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April 7, 2009

Royal Bank of Scotland Plans Up to 9,000 Job Cuts

The Royal Bank of Scotland said on Tuesday it might cut as many as 9,000 jobs worldwide as the troubled British bank, which is majority-owned by the government, seeks to reduce costs and repay government funds.

The job cuts would affect back office operations and would come in addition to the 2,700 already announced in Britain for this year. The bank said the actual number of layoffs would be lower than 9,000 because “natural turnover” and “less use of agency staff” would further help to limit redundancies. In addition, the bank said it already identified 650 new job opportunities in Britain.

Source: The New York Times

April 1, 2009

Reed Smith to lay off 100 lawyers and staff

The steady drumbeat of layoffs in the legal world continued yesterday with the announcement by Reed Smith L.L.P. that it would let go 100 lawyers and staff in offices in the United States and London.

The firm, which is headquartered in Pittsburgh and has a large Center City office, said it would let go 17 lawyers in various U.S. offices and nine in its London office. A total of 74 administrative staff also would be laid off, the firm said, in the United States and the United Kingdom.

Source: Philly.com

March 26, 2009

Hurt by Economy, Europeans Vent Their Anger

Filed under: FYI,UK,worldwide — 7macaw @ 7:16 am
Tags: , ,

Tempers are flaring across Europe as the economic pain deepens and more people lose their jobs.

Luc Rousselet, the manager of a 3M factory in France, was barricaded in an office for a second day by workers demanding better severance packages for 110 employees who are being laid off.

In Scotland, vandals smashed at least three windows on the ground floor of Fred Goodwin’s (the former chief executive of the ailing Royal Bank of Scotland) house in an affluent suburb of Edinburgh and damaged a black Mercedes S600 parked in the driveway. Mr. Goodwin was not in the house at the time and no one was hurt, but the incident alarmed Britain’s business community.

The author of an e-mail message sent anonymously to a local newspaper on Wednesday claimed responsibility for the damage and said: “We are angry that rich people, like him, are paying themselves a huge amount of money and living in luxury while ordinary people are made unemployed, destitute and homeless.

Source: New York Times

HSBC to lay off 2,900

Filed under: banking,HSBC,outsourcing,UK — 7macaw @ 6:47 am
Tags: , , ,

HSBC yesterday said 1,200 UK jobs were under threat following a review of the banking business, which will see the closure of its Newport call centre.

But union leaders insisted 2,900 jobs will be axed at HSBC, including 500 being off-shored to India. The Unite union said a number of local communities would be “ravaged” as sites were closed and work moved abroad.

HSBC insisted that while 2,900 positions would be axed, some staff would be given different work and only 1,200 would lose their jobs.

Source: Wales Online, The Mirror

Insurance giant to axe 650 jobs

Insurance firm Legal and General (L&G) is to cut 10% of jobs in its 6,500-strong life and pensions division.

L&G made the announcement after reporting a £1.5bn annual loss, and said it was cutting costs as it fought the recession and stock market turmoil.

The company, which has offices in Surrey, Hove, Cardiff and London, said the figure included 450 job losses announced last month.

Source: BBC News

March 24, 2009

Wales Airbus factory set to lose 250 jobs

A downturn in orders at the Airbus factory at Broughton in Flintshire is to result 250 job cuts, unions have been told.

Officials have been in talks with management at the factory, which employs over 6,000 people, and say the company hopes most, if not all the cuts, can be through voluntary redundancies.

Source: News Wales

March 23, 2009

Daily Mail group to cut 1,000 jobs

The Daily Mail and General Trust (DMGT) media group said Monday it would cut 1,000 jobs this year, over twice as many as previously forecast.

The job reductions, the latest blow to the ailing media sector, will hit its regional arm, although further cuts are planned “across all cost categories” at Associated Newspapers, owner of the Daily Mail and Mail on Sunday.

