LayoffBlog.com

February 24, 2009

San Francisco Chronicle to cut jobs, might close

According to Reuters: “Hearst Corp will lay off a “significant” number of jobs at the money-losing San Francisco Chronicle, and may shut the daily paper if it cannot cut costs within weeks.”

The paper employs 275 news staff. It is unknown how many employees it has in total. The paper is the 12th largest in the United States, according to the U.S. Audit Bureau of Circulations

January 15, 2009

New Yahoo CEO Bartz to receive $1 million salary, 2M bonus, 5M shares

According to MarketWatch: “Newly-appointed Yahoo Inc. Chief Executive Carol Bartz has signed a four-year agreement with the company that will pay her an annual base salary of $1 million, according to a regulatory filing Thursday.

Bartz, who was appointed Tuesday to helm the embattled Internet company, will be able to see the salary raised based on annual reviews. She will also be eligible to receive an annual bonus with a target amount of 200% of her base salary, or $2 million.

Bartz, 60, will also receive stock options for 5,000,000 shares of Yahoo’s stock, with an exercise price expected to be dated Jan. 30.”

  • Former Yahoo CEO Terry Semel, who stepped down in June 2007, was given a base salary of $600,000 in 2006 but reduced it to $1 partly through that year as the Yahoo board tried to better link his pay to performance. That left him with an overall salary of $250,000 in 2006, according to WSJ

Update 1 (1-15-2009): Carol Bartz’s profile is still available at Autodesk website, including her color poster (1500 x 1858, TIFF image)

Update 2 (1-15-2009): Bartz has spoken with Microsoft CEO Steve Ballmer since assuming the top job at Yahoo, though she described the conversation as “informal” and did not go into detail, according to MarketWatch report

Update 3 (1-15-2009): According to WSJ: “Yahoo said her package includes a maximum annual bonus of $4 million and a 2009 equity grant valued at about $8 million, expected to be made in February. She also gets $10 million in cash and restricted shares to “make up” for equity grants and benefits that she had at Autodesk Inc., a software concern where she had previously been CEO.”

January 13, 2009

Yahoo names Bartz new CEO

According to CNN Money: “Yahoo Inc. announced Tuesday that it had hired veteran technology executive Carol Bartz as its new CEO.”

“Bartz ran software company Autodesk (NASDAQ:ADSK) for 14 years, most recently serving as executive chairwoman. San Rafael, Calif.-based Autodesk, with just over 7,000 employees worldwide, is about half the size of Yahoo.”

“Bartz is taking over an embattled Yahoo. In mid-November, co-founder Jerry Yang stepped down after failed attempts to improve the company’s performance.”

India: Infosys Q3 net rises 33% on higher earnings growth

Filed under: FYI,India,IT,IT consulting,News — DF @ 3:16 pm
Tags: , ,

According to TheHinduBusinessLine (India): “Infosys posted better-than-expected earnings growth for the December quarter aided by a weaker rupee and improved operational efficiencies, but missed its forecast in dollar terms hurt by volatile currencies.”

Infosys added 30 new clients during the quarter, and the gross employee addition was 5,997. Mr T.V. Mohandas Pai, Member of the Board, said the number of employees joining during the fiscal has been increased to 27,000 from 25,000.”

January 8, 2009

Google Layoffs: 6000 Cut – Details Kept Off Web

WebGuild reports: Today, in documents obtain by the Associated Press, Google filed a paper document with the SEC stating that “a substantial number of temporary workers” had been laid off. The company has sought special exemption to keep the document from circulating on the Web.

The document states that Google has 24,400 employees, however on  September 30, 2008 the company reported  to the SEC that it had 20,123 employees when in reality it had 30,000. At that time Google did not report the 10,000 temporary employees to the SEC, because Google wanted the option to lay off employees on demand to meeting earning expectations without reporting to the SEC.

Now the company says 4,300 of the 24,400 employees are temporary. So why report temporary employees now and not then? Why get an exemption to keep the documents private?

Further the company reported 30,000 employees on November 24, 2008 and 24,400 on Dec 15, 2008. Where did 6,000 employees disappear to in 3 weeks?


Jobless claims fall sharply

According to CNN Money: “The number of Americans filing for first-time unemployment benefits dropped sharply from last week to a three-month low, according to a government report released Thursday.
The Labor Department said that initial filings for state jobless benefits fell 24,000 to 467,000 for the week ended Jan. 3.”

