Business Events Layoffs

More

  • July 19- Zafgen Inc said it was suspending the development of its obesity drug, beloranib, and reducing its workforce by about 34 percent, sending its shares tumbling 41.9 percent in extended trading on Tuesday. In December, the U.S. Food and Drug Administration asked Zafgen to halt all tests on the drug after a second patient died from an artery blockage in the lung.

  • Dallas- based Comerica set aside $49 million in the second quarter to cover bad loans, compared with $148 million in the first quarter. The company's energy loans declined 11 percent in the quarter ended June 30, even as total average loans rose 2 percent to $49.5 billion, driven by an increase in mortgage and real estate loans. The company will incur pre-tax...

  • The U.S. regional bank, which also plans to reorganize its branches and real estate assets and outsource some functions, said the restructuring actions are expected to cut costs by about $160 million by the end of 2018.. Dallas- based Comerica said profit fell to $103 million, or 58 cents per share, in the second quarter ended June 30, from $134 million, or 73 cents per...

  • July 19- Comerica Inc said it would cut 9 percent of its workforce to reduce expenses and reported a 23 percent fall in quarterly profit. The bank's restructuring actions, which also included streamlining operations, reorganization of its branches and real estate assets and outsourcing some functions, are expected to cut costs by about $160 million by the end...

  • NEW YORK— Comerica said Tuesday it will cut close to 800 jobs and close 40 banks to cut costs. Comerica said it wants to eliminate $160 million in annual spending by the end of 2018. Comerica will also close 40 banks and outsource some technology functions to reduce spending.

  • NEW YORK, July 19- Even after years of lean times, big U.S. banks are coming under new pressure to cut costs. But management teams are finding some expenses simply won't budge- like the $1 billion a year it costs Bank of America Corp to shuffle papers around and transport money in armored trucks. "There are fundamental costs associated with running a broad retail...

  • SAO PAULO, July 12- On Christmas Day 2014, in an empty São Paulo office building, four senior executives at engineering firm Grupo OAS SA set in motion a corporate bankruptcy that is helping reshape Brazil Inc.. Over the previous decade, Brazil's ruling Workers Party had built national champions using cheap state credit and contracts with state firms.

  • A pedestrian walks along Broad Street in New York.

    Layoffs by U.S. employers ticked up in June, but total payroll reductions for 2016 are trailing off, Challenger, Gray & Christmas reports.

  • ESSEN, Germany, July 4- German industrial group Thyssenkrupp announced a further shakeup of its Industrial Solutions unit, which it is restructuring in the face of weak demand for plant engineering and challenges in its naval business. To that end, Industrial Solutions will redistribute its Germany- heavy workforce more evenly around the world, establishing...

  • Stocks to Watch: July 1, 2016

    Tesla, Micron and Nike are making headlines this Friday morning on Wall Street.

  • *Sales miss expectations for third straight quarter. Falling PC sales, slowing smartphone sales growth hurt. June 30- Memory-chip maker Micron Technology Inc said it would lower costs, including by cutting jobs and focusing on fewer programs, after its hopes of reversing its fortunes this year were thwarted by a persistently challenging market.

  • June 30- Memory-chip maker Micron Technology Inc said it would implement a restructuring plan to lower costs by focusing on fewer projects, job cuts and other measures. Micron's net sales fell to $2.90 billion in the quarter ended June 2, from $3.85 billion a year earlier. Net loss attributable to Micron was $215 million, or 21 cents per share, compared with a profit...

  • A woman walks past Seagate Technology signage outside the company's headquarters in Scotts Valley, California.

    Seagate Technology said it would cut about 1,600 jobs, or 3 percent of its workforce, as the company looks to rein in costs amid waning demand.

  • By Joshua Franklin and Oliver Hirt. ZURICH, June 30- Credit Suisse Chief Executive Tidjane Thiam likes to joke he has a predilection for being under pressure. Turbulent financial markets, exacerbated by Britain's vote last week to leave the European Union, have complicated what was always likely to be a difficult restructure of a global investment bank.

  • RIO DE JANEIRO, June 29- A Brazilian court on Wednesday accepted Oi SA's bankruptcy protection petition, allowing the country's largest phone company to move ahead with plans to reorganize operations and restructure 65.4 billion reais of debt. The decision was made by judge Fernando Viana of the 7th Commercial Branch of Rio de Janeiro's Justice Tribunal who...

  • HONG KONG, June 30- Share offerings in Asia-Pacific ex- Japan sank nearly 60 percent in the first half of 2016 amid the weakest activity since 2008, weighed by volatile equity markets, China's slowdown and uncertainty over Britain's exit from the European Union. Federal Reserve's plans for higher interest rates, China's slowest growth in 25 years and Britain's...

  • HONG KONG, June 30- Share offerings in Asia-Pacific ex- Japan sank nearly 60 percent in the first half of 2016 amid the weakest activity since 2008, weighed by volatile equity markets, China's slowdown and uncertainty over Britain's exit from the European Union. Federal Reserve's plans for higher interest rates, China's slowest growth in 25 years and Britain's...

  • RIO DE JANEIRO, June 29- A Brazilian court on Wednesday accepted Oi SA's bankruptcy protection petition, allowing the country's largest phone company to move ahead with plans to reorganize operations and restructure 65.4 billion reais of debt. The decision was made by judge Fernando Viana of the 7th Commercial Branch of Rio de Janeiro's Justice Tribunal who...

  • They held 35 percent of the plan's $615 million in assets in company stock at the end of 2014.. The retirement plan had a total investment loss of $170.3 million in 2015, as net assets fell 23 percent to $483 million, according to the annual report. The stock is down 78 percent since the end of 2014 as the second-largest natural gas producer in the United States...

  • June 29- The retirement plan at Chesapeake Energy Corp is being partially terminated after significant employee reductions at the company. The partial termination means the company will be required to vest at 100 percent all terminated participants, Chesapeake said Tuesday in the 401 plan's annual report. The retirement plan had a total investment loss of...