Source: AFP

March 11, 2009

Renishaw announces 500 job cuts

Measuring equipment maker Renishaw has announced it is cutting 500 jobs, with the majority of the losses set to go in the UK.

The group has experienced an “unprecedented” slowdown in demand for its products in recent months, forcing it to take action to cut costs.

Renishaw, which employs 2,240 people around the world, said most of its 1,500-strong UK workforce is based at four Gloucestershire sites.

Source: Press Association

March 4, 2009

ITV to Cut 600 Jobs

ITV Plc, the U.K.’s biggest commercial broadcaster, said it will cut a further 600 jobs and omit dividend payments after posting a 2.56 billion-pound ($3.6 billion) net loss for 2008 amid dropping advertising sales.

ITV, whose shows include “Britain’s Got Talent” and “X Factor,” is under pressure because advertisers are cutting budgets as the U.K. economy slumps. Broadcasters are also struggling to expand their Internet businesses to make up for a decline in traditional advertising. Ad revenue will probably fall 17 percent in the first quarter, ITV said today.

Source: Bloomberg

March 2, 2009

UK manufacturing could see 140,000 job cuts

UK manufacturing sector could see 140,000 job cuts in the year because of the economic downturn, the Engineering Employers Federation (EEF) said on Monday.

The engineering and manufacturing body, which surveyed 782 firms, forecast that manufacturing output would fall by 8.6% in 2009 and grow only 0.2% in 2009. Engineering output is set to shrink by 10.9% this year and rise by 0.9% next year.

Source ShareCast

February 24, 2009

Vodafone will cut 500 jobs in Britain

According to AFP: “British mobile phone giant Vodafone said Tuesday the group would axe 500 jobs in its home market as part of a cost-cutting programme that was unveiled last year.”

Vodafone to cut 500 jobs in the U.K.

Vodafone Group, the world’s largest mobile operator by revenue, on Tuesday unveiled plans to cut 500 jobs in the U.K. as it reduces costs to better cope with the worsening economic climate.

The company is the latest of a string of U.K. companies to announce job cuts since the start of the year. The layoffs, which represents about 5% of its U.K. work force, didn’t come as a surprise as they are part of the operator’s previously announced plan to reduce costs by 1 billion pounds by March 2011.

Source: MarketWatch

February 15, 2009

Mini expected to announce the loss of 850 jobs

About 850 job cuts and the end of week­end working at the Mini car plant near Oxford are expected to be announced tomorrow in the latest blow to Britain’s manufacturing.

The marque, owned by BMW of Germany, saw global sales accelerate slightly last year only to drop 35% in January. The Mini workers hit by the decision are contract staff with few employment rights – brought in to work alongside full-time employees on the production lines, which built 230,000 vehicles last year. However, the move to reduce output and cut 850 out of 4,500 employees will also affect dozens of supply firms and thousands of their staff who depend on Mini.

Source: The Guardian

February 13, 2009

Hilton is planning more than 1,000 job losses

Hilton Hotels Corporation (HHC), the US hotel operator, is planning more than 1,000 job losses under a $250 million (£175 million) cost-cutting program. HHC, controlled by Blackstone Group, announced plans to close its corporate headquarters in Beverly Hills, California, and move to Virginia last week. The 500 staff at its Watford[,UK] international center also expect big job cuts.

HHC declined to comment although industry sources confirmed that its offices in Watford, Dubai and Singapore would all suffer job losses. Insiders expect at least half the employees in Watford to lose their jobs as the old Hilton International headquarters becomes a European center.

Source: Times Online

February 12, 2009

U.K. Unemployment Hits 10-Year High

U.K. unemployment rose in January to the highest level in almost a decade, threatening to erode support for Prime Minister Gordon Brown as the recession deepens.

The number of people receiving jobless benefits climbed 73,800 to 1.23 million, the most since July 1999 and the 12th increase in succession, the Office for National Statistics said today in London.

Source: Bloomberg

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