According to Bloomberg: “Jobless claims were projected to rise to 545,000, according to the median projection of 35 economists in a Bloomberg News survey. Estimates ranged from 480,000 to 600,000. Claims in the prior week were revised to 491,000 from 492,000.”

  • The total number of people getting benefits rose a week earlier to 4.6 million, the most since 1982.

January 5, 2009

Microsoft Readies Cuts; Though Big Layoffs Unlikely

According to NBCBayArea: “Microsoft will embark on a significant cost-cutting initiative in 2009, which might begin as early as this month, to offset a global slowdown in sales. However, sources tell Jim Goldman of CNBC, the cuts will largely be handled through attrition and the non-renewal of contract employees, rather than through a rumored, sweeping layoff.

“Rumors of a broad workforce reduction at the world’s largest software maker have been swirling since a blog post last week purported to show that Microsoft was preparing to lay off as many as 15,000 employees, or 17 percent of its workforce. A Microsoft source tells Goldman that the speculation is “grossly exaggerated,” but added that “any company not paying careful attention to headcount in a climate like this is nuts.” Calls and emails to Microsoft Saturday morning were not immediately returned.”

January 4, 2009

Asia: Slowdown takes a toll on industries

According to China Daily: “The financial tsunami has triggered panic around the world, with its impact taking a heavy toll on a variety of industries in Hong Kong. Turmoil in the global credit markets has severely weighted down earnings of the banking and finance industry, which triggered a wave of job cuts among local banks.”

  • Starting from September, Europe’s largest bank HSBC laid off 4 percent of its worldwide back-office staff, including 100 employees in Hong Kong
  • In November, HSBC axed 450 jobs in Hong Kong in its second round of layoff.
  • In early November, Southeast Asia’s biggest bank DBS trimmed its workforce by 6 percent, or 900 jobs, in its Hong Kong and Singapore operations
  • Standard Chartered Bank, a UK-based lender focused on emerging markets in Asia,shed 200 jobs – 4 percent of its staff – in Hong Kong in early December.
  • Banks in Hong Kong may further reduce their staff numbers in the first half of 2009
  • In early October, Hong Kong toy maker Smart Union Group closed down its two factories in Dongguan, throwing almost 7,000 workers into unemployment.
  • Around 5,000 factories in the region had already closed down amid the financial meltdown.
  • The Christmas sales in the US tumbled around 20 to 30 percent this year, which means the export market for the mainland has significantly shrunk
  • Hong Kong-funded factories in the PRD may close down in 2009
  • The bankruptcy of Lehman Brothers in September has also severely affected more than 40,000 holders of Lehman’s minibonds in Hong Kong

Stepping into 2009, economists expect it may take quite a while for the territory’s economy to bounce back, according to China Daily

Obama Considers Major Expansion in Aid to Jobless

According to NYTimes: “President-elect Barack Obama and Congressional Democrats are considering major expansions of government-assisted health care insurance and unemployment compensation as they begin intensive work this week on a two-year economic recovery package.”

“Other policy changes would subsidize employers’ expenses for temporarily continuing health insurance coverage to laid-off and retired workers and their dependents, as mandated under a 22-year-old federal law known as Cobra, and allow workers who lose jobs that did not come with insurance benefits to be eligible, for the first time, to apply for Medicaid coverage.

“Obama advisers have said the package will carry a total cost of at least $775 billion.

January 2, 2009

Layoffs at America’s 500 largest public companies (Wrap-up for December 2008)

Filed under: FYI,General,News,US,worldwide — DF @ 9:56 pm
Tags: ,

Total count: 106,988

Layoffs wrap-up for December, 1 – 29, 2008:

