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February 11, 2009

RBS announces up to 2,300 UK job losses

As former chiefs of Royal Bank of Scotland (RBS) made public apologies before the Treasury Select Committee yesterday, the group announced that it could cut up to 2,300 jobs in the UK.

The bank, which will shortly be majority state-owned, was brought to the brink of collapse last year under the leadership of its chief executive, Sir Fred Goodwin, and chairman, Sir Tom McKillop.

Source: Banking Times

February 2, 2009

GlaxoSmithKline to cut 6,000 jobs

GSK (NYSE: GSK) is putting the finishing touches to plans which will see in the region of 6,000 global positions axed as it faces up to the growing challenges in the industry.

Competition from generic manufacturers and doubts about company pipelines are posing a serious threat to the sector and, in a bearish note last week, ING analysts warned of an “intellectual property meltdown” as top-selling products come off patent and sales slow dramatically.

Glaxo’s UK rival, AstraZeneca, said on Thursday that it will cut 15,000 staff by 2013, 6,000 more than initially thought, while industry leader Pfizer has acquired US rival Wyeth for $68bn (£47bn) as it seeks a different route of consolidation.

Source: the Daily Telegraph

January 23, 2009

Fresh UBS job cuts suggest more to come for sector

According to Reuters (ZURICH/LONDON): “A new round of job cuts at Swiss bank UBS AG two months after an earlier cull shows thousands more bankers may be on their way out as investment banks struggle with a crisis critics say they helped cause.”

Analysts at JP Morgan said they expect UBS to reduce its investment banking headcount by another 1,100 by the end of 2010, with Deutsche Bank cutting 4,000 investment bankers and Credit Suisse, which slashed in December 5,300 jobs, about 200.

“We expect staff levels in 2009 to be adjusted to 2005 levels, with revenues in 2010 to match 2002-03 levels,” they said.

News submitted by Alan Clegg

January 20, 2009

UK: IT jobs decline by 24% in three months

Filed under: IT,IT consulting,UK — DF @ 1:15 pm
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According to ComputerWeekly: “Compared to the previous quarter, there were 24.3% fewer jobs advertised from October to December than there were from July to September.

Some job roles saw larger drops in demand than others. Skills still in demand include Oracle, Java, SQL, C#, .net and SAP.”

Finance is still the most affected sector, with a drop of 32.1% in demand. Software houses saw demand fall 21.6%, and manufacturing, retail and media all saw falls. The public sector was the only one to buck the trend, with 9.5% more jobs being advertised since the previous quarter.”

“Recruitment is down by 27.5% in the north east of England, 17% in Scotland, 22.1% in the south of England, and 10% in Wales and the west of England.”

January 19, 2009

UK unemployment to hit 3.4 million

Filed under: UK,unemployment — 7macaw @ 12:18 pm
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The next year will see the sharpest contraction in the UK economy since the Second World War, the Ernst & Young Item club has predicted.

In its quarterly report on the state of the economy Item also predicted that unemployment will rise to 3.25m by the end of 2010 and hit 3.4 million in 2011.

Source: Accountancy Age

January 13, 2009

Barclays to Cut 2,100 Jobs

Filed under: banking,UK — 7macaw @ 2:23 pm
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Barclays, the British banking giant, said on Tuesday that it would cut 2,100 jobs in its investment banking and wealth management units, a stark sign that the global financial crisis continues to deepen.

The cuts represent 7 percent of the bankers and back-office workers in what was once a big profit center at the bank but has become a drag as banking and investment activity has ground to a halt.

Source: NY Times

December 17, 2008

All 807 Woolworths stores to shut by January 5 as 27,000 jobs are axed

According to DailyMail, UK: “All 807 Woolworths stores will have closed down by January 5, the group announced yesterday.

A countdown for the closure of the chain, a fixture on the High Street for 99 years, was triggered last night after no one offered enough cash to buy it as a going concern.

The news means that some 22,000 permanent staff and 5,000 temporary workers will suffer a miserable Christmas and unemployment in the New Year.”

The first 200 stores will close on Saturday, December 27, another 200 go on December 30, a further 200 on January 2 and the remainder on Monday, January 5.

Update (12-17-2008): Woolworths website is currently down

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U.K. Jobless Claims Rose at Fastest Pace Since 1991

Filed under: Europe,FYI,UK,unemployment — DF @ 3:41 pm
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According to Bloomberg: “U.K. unemployment rose at the fastest pace since 1991 in November and the Bank of England considered cutting interest rates to the lowest ever this month as the recession tightened its grip.

The number of people receiving jobless benefits rose 75,700 to 1.07 million, the highest level since July 2000, the Office for National Statistics said today”

December 11, 2008

Layoff at Last.FM: up to 20% (London, UK)

According to CBS Interactive and Techcrunch: “CBS says the number of Last.fm layoffs is less than 20, which would put it at about 20 percent.”

“One source puts the number of layoffs at as many as 40 people, mostly from LAst.FM’s London HQ, which has a total staff of 95”

December 2, 2008

HSBC, Credit Suisse to cut 1,150 jobs

Press Trust of India / UK, London: “Amid the ongoing economic crisis, the banking sector continues to be hit by mass layoffs with financial service major Credit Suisse and HSBC announcing additional 1,150 job cuts, a media report says.

According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs.
Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland’s second-largest bank this year, the report said.
A majority of the jobs at Credit Suisse would be cut in the investment banking and the support functions segment.”

“Earlier, HSBC said that it would cut 500 jobs in Asia as part of a shake-up of its global banking and markets division.

Besides, Citigroup had also announced it was shedding 52,000 staff worldwide, while Royal Bank of Scotland plans to cut about 3,000 jobs in its investment banking division.”

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