BGN Entrepreneur » Job Cuts

Unions Attack Vintage Thatcher Job Cuts

Sky — Sun, 27 Jun 2010 07:50:12 +0000

The future of the labour market became a rhetorical battlegroud as trade unions flayed the chacellor’s vintage Thatcher Budget, but held their fire on the timing of any industrial action over jobs, pay and pensions.
George Osborne cited an optimistic forecast by the Office for Budget Responsibility that unemployment currently 2.47m or 7.9 % of the workforce, would peak at 8.1% this year and fall to 6.1% by 2015.
Economists are divided over how far public sector job losses may hold back labour market recovery.

Jobs Threat as BAE Reveals Factory Closures

Sky — Fri, 01 May 2009 16:56:27 +0000

Following the decision by the Ministry of Defence to postpone a utility vehicle contract as well as a downturn in work supporting British Army operations in Iraq and Afghanistan, it has been announced that the premier global defence, security and aerospace company—BAE Systems is to close three factories at Telford in Shropshire, Leeds and Guildford in Surrey.
As a result, the compulsory redundancies is expected to be about 500. Besides, a further 50 jobs will be lost at Newcastle upon Tyne, seven in Leicester and 90 in the firm’s weapons business in Barrow, while 30 posts will be cut through efficiency measures.
BAE announced that as part of its ‘transformation programme’ around 100 roles from the sites which are closing will be transferred to Leicester and Newcastle. The company will take other measures to mitigate the impact on employees, including providing re-training and support in finding new roles inside or outside the organisation. BAE announced that Newcastle will continue vehicle engineering and assembly, integration and testing in the UK, while Leicester will grow its systems engineering and systems integration expertise.

Steel Giant Adds to Job Woes

Sky — Sat, 31 Jan 2009 14:01:52 +0000

The jobless total in the three months to November hit 1.92 million, which is the highest level in more than a decade. Increasing companies is now adding to job woes with further job cuts.
As revealed last week, as badly affected by the global economic slump Corus, the Anglo-Dutch steel maker, which has 24000 workers in the UK, is to cut up to 3500 jobs recently.
The company has been rocked by the huge financial problems in two of its main markets—construction and car-making. Orders of Corus are believed to have fallen by 1/3. Union leaders are reportedly in talks with the government to try to fend off some of the job losses.
As a result, economist from the Bank of England warned the jobless total would hit 3 million in a year. Though it would be hard to believe that there would be that amount of unemployed member during the year, take the experience of previous recessions, some experts say that the prediction of 3 million might be optimistic.

Lehman Brothers’ Further Cut of 1,200 Jobs

Sky — Fri, 29 Aug 2008 17:08:45 +0000

Lehman Brothers was founded in 1850. It has gradually grown into a diversified, global financial services firm. However, most recently, it is widely seen as most vulnerable investment banks in the Wall Street because of its mounting losses on mortgage-related investments, as well as the over expectation. The group’s shares have been pushed down by about three quarters this year. It just reported a loss of $2.8 billion in its second quarter, compared to a profit of $1.3 billion in the previous year.
Just as the struggling brokerage in Wall Street scrabbles to support its balance sheet via reducing costs and selling assets, Lehman Brothers is getting ready for the fourth round of job cuts in the past 12 months.
This round of job cuts will represent about 5% of its remaining workforce and bring the total redundancies since June last year to about 6,400. The redundancies are expected to be finalized and announced on or before the company reports its third quarter results in mid-September. Though relevant details have yet to be finalized, the job losses are expected to be extent across the country, even in the City of London.
The job cuts are just part of a broader drive by Lehman Brothers to boost its balance sheet. The group is also seriously considering selling its asset management division, including Neuberger Berman, the fund management business. The group is also sounding out potential buyers for $40 billion worth of troubled commercial mortgages and property on its balance sheet. The group has declined to comment on all possible movements in these aspects.