  1. AMD (nyse: AMD), Layoff announced: 12/29/08, Employees affected: 100
  2. Johnson Controls (nyse: JCI), Layoff announced: 12/23/08, Employees affected: 125
  3. Las Vegas Sands (nyse: LVS), Layoff announced: 12/23/08, Location: Macau, Employees affected: 500
  4. Parker-Hannifin (nyse: PH), Layoff announced: 12/22/08, Employees affected: 405
  5. Eaton (nyse: ETN), Layoff announced: 12/22/08, Employees affected: 331
  6. Genworth Financial (nyse: GNW), Layoff announced: 12/19/08, Location: worldwide, Employees affected: 1,000
  7. Electronic Arts (nasdaq: ERTS), Layoff announced: 12/19/08, Employees affected: 1,000
  8. Sovereign Bancorp (nyse: SOV), Layoff announced: 12/19/08, Employees affected: 1,000
  9. Omnicom Group (nyse: OMC), Layoff announced: 12/18/08, Employees affected: 3,000
  10. Caterpillar (nyse: CAT), Layoff announced: 12/18/08, Employees affected: 814
  11. Ryder System (nyse: R), Layoff announced: 12/17/08, Location: South America, Employees affected: 3,100
  12. Western Digital (nyse: WDC), Layoff announced: 12/17/08, Employees affected: 2,500
  13. Aetna (nyse: AET), Layoff announced: 12/17/08, Employees affected: 1,000
  14. Bristol-Myers Squibb (nyse: BMY), Layoff announced: 12/17/08, Employees affected: 3,700 (in addition to 10% cut in back in July)
  15. CBS Corp (nyse: CBS), Layoff announced: 12/16/08, Employees affected: 30
  16. Merrill Lynch (nyse: MER), Layoff announced: 12/15/08, Employees affected: 400 (amateur brokers-in-training)
  17. Charles Schwab (nasdaq: SCHW), Layoff announced: 12/15/08, Employees affected: 100
  18. Union Tank Car Company (majority owned by Berkshire Hathaway (nyse: BRK.A)), Layoff announced: 12/13/08, Employees affected: 130
  19. Masco (nyse: MAS), Layoff announced: 12/12/08, Employees affected: 500
  20. International Paper (nyse: IP), Layoff announced: 12/12/08, Employees affected: 1,500
  21. Las Vegas Sands (nyse: LVS), Layoff announced: 12/12/08, Location: Las Vegas area, Employees affected: 216
  22. Bank of America (nyse: BAC), Layoff announced: 12/11/08, Employees affected: 35,000 (over three years)
  23. Whirlpool (nyse: WHR), Layoff announced: 12/11/08, Employees affected: 150
  24. Dal-Tile (owned by Mohawk Industries (nyse: MHK)), Layoff announced: 12/10/08, Location: Gettysburg, Pa, Employees affected: 105
  25. Procter & Gamble (nyse: PG), Layoff announced: 12/10/08, Closure of Clairol plant, Employees affected: 320
  26. Praxair (nyse: PX), Layoff announced: 12/9/08, Employees affected: 1,600
  27. Anheuser-Busch (nyse: BUD), Layoff announced: 12/8/08, Location: US nationwide, Employees affected: 1,400; Contractors affected: 415
  28. 3M (nyse: MMM), Layoff announced: 12/8/08, Employees affected: 2,300
  29. Wyndham Worldwide (nyse: WYN), Layoff announced: 12/8/08, Employees affected: 4,000
  30. Dow Chemical (nyse: DOW), Layoff announced: 12/8/08, Closure of 20 plants, Employees affected: 5,000 (11% of staff)
  31. Legg Mason (nyse: LM), Layoff announced: 12/5/08, Employees affected: 200 (8% of staff)
  32. Newsday (owned by Cablevision (nyse: CVC)), Layoff announced: 12/5/08, Employees affected: 100
  33. Staples (nasdaq: SPLS), Layoff announced: 12/19/08, Employees affected: 140
  34. General Motors (nyse: GM), Layoff announced: 12/5/08, Employees affected: additional 2,000
  35. Steel Dynamics (nasdaq: STLD), Layoff announced: 12/4/08, Employees affected: 65
  36. Cummins (nyse: CMI), Layoff announced: 12/5/08, Employees affected: 500
  37. Windstream (nyse: WIN), Layoff announced: 12/4/08, Employees affected: 170
  38. NBC Universal, Layoff announced: 12/4/08, Employees affected: 500 (3% of workforce)
  39. DuPont (nyse: DD), Layoff announced: 12/4/08, Employees affected: 2,500
  40. AT&T (nyse: T), Layoff announced: 12/4/08, Employees affected: 12,000 (4% of workforce)
  41. Freeport-McMoRan Copper & Gold (nyse: FCX), Layoff announced: 12/3/08, Location: New Mexico mine, Employees affected: 600
  42. Pratt & Whitney (owned by United Technologies (nyse: UTX)), Layoff announced: 12/3/08, Employees affected: 350
  43. Gannett (nyse: GCI), Layoff announced: 12/3/08, Employees affected: 2,000
  44. Adobe Systems (nasdaq: ADBE), Layoff announced: 12/3/08, Employees affected: 600
  45. Jefferies Group (nyse: JEF), Layoff announced: 12/3/08, Employees affected: 300 (13% of workforce)
  46. Viacom (nyse: VIA), Layoff announced: 12/3/08, Employees affected: 850
  47. United States Steel (nyse: X), Layoff announced: 12/2/08, Employees affected: 3,500
  48. JPMorgan Chase (nyse: JPM), Layoff announced: 12/1/08, Employees affected: 9,200 (21% of WaMu staff)
  49. PepsiCo (nyse: PEP), Layoff announced: 12/1/08, Location: Oklahoma Gatorade plant, Employees affected: 87

