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Corporate Restructuring

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  • Pfizer's Shedlarz to Retire After Seesaw Career Thursday, 25 Oct 2007 | 7:14 PM ET

    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 Quits Wholesale Mortgage Business Thursday, 25 Oct 2007 | 7:01 PM ET
    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 Cuts 3,000 Jobs; I-Bank Chief Exits Thursday, 25 Oct 2007 | 8:41 AM ET
    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 to Slash 2,300 Jobs Wednesday, 17 Oct 2007 | 5:26 PM ET

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

  • ClearBridge to Oppose Cablevision Privatization: WSJ Wednesday, 17 Oct 2007 | 5:42 AM ET

    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 Layoffs to Cost Up to $150 Million Tuesday, 16 Oct 2007 | 5:23 PM ET

    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 Names New Head of Dreamliner Program Tuesday, 16 Oct 2007 | 1:35 PM ET
    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.

  • Boston Scientific Seen Cutting Thousands of Jobs Tuesday, 16 Oct 2007 | 8:50 AM ET

    Medical device maker Boston Scientific is preparing to slash thousands of jobs to counter slumping sales, according to a media report Tuesday.

  • E.W. Scripps to Split into 2 Companies Tuesday, 16 Oct 2007 | 7:55 AM ET

    E.W. Scripps, a television broadcaster and newspaper publisher, said Tuesday it plans to split into two publicly traded companies.

  • Huawei-3Com Deal Threatens US Security: Lawmakers Monday, 15 Oct 2007 | 9:41 PM ET

    Eight U.S. lawmakers called on the Bush administration on Monday to block a proposed buyout of Massachusetts-based technology group 3Com saying a Chinese company's role in the $2.2billion transaction "threatens the national security of the United States."

  • AOL to Cut One-Fifth of Workforce Monday, 15 Oct 2007 | 11:55 AM ET

    Time Warner's Internet unit AOL will eliminate 2,000 jobs as part of an ongoing restructuring to better focus on boosting online advertising, according to a memo obtained Monday by Reuters.

  • Gasparino: Prince In Monday, 15 Oct 2007 | 9:50 AM ET

    Citigroup CEO Charles Prince will get more time to help turn around the company's fortunes, according to CNBC On Air Editor Charles Gasparino.

  • Dow Chemical Shares Jump on Deal Rumors Friday, 12 Oct 2007 | 3:54 PM ET

    Dow Chemical, the largest U.S. chemicals maker, said on Friday it has postponed a meeting with institutional investors that was scheduled for early next month.

  • Citigroup Shakes Up Management; Maheras Exits Friday, 12 Oct 2007 | 3:21 PM ET
    The Citibank logo is shown on a branch office Wednesday, April 11, 2007 in New York. Citigroup Inc., which includes Citibank, announced Wednesday that it will eliminate about 17,000 jobs as part of a companywide restructuring to reduce costs and improve profits. (AP Photo/Mark Lennihan)

    Citigroup said it is combining its investment banking and alternative investments units into one division led by a former Morgan Stanley executive.

  • BP CEO Makes Sweeping Changes Thursday, 11 Oct 2007 | 10:55 AM ET

    The chief executive of BP on Thursday outlined a plan to address industry-lagging profitability by slashing management layers, adopting consistent procedures for developing oil and gas fields and reducing "unacceptably high" costs.

  • Virgin Mobile USA IPO Raises $412.5 Million Wednesday, 10 Oct 2007 | 8:10 PM ET
    Virgin Media Phone

    Virgin Mobile USA, a venture of Sprint Nextel and Richard Branson's Virgin Group, raised $412.5 million on Wednesday, with an initial public offering that priced at the low end of expectations.

  • American Airlines Pilots Turn Up Heat on CEO Wednesday, 10 Oct 2007 | 1:54 PM ET

    The president of the pilots' union at American Airlines ripped the company's chief executive in a letter that ended with a threat to "see you in court, in the newspapers, and on the picket line."

  • Hershey's Top Shareholder Sour on Performance Wednesday, 10 Oct 2007 | 1:51 AM ET

    The charitable trust that controls Milton Hershey's fortune and The Hershey Co., the U.S. chocolate company he founded, said Tuesday it is not satisfied with the company's lackluster performance, and is working to improve it.

  • US Treasury Debt Prices Steady Before Fed Minutes Tuesday, 9 Oct 2007 | 8:16 AM ET

    US Treasury debt prices were steady early Tuesday as investors looked ahead to the release of minutes from the Federal Reserve's policy meeting last month when the central bank cut benchmark interest rates.

  • EADS Chief Proposes Banning Stock Options Tuesday, 9 Oct 2007 | 7:08 AM ET

    The head of European aerospace group EADS said in remarks published on Tuesday he would propose scrapping the company's management stock option system amid an ongoing insider trading investigation.