Posted tagged ‘Layoff’

New York Times to Layoff 100

October 19, 2009

The New York Times said today that the publication will cut 100 newsroom jobs and an unspecified number elsewhere amid industry wide declines in revenue.

Another tough hit due to these difficult economic times!

From the Associated Press:

The Times will offer voluntary buyouts at first but will resort to layoffs if it cannot meet the targets.

“I hope that won’t happen, but it might,” Executive Editor Bill Keller wrote in a memo to staff.

The Times, flagship of The New York Times Co., cut its newsroom work force by 100 positions last year mostly through buyouts, but Keller said then that the newspaper had to make a “relatively small” number of involuntary cuts to meet that target.

Even with the latest cuts, amounting to 8 percent of the newsroom staff, the Times has the largest news-gathering staff of any U.S. newspaper. The cuts would leave the newsroom with about 1,150 reporters and editors.

The Times already trimmed about 100 positions from its business operations this spring and plans additional cuts. The newspaper would not say how many. The business side now employs about 1,850.

The newspaper has so far avoided the deep newsroom cutbacks that have become a regular occurrence at America’s big-city dailies.

Gawker has the full memo that was distributed by Bill Keller. Here is a sample:

“Colleagues,

I had planned to invite you to the newsroom and break this news in person today, but I’ve been hit by something that seems to be the flu. Though I strongly believe in delivering bad news in person, I don’t want to add insult to injury by spreading infection.

Let me cut to the chase: We have been told to reduce the newsroom by 100 positions between now and the end of the year.

We hope to accomplish this by offering voluntary buyouts. On Thursday, the Company will be sending buyout offers to everyone in the newsroom. Getting a buyout package does NOT mean we want you to leave. It is simply easier to send the envelopes to everyone. If you think a buyout may be right for you, you have up to 45 days to decide whether you will accept it or not.

As before, if we do not reach 100 positions through buyouts, we will be forced to go to layoffs. I hope that won’t happen, but it might.

Our colleagues in editorial and op-ed, and on the business side, also face another round of budget cuts.”

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Microsoft Announces 3,000 Layoffs

May 5, 2009

Microsoft has announced that it has aid off 3,000 employees from its U.S. and worldwide locations as part of a previously announced cost-cutting initiative.

From InformationWeek:

“This is difficult news to share,” said Microsoft CEO Steve Ballmer, in an e-mail to employees. “Because our success at Microsoft has always been the direct result of the talent, hard work, and commitment of our people, eliminating positions is hard.”

Microsoft in January said it planned to trim a total of 5,000 jobs from its workforce. Ballmer said Tuesday’s action means the company has “mostly” reached that objective.”We are moving quickly to reach this target in response to consistent feedback from our people and business groups that it’s important to make decisions and reduce uncertainty for employees as quickly as possible,” said Ballmer.

Ballmer added that Microsoft could cut more than the originally announced 5,000 jobs if economic conditions worsen or fail to improve. “As we move forward, we will continue to closely monitor the impact of the economic downturn on the company and if necessary, take further actions on our cost structure including additional job cuts,” Ballmer said.

United Technologies Cutting 11,600 Jobs

March 10, 2009

United Technologies lowered its 2009 profit forecast today and said it expects to cut 11,600 jobs because of a deteriorating commercial aerospace market.

From the Associated Press:

The moves, part of an expanded $750 million restructuring program, are being driven by a decline in expected revenue, which is now seen totaling $55 billion this year, down $2.7 billion from a December estimate.

Analysts polled by Thomson Reuters expected $55.2 billion.

United Technologies cut its 2009 earnings per share forecast to between $4 per share and $4.50 per share, down from its December outlook of $4.65 to $5.15. Analysts, on average, had expected $4.60, according to Thompson Reuters.

Last month, United Technologies Chief Executive Louis Chenevert stood by December’s outlook.

And in early February, as other industrial companies were reducing their profit outlook, Greg Hayes, the company’s chief financial officer, told analysts that United Technologies officials felt “pretty good” about their guidance.

On Tuesday, United Technologies also lowered the amount it would spend on share repurchases this year to $1 billion from $2 billion.

GM Cuts 10,000 Jobs

February 10, 2009

Will the job cuts ever end in the US?

General Motors  is planning to slash another 10,000 salaried jobs this year, saying the cuts are unavoidable with a government restructuring deadline looming and industrywide sales in one of the worst downturns in history.

From the Associated Press:

The Detroit-based automaker said Tuesday it will reduce its total number of white-collar workers by 14 percent to 63,000. About 3,400, or 12 percent, of GM’s 29,500 salaried U.S. jobs will be eliminated.

Most of the company’s remaining salaried employees will have their wages cut.

In its plan to Congress submitted late last year, GM said it would have to reduce both salaried and hourly positions so that the company could become viable long-term. The company plans to reduce its total U.S. work force from 96,537 people in 2008 to between 65,000 and 75,000 in 2012, but did not specify how many of the surviving jobs will be salaried or hourly.