Sources: Forbes, Reuters

December 22, 2008

WARN: Layoff announcements in January – February 2009 in California Hi-Tech

According to California EDD WARN statistics, the following layoffs are scheduled for January – February 2009 in hi-tech companies with number of employees greater than 50:

ADOBE SYSTEMS INCORPORATED, Location: SAN FRANCISCO, Layoff date: 2/3/09, Employees affected: 75

CADENCE DESIGN SYSTEMS, INC, Location: SAN JOSE, Layoff date: 1/4/09, Employees affected: 245

NATIONAL SEMICONDUCTOR CORPORATION, Location: SANTA CLARA, Layoff date: 1/13/09, Employees affected: 151

PALM, INC, Location: SUNNYVALE, Layoff date: 1/19/09, Employees affected: 107

SANDISK CORPORATION, Location: MILPITAS, Layoff date: 1/11/09, Employees affected: 96

SEAGATE TECHNOLOGY LLC, Location: MILPITAS, Layoff date: 1/3/09, Employees affected: 48
SEAGATE TECHNOLOGY LLC, Location: MILPITAS, Layoff date: 4/3/09, Employees affected: 43

SHUTTERFLY, INC, Location: HAYWARD, Layoff date: 1/16/09, Employees affected: 70

SIEMENS, Location: LOS ANGELES, Layoff date: 1/30/09, Employees affected: 6

SIEMENS MEDICAL SOLUTIONS, Location: MOUNTAIN VIEW, Layoff date: 1/5/09, Employees affected: 2

SUN MICROSYSTEMS, INC
:
Location: SACRAMENTO, Layoff date: 1/5/09, Employees affected: 3
Location: SACRAMENTO, Layoff date: 1/18/09, Employees affected: 2
Location: EL SEGUNDO, Layoff date: 1/5/09, Employees affected: 1
Location: EL SEGUNDO, Layoff date: 1/18/09, Employees affected: 1
Location: IRVINE, Layoff date: 1/5/09, Employees affected: 4
Location: IRVINE, Layoff date: 1/18/09, Employees affected: 3
Location: MENLO PARK, Layoff date: 1/5/09, Employees affected: 19
Location: MENLO PARK, Layoff date: 1/18/09, Employees affected: 6
Location: PLEASANTON, Layoff date: 1/5/09, Employees affected: 5
Location: PLEASANTON, Layoff date: 1/18/09, Employees affected: 7
Location: SAN DIEGO, Layoff date: 1/5/09, Employees affected: 2
Location: SAN DIEGO, Layoff date: 1/18/09, Employees affected: 2
Location: SAN FRANCISCO, Layoff date: 1/18/09, Employees affected: 4
Location: UNIVERSAL CITY, Layoff date: 1/18/09, Employees affected: 1

SYMANTEC:
Location: CUPERTINO, Layoff date: 1/19/09, Employees affected: 55
Location: MOUNTAIN VIEW, Layoff date: 1/13/09, Employees affected: 38

VISHAY SILICONIX, Location: SANTA CLARA, Layoff date: 2/6/09, Employees affected: 97

VIRGIN MOBILE USA, Location: WALNUT CREEK, Layoff date: 1/1/09, Employees affected: 192

