thrive in a downturn because back-office software can help companies improve efficiency and save money.
Agencies
The layoffs appear to be a first for Microsoft, which was founded in 1975, aside from relatively limited staff cuts the software company made after acquiring companies.
The company announced the cuts as it reported an 11 percent drop in second-quarter profit, which fell short of Wall Street's expectations. Microsoft shares plunged 8 percent in morning trading.
The biggest names in the technology sector have been no stranger to layoffs lately. Giants such as chip maker Intel Corp. and even Google Inc. are among the companies that have pulled back on jobs to hunker down in the recession.
Even with $20.7 billion in cash on hand, Microsoft said its business prospects were hurt by the deteriorating global economy and lower revenue from software for PCs. The holiday quarter of 2008 was the worst the PC market had seen since 2002, with computer shipments declining about a half of 1 percent, according to IDC, a technology research group.
Making matters worse, the one type of PC consumers have warmed to in tight times -- the low-cost, low-power "netbook" -- actually cut further into Microsoft's earnings. The tiny portable computers run on Windows XP, which is older and less profitable for Microsoft than Windows Vista.
In a memo to employees, Chief Executive Steve Ballmer acknowledged that Microsoft is "not immune to the effects of the economy. Consumers and businesses have reined in spending, which is affecting PC shipments and IT (information technology) expenditures."
Ballmer said Microsoft cut operating expenses by $600 million in the quarter, but that it wasn't enough.
The layoffs, starting with 1,400 on Thursday, will affect workers in research and development, marketing, sales, finance, legal and corporate affairs, human resources and information technology, and mostly in Redmond, Wash., where the company is based. Ballmer also said changes would occur in departments that handle support, consulting, operations, billing, manufacturing, and data center operations, but he did not say whether layoffs are planned in those cases.
Microsoft won't stop hiring entirely. Ballmer said the company will add new jobs to support "key investment areas" over the next 18 months, so the total number of employees will drop by 2,000 to 3,000. Microsoft employs 94,000 people overall.
"I would have expected a more aggressive cut," said Cowen and Co. analyst Walter Pritchard. "They're trying to have their cake and eat it too, in terms of not cutting and hoping to have everything they were going to have before."
The software maker is trimming costs for travel, contractors and vendors, and said it will scale back a massive expansion to its Redmond campus.
Microsoft said its job cuts will reduce operating costs by $1.5 billion as it prepares for lower revenue and earnings in the second half of the year. The company says it is unable to offer profit and revenue guidance for the rest of the year, because of the market volatility.
Microsoft said profit in the last quarter fell to $4.17 billion, or 47 cents per share, from year-ago earnings of $4.71 billion, or 50 cents per share.
Total revenue edged up 2 percent to $16.63 billion.
The results missed Wall Street's forecast for earnings of 49 cents per share on sales of $17.08 billion.
Microsoft makes most of its profits on sales of the Windows operating system and its Office package of software, which includes programs such as Word, PowerPoint and Excel. Revenue and earnings shrank in both of those divisions.
A bright spot for Microsoft is software for corporate server computers, where revenue is still rising. Gartner analyst Neil MacDonald noted that the server business can thrive in a downturn because back-office software can help companies improve efficiency and save money.
Agencies
Wednesday, January 14, 2009
ING cuts 750 jobs due to economic slowdown
Dutch financial services group ING Groep NV will cut 750 jobs, or 7 percent of its US workforce, as part of a global programme to cope with the economic slowdown, ING spokesmen said on Tuesday.
"As many companies in the United States we need to align operations with market conditions," ING spokesman Dana Ripley said. US companies such as Bank of America Corp have announced job cuts in the past few months to deal with slowing business activity and the U.S. Labor Department said last week that employers cut payrolls by 524,000 in December.
ING will cut the jobs during the first quarter across all its U.S. banking and insurance operations and it will also not fill 170 vacancies in the United States, Ripley said. ING currently has about 11,000 US employees people and a total global workforce of 130,000.
The US job cuts are part of a global initiative to bring costs and operations in line with market conditions as ING said in November, ING spokesman Raymond Vermeulen said. He declined to say if there could be job cuts outside the United States. ING posted a third quarter loss of 478 million euros ($635.6 million) due to 1.5 billion euros of impairments, making it ING's first quarterly loss ever.
Agencies
"As many companies in the United States we need to align operations with market conditions," ING spokesman Dana Ripley said. US companies such as Bank of America Corp have announced job cuts in the past few months to deal with slowing business activity and the U.S. Labor Department said last week that employers cut payrolls by 524,000 in December.
ING will cut the jobs during the first quarter across all its U.S. banking and insurance operations and it will also not fill 170 vacancies in the United States, Ripley said. ING currently has about 11,000 US employees people and a total global workforce of 130,000.
The US job cuts are part of a global initiative to bring costs and operations in line with market conditions as ING said in November, ING spokesman Raymond Vermeulen said. He declined to say if there could be job cuts outside the United States. ING posted a third quarter loss of 478 million euros ($635.6 million) due to 1.5 billion euros of impairments, making it ING's first quarterly loss ever.
Agencies
Wednesday, December 3, 2008
A lot more job cuts coming?
We are witnessing the worst of financial services job cuts in history? Well, here's one way to look at it: If banks were bent on maintaining their compensation ratio--that is, their compensation costs as a percentage of revenues--they would have to lay off many, many more employees, says a financial analyst.
It says the results of its analysis "range from the farcical (Merrill Lynch) to the disturbing (Credit Suisse), and the reassuring (Goldman and Morgan Stanley)." More specifically, Merrill Lynch would have to lay off more than 58,000. Credit Suisse would have to lay of 16,000. JPMorgan would have to layoff more than 5,000. Meanwhile, Goldman Sachs and Morgan Stanley would not require any additional layoffs, adds the analyst.
Source: Agencies
It says the results of its analysis "range from the farcical (Merrill Lynch) to the disturbing (Credit Suisse), and the reassuring (Goldman and Morgan Stanley)." More specifically, Merrill Lynch would have to lay off more than 58,000. Credit Suisse would have to lay of 16,000. JPMorgan would have to layoff more than 5,000. Meanwhile, Goldman Sachs and Morgan Stanley would not require any additional layoffs, adds the analyst.
Source: Agencies
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