×

Business Events Corporate Restructuring

  • James Murdoch.jpg

    Rupert Murdoch's younger son James is to return to News Corp. to head its Asian and European operations in a move that appears to make him heir apparent to the global media empire.

  • The new head of the International Monetary Fund plans to cut up to 15 percent of the organization's staff in an attempt to stabilize the fund's finances as demand for its loans drops, the Wall Street Journal reported on Friday.

  • Bristol-Myers Squibb, as part of an expected major restructuring, said by 2010 it would cut its workforce by 10 percent and slash the number of its manufacturing plants by more than half, to generate an additional $1.5 billion in savings.

  • GMAC Financial Services Wednesday named Samuel Ramsey chief risk officer, barely a month after the finance company posted a $1.6 billion third-quarter loss.

  • Bear Stearns on Wednesday said it would cut 650 jobs -- about 4 percent of its global workforce -- as the investment bank seeks to lower costs after losing bets on risky subprime mortgages.

  • The Pep Boys - Manny, Moe & Jack, an automotive parts and service chain, posted a wider third-quarter loss Tuesday and said it closed 31 stores, which will result in a work force reduction of about 3 percent, or about 550 employees.

  • Johnson & Johnson

    Health care products maker Johnson & Johnson, faced with lagging sales of some top products, said Thursday it would create three new units to boost prospects.

  • Citigroup, the largest U.S. bank, on Tuesday overhauled the structure of its investment bank, combining equity and debt capital markets activities.

  • citi_ext2_OQ.jpg

    While Citigroup  searches for a new CEO, there is growing speculation that the troubled financial services conglomerate may finally be broken up.

  • Airbus parent EADS acknowledged on Thursday its controversial restructuring plans were inadequate to cope with the dollar's "unbearable" slide, as delays in a major military project pushed it to a deeper quarterly loss.

  • Mutual funds giant Fidelity Investments is expected to begin layoffs, the Wall Street Journal reported on Thursday, citing analysts and people close to the firm.

  • Alcatel-Lucent said it would cut another 4,000 jobs by 2009 and trimmed full-year revenue growth expectations yet again after seeing fresh signs of a slowdown particularly in North America.

  • Chiquita Brands International said Monday it will cut 160 management jobs worldwide, close facilities and leave businesses as part of a plan to save $60 million to $80 million a year beginning next year.

  • Pfizer said on Thursday that David Shedlarz would retire as Vice Chairman by the end of the year, after three decades with the company that turned difficult in recent years.

  • Bank of America branch, New York City.

    Bank of America on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.

  • Bank of America branch, New York City.

    Bank of America on Wednesday said it plans to eliminate 3,000 jobs, and that the head of corporate and investment banking will depart after a dismal quarter at that unit led to a 32 percent drop in overall profit.

  • Boston Scientific said on Wednesday it would cut about 2,300 jobs as part of its effort to reduce operating expenses.

  • ClearBridge Advisors, the largest institutional shareholder in Cablevision Systems, plans to vote against the founding Dolan family's effort to take the cable television company private, the Wall Street Journal reported on Wednesday, citing sources.

  • Countrywide Financial, the largest U.S. mortgage lender, said Tuesday it expects to incur a $125 million to $150 million pretax restructuring charge in connection with its plan to eliminate 10,000 to 12,000 jobs to cope with the U.S. housing slump.

  • Boeing's Dreamliner 787.

    Boeing  named Pat Shanahan as vice president and general manager of the 787 program, succeeding Mike Bair, who will become vice president of business strategy and marketing for commercial airplanes, both effective immediately.