THE BOEING COMPANY:
Location: ANAHEIM, Layoff date: 1/1/09, Employees affected: 5
Location: ANAHEIM, Layoff date: 1/22/09, Employees affected: 2
Location: EL SEGUNDO, Layoff date: 1/1/09, Employees affected: 8
Location: EL SEGUNDO, Layoff date: 1/22/09, Employees affected: 3
Location: HUNTINGTON BEACH, Layoff date: 1/1/09, Employees affected: 19
Location: HUNTINGTON BEACH, Layoff date: 1/22/09, Employees affected: 42
Location: LONG BEACH, Layoff date: 1/1/09, Employees affected: 50

Source: California EDD WARN

December 10, 2008

So the Yahoo Layoffs Finally Begin (Update 12-10-2008)

Sunnyvale, Calif. 12-10-2008.

LayOffBlog.com will be closely monitoring layoff news from Yahoo.

According to BusinessWeek: “This morning, Yahoo folks who haven’t been called into individual meetings with managers are waiting tensely and hoping they’ll still have a job by this afternoon.”

Update (12-08-2008): According to CNet News: “And while Yang, in the most recent earnings report call, noted that further layoffs could occur in 2009, AllThingsD, citing an anonymous source, said that an additional 500 positions may be cut through attrition and a hiring freeze.”

Update (12-10-2008): According to CNet News: “Most of the approximate 1,500 layoffs affect employees at Yahoo’s U.S.-based locations and come from a number of areas within the company, the company said”. “In February, the company cut 1,000 jobs after its fourth-quarter profit took a hit”.

Rumor (12-10-2008, 10:00 am): According to rumor from inside: “There are requests for the little people to be in the office by 9 a.m. If they can’t, they must be available by cell for the next 6 hours. Nobody sure what that all means. Are people going to get in early..

Rumor (12-10-2008, 2:20 pm): According to rumor from inside: “There are rumors of layoffs within the Brickhouse group in SF, Flickr, and brand marketing.”

Rumor (12-10-2008, 2:30 pm): According to rumor from inside: “people who accept severance pkgs also must sign a no-squawk agreement

Rumor (12-10-2008, 2:40 pm): According to Valleywag: “Yahoo has a strict set of rules to follow in layoffs: No small talk. Get to the point. Don’t own the employee’s feelings. Did Jerry Yang, the stumbling Internet company’s cloddish founder-CEO, follow them in his latest all-hands memo?”

Rumor (12-11-2008, 6:00 pm): Zimbra project members are safe for now.

Office Depot to close 112 stores, cut 2,200 Jobs (Update)

Filed under: FYI,News,Retail,US — DF @ 11:11 am
Tags: ,

According to Business First of Louisville: “Office Depot on Wednesday said it will close 112 underperforming retail stores in North America during the next three months.
The announcement said the closures would occur in various geographic regions, including 45 in the central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South. Fourteen more stores would be closed through 2009 as leases expire or other lease arrangements are finalized.”

(Update) According to Bloomberg: “Office Depot Inc. said it will close almost 10 percent of its North American stores and cut 2,200 jobs as the U.S. recession saps demand for business furniture, sending the shares up 9.1 percent.”

December 9, 2008

Swedish builder Skanska to cut 3,400 jobs

(Sweden) According to AP and Instablogs: “Skanska AB, the Nordic region’s biggest construction group, said Tuesday it will slash 3,400 jobs, or almost 6 percent of its work force, due to a weakening in the construction market.

The Swedish company said it will cut 2,000 jobs in Sweden, 800 in Norway and 600 in Finland. The cost of the savings package will be about 600 million kronor ($74 million), Skanska said.”

Republic’s Fired Workers Plan Bank of America Protest (Update1)

According to Bloomberg: “A fire roared in a trash bin outside the Republic Windows & Doors factory on Chicago’s north side last night, warming supporters who brought coffee, food and sleeping bags to 250 fired workers occupying the building.”
“Workers blame Bank of America Corp., the biggest U.S. retail bank, for the factory’s Dec. 5 closure after it canceled a line of credit to the manufacturer, whose sales have been gutted by the housing slump. The Charlotte, North Carolina-based bank has received $15 billion from the U.S. Treasury as part of its effort to boost capital, while Merrill Lynch & Co., the securities brokerage it is buying, has gotten $10 billion.”

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