Northern Trust Corp said it plans to cut about 450 jobs in 2009, and take related charges.
The company, which provides private banking, investment management and global custody services, said it expects to take a pretax charge of about $20 million to $25 million, or 5 cents to 7 cents a share, in the fourth quarter related to the cuts and other costs.
Electrolux AB, Europe’s largest maker of kitchen appliances, abandoned its full-year profit target and said it will cut more than 3,000 jobs after demand plunged in Europe and North America.
Operating profit at the maker of Frigidaire appliances totaled 2.7 billion kronor ($340 million) as of November and a goal of 3.3 billion kronor will be impossible to reach after a sudden drop in orders, the Stockholm-based company said.
Electrolux fell as much as 7.4 percent in the Swedish capital today after cutting its 2008 outlook for a third time this year. It is the latest global appliance maker to announce job cuts after the global credit crunch and U.S. housing slump clips demand. Larger rival Whirlpool Corp. is eliminating 5,000 positions and the maker of KitchenAid gear on Oct. 28 forecast lower annual profit.
“This is not enough in our view to offset the triple headwinds of weak mix, falling volumes and rising raw-material costs,” said Ben Maslen, an analyst at Merrill Lynch & Co. He rates the stock “underperform.”
Parkway Holdings is cutting the salaries of its senior and middle managers by up to 35 per cent.
Parkway, the parent company of Parkway Group Healthcare and Parkway Hospitals, is also cutting its total workforce in Singapore by about four per cent, or some 148 jobs.
Parkway’s senior managers will see cuts in base salaries of between 15 per cent and 35 per cent, while its middle management’s base salaries will be reduced by between five per cent and 10 per cent.
The Group will also waive its directors’ fees this year.
Nicolas Cage took just a minute to vanish away with one car in the 2000 Hollywood blockbuster ‘Gone in 60 Seconds’, but the jobs seem to be disappearing at a faster rate, with companies laying off at least one employee every 10 seconds to cut costs and fight the economic crisis.
So far in December, companies across the world have announced at least 1.15 lakh job cuts – a figure which translates into an average of more than 8,200 people being laid off a day or about six every one minute (60 seconds).
In reel scenes, the plot might have been thrilling but in real sequences, the story is getting gloomy, with lay-offs happening across diverse sectors – right from finance to electronics to mining, to name a few.
While the financial crisis cost more than 30,000 jobs in the first week of December, the number nearly trebled to touch about 85,000 in the following seven days.
More than one-third of the layoffs happened in the US, which has already seen a stunning 5,33,000 job losses in November alone.
Deutsche Bank is cutting 30% of staff from its global markets division in Moscow where it has been the biggest and most successful bulge bracket bank during Russia’s capital markets boom.
Up to 30% of its Moscow-based global markets staff are expected to lose their jobs, double the proportion of employees being cut across Deutsche Bank’s global markets business as part of a worldwide redundancy programme.
Bankers working in sales, trading and research in Moscow were made redundant last week with more layoffs expected this week, according to two sources inside the bank.
One said: “We have been told 30% has been earmarked across the board.” The second said: “Ten of the research guys have gone.”
A Deutsche Bank spokesman in Moscow said the job losses represented 2% of its 950 workforce but declined to comment on potential job losses in other areas of the business.
Robert Bosch plans to reduce costs in its automotive division by not renewing temporary workers’ contracts and possibly cutting jobs outside its German home market, a company spokesman said on Saturday.
“We are currently using all instruments that we have to avoid job cuts,” the spokesman said, denying a report that Bosch planned to eliminate up to 2,000 jobs in the division.
In some factories in Germany, the company would reduce the number of hours its employees worked every week to 30 from 35 to lower personnel costs.
The Washington based National Public Radio (NPR) has decided to sack sixty four of its employees and discontinue two of its shows, more than 25 years after it began operations.
An NPR statement said that it would lay off seven percent of its workforce and eliminate two daily programs produced from its Culver City, California, facilities.
The shows are “Day to Day,” which was aimed at younger listeners, and the newsmaker-interview program “News and Notes”.
“The cutback of 64 of NPR’s 889 employees is designed to close a 23 million-dollar shortfall in the operation’s current fiscal year,” said Dennis Haarsager, NPR’s interim President and Chief Executive.
The cuts will have its effect on all departments, including reporters, producers, researchers and digital media employees. About half of the 64 people whose job have been terminated, are journalists.
A Middlebury-based specialty chemicals company is cutting at least 500 jobs worldwide as part of a cost-reduction program.
Chemtura Corp. says the job cuts are part of a restructuring program intended to slash fixed costs by about US$50 million.
Hundreds of jobs have been cut at a company that is supposed to help people find jobs.
Job posting Web site CareerBuilder has slashed 300 jobs, or about 15 percent of its workforce, according to the Chicago Tribune. The cuts were across the board, but mostly in its small business segment, the Tribune reports, citing chief marketing officer Richard Castellini.
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