BGN Entrepreneur » job cut

Over 1600 Jobs Go at Barratts Priceless

Sky — Sat, 31 Dec 2011 05:06:26 +0000

Until recently, the footwear retailer–Barratts Priceless employed 3840 staff in 191 Barratts and Priceless Shoes stores, plus 374 concessions of which 359 were in Arcadia Group stores.
However, following the administrators’ failure in finding a buyer for company’s concession business, over 1600 staff at Barratts in the UK and Ireland will be made redundant.

Philips to Cut 4500 Jobs as Profits Fall

Sky — Mon, 17 Oct 2011 12:35:55 +0000

The Dutch electronics group–Philips announced that the company was about to axe 4500 jobs in its domestic Dutch operations as its third-quarter earnings plunged and the outlook for its products remains uncertain. The downsizing comes amid sagging consumer confidence in two of Philips’ key markets–Europe and the US.
The job cuts will be part of a plan to trim €800m in operational costs of the company. According to Philips’s CEO–Frans van Houten, it is indicated that this will be a regrettable but inevitable step to take in orer to improve the company’s operating model to make Philips more agil, lean and competitive.

Man Group Doubles Planned Job Cuts

Sky — Sun, 02 Oct 2011 08:07:47 +0000

Europe’s largest hedge fund company in terms of number of employees－－Man Group has seen its share price tumble 30% ever since a pre-close trading update which revealed a surprise drop of $6bn in assets. The hedge fund company then doubled the number of job cuts it plans to make by the first quarter of 2012 as part of its plans to cut 1/5 jobs, or around 400 employees.
According to people familiar with the matter, it is revealed that the move will bring Man’s headcount back to the level it stood at before acquiring GLG.

Nokia to Cut 3,500 Jobs and Close Plant

Sky — Thu, 29 Sep 2011 10:42:30 +0000

The Finnish handset maker–Nokia is going to cut down 3500 jobs and close a manufacturing factory in Romania, as the world’s largest maker of mobile phones by volume went on the evolution to deal with the growing influence of smartphones on its markets.
According to the company, it is said that the closure of the plant in Cluj would cause 2200 job losses, with another 1300 to be cut in the area and Commerce division.

HSBC to Cut 30,000 Jobs

Sky — Mon, 01 Aug 2011 11:06:29 +0000

The investment banking division of HSBC posted weaker figures duet to the grim trend revealed across Europe last week. The performance of the bank was driven by a particularly strong improvement at its retail and wealth management division, where the profits rose by 131% as the charges for loan impairment fell.
HSBC has already stripped out 5,000 jobs from early action to restructure its businesses in the key markets. Recently, the bank again announced its plans to cut down up to 30,000 jobs, which is about 10% of its workforce, by 2013 as part of a broader cost-saving drive that aimed at reinvigorating profit growth at HSBC.

Lloyds Plans to Cut 15,000 Jobs

Sky — Thu, 30 Jun 2011 11:40:55 +0000

According to the Lloyds Banking Group, of which the British government owns 41%, it is announced that it planned to cut down 15,000 jobs by the end of the year 2014. Besides, the group is also looking to scale back its overseas operations as part of a larger reorganization, that is aimed at allowing the UK government to sell its stake in the lender.
Lloyds indicated that it expected to save £1.5 billion every year by the end of 2014. The savings would come from cutting down its international presence from 30 nations to fewer than 15, lowering its spending on computer systems and streamlining its middle management.
After the release of the news, shares in Lloyds rose by 6.5% in early trading in London.

Diageo Could Call Time on Hundreds of Jobs

Sky — Thu, 26 May 2011 09:18:07 +0000

The world’s biggest drinks firm–Diageo has unveiled a major shake-up of its drinks business that could witness the loss of hundreds of jobs in Europe as the group focuses on driving growth in the booming African and Latin American economies where the sales were up by 17% and 10% respectively.
According to the maker of Smirnoff and Guinness, it is announced that it has started to consult staff about potential redundancies as it shifts resources to emerging markets.
The radical restructuring plans were announced by Chief executive Paul Walsh. It will be focusing on diverting more resources into growth areas while slashing costs in stagnant developed countries.

Ikea to Shut Call Centre

Sky — Fri, 08 Oct 2010 07:45:18 +0000

Ikea, the Swedish retailer, announced last week that it was launching a cost-cutting program, in spite of a 7.7% rise in revenue in the financial year to August 31st.
This week, the retailer announced that it is going to cut 138 jobs by closing a call center , which is located in Rotherham and deals with complaints and queries. The furniture chain said that fewer telephone calls to the center meant that it was running under capacity.

300000 Jobs Face Cut in Cutbacks

Sky — Tue, 25 May 2010 13:51:53 +0000

At least 300000 public sector jobs are at risk as George Osborne launches £513 million of cuts, the chancellor will announce, as he bids to make a dent in the country’s £163 billion forecasted deficit for 2010-11.
The Skills Funding Agency, which employs 1200 people, is likely to be shut, along with the Curriculum Development Agency, which employ 723 staff. The South East England Development Agency, which employs 270 people, also faces the axe.
According to deputy prime minister Nick Clegg said that the country had to prepare for a period of painful retrenchment.

Shell Cut Jobs to Sharpen Up

Sky — Thu, 18 Mar 2010 07:34:12 +0000

Royal Dutch Shell is axing a further 1000 jobs after admitting it had been slow to respond to the global slump. The Anglo-Dutch group, which has 100000 employees across the world, cut 5000 posts in 2009 and had already announced that the company is going to shed 1000 more jobs this year.
However, Peter Voser, chief executive of the company, said that Shell had become too complicated and slower to respond than expected and is looking to sharpen up. So, the group would cut another 1000 posts by the end of 2011.
Shell expects a strong increase in cashflow from projects coming on stream over the next three years and announced that it is assessing at least 35 new projects to underpin production growth until 2020. The group plans net annual spending of up to £18 billion in the three years to 2014.