GM Chief Executive Rick Wagoner, who was meeting with congressional leaders in Washington about global warming legislation, said Tuesday’s announcement is “indicative of the kind of things we need to do to get this viability plan in shape and respond to these tough market conditions.”

GM has dramatically downsized both its salaried and hourly work forces in recent years as the U.S. auto market has shrunk from an annual sales rate of around 16 million vehicles to 13.2 million last year.

Since 2000, GM’s salaried work force has shrunk by 33 percent from its 2000 high of 44,000 people. At the same time, the number of hourly workers has plunged by more than half — to about 63,700 people at the end of last year from 133,000 in 2000.

Most of the cuts announced Tuesday are expected to take place by May 1. GM said the cuts will vary by global regions depending on staffing levels and market conditions.

The company’s statement said there would be no buyout or early retirement packages as GM had offered in the past, but laid-off employees will get severance pay, benefit contributions and other assistance.

Macy’s to Eliminate 7,000 Jobs

February 2, 2009

Macy’s announced Monday that it will cut 7,000 jobs and slash its dividend as the department store chain looks to lower expenses and preserve cash amid a severe pullback in consumer spending.

From the Associated Press:

Cincinnati-based Macy’s said the job cuts, which include some unfilled jobs, will come at offices, stores and other locations. The company currently employs about 180,000 people.

Macy’s had already announced last month that it would close 11 stores, affecting 960 employees, after retailers suffered through the worst holiday season in decades.

Macy’s said it expects the latest job cuts and other actions to lower its selling, general and administrative expenses by about $400 million annually starting in 2010.

The company also slashed its quarterly dividend to 5 cents from 13.25 cents. The dividend will be paid on April 1 to shareholders of record March 13.

Department stores have been especially hard-hit by the poor economy as shoppers turn to discount stores. Last month, department store chain Gottschalks Inc. put itself up for sale and said it had filed to reorganize in a Chapter 11 bankruptcy. Neiman Marcus Group Inc. said it was cutting about 375 jobs.

Macy’s also announced plans Monday to roll out its strategy to localize merchandising to specific markets on a national scale. It began testing the strategy in 20 regional markets last spring.

As part of the restructuring, the company will begin eliminating its Macy’s division structure and integrating all functions into a single organization. Macy’s central buying, merchandise planning, stores senior management and marketing functions will be located primarily in New York.

Microsoft to Cut 5,000 Jobs

January 22, 2009

Microsoft shocked its investors this morning as the company announced its first broad layoffs in its history and offered a bleak forecast for the second half of its fiscal year.

From the New York Times:

Rather than issuing its second-quarter results in the customary fashion after the market closed, Microsoft rushed out the news Thursday morning that it will lay off up to 5,000 of its 94,000 employees over the next 18 months, including 1,400 people Thursday. The layoffs span across research, sales, finance and technology roles, the company said.

“We will continue to manage expenses and invest in long-term opportunities to deliver value to customers and shareholders, and we will emerge an even stronger industry leader than we are today,” said Steven A. Ballmer, Microsoft’s chief executive.

Microsoft’s shares dropped $1.50, or 8 percent, to $17.88 in early trading.

For its second quarter, Microsoft posted net income of $4.17 billion – a figure 11 percent lower the $4.71 billion reported in the comparable period last year. Microsoft’s revenue for the quarter rose 2 percent year-over-year to $16.63 billion.

Microsoft’s earnings of 47 cents during the quarter missed the forecast from Thomson Reuters by 2 cents.

The direct impact of falling personal-computer sales, which roiled Intel last week, were evident in Microsoft’s results, as sales of its PC operating-system software dove 8 percent to $3.98 billion from $4.33 billion last year.

Blaming market uncertainty, Microsoft declined to issue a revenue or earnings forecast for the rest of its fiscal year.

AT&T to Eliminate 12,000 Jobs

December 4, 2008

Citing the recession, a need to streamline its operation and the changing dynamics of the telecom industry, AT&T has announced that it would eliminate 4% of its work force — about 12,000 positions — by the end of 2009. The company, which also said it expected to take a $600 million charge in the fourth quarter because of severance-related issues, had cut 4,600 jobs earlier in the year.

From CNET:

The company cited economic pressures and a changing business mix as the reasons behind the cuts.

AT&T also said it plans to reduce its 2009 capital expenditures from 2008 levels. The company said it would issue more specific financial guidance in January, when it announces its fourth-quarter results.

It did say, however, that as a result of the layoffs, it would take a charge of approximately $600 million in the fourth quarter of 2008 to pay severance to affected employees.

The cuts will begin in December and continue throughout 2009, AT&T said in a release.

The company said it is continuing to add positions in wireless, video, and broadband units to meet customer demand.