layoffs

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BBC Cuts 1,800 Jobs, Updates for Digital Age

Funding shortfall, shifting audience leads to restructuring

(Newser) - The BBC will cut 1,800 of its 18,000 jobs and integrate its TV, radio and Internet news operations to adapt to the digital age, the public broadcaster announced today. As many as 2,500 positions may be lost, but others will be added, the BBC said, to reflect...

Struggling AOL to Take 2,000 Jobs Offline

Subscriber losses prompt Time Warner to trim workforce 20 percent

(Newser) - Internet icon AOL will pink slip 2,000 workers tomorrow—1,200 from the US—as the once-dominant service provider tries to re-energize its business. In August corporate parent Time-Warner announced that AOL had lost 1.1 million paying subscribers, and reported second-quarter sales of $1.3 billion, a 38%...

Countrywide Will Slash up to 12,000 Jobs

(Newser) - Troubled mortgage lender Countrywide announced today that it would cut up to 12,000 jobs–or some 20% of its total workforce–over the next three months. The Wall Street Journal reports that, as the subprime debacle rocks the housing market and the lending industry, Countrywide expects to issue 25%...

Layoffs Sink Stock Prices, Says Study

Forget the Seven Percent Rule; workforce morale critical to value

(Newser) - Economists have long doubted the precept that cutting a company's payroll will lead to a spike in its stock price. But try telling that to CEOs, who are still trying to emulate the turnarounds achieved by G.E. and Proctor & Gamble. Now, a study reveals that markets actually have...

Citigroup Cuts 17,000 Jobs
Citigroup Cuts 17,000 Jobs
Apr 12, 2007 9:47 AM CDT

Citigroup Cuts 17,000 Jobs

Investors demanded downsizing; now the pressure's on raising revenue

(Newser) - Citigroup will cut 17,000 jobs in an attempt to close the gap between its revenue, up 7% last year, and its expenses, up 15%. The two-year cost-cutting plan comes after shareholders demanded major changes, but analysts agree that lowering expenses is only the first step. Upping revenue is the...

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