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Business Events Layoffs


  • CAIRO, Nov 4- Banque Du Caire, Egypt's third largest state bank, expects a 40-45 percent increase in profits this year following a restructuring, according to its chairman, Mounir El Zahid. The bank's annual profits have been increasing since it restructured central departments in 2011, with annual profits growing from 44.9 million Egyptian pounds in 2011 to...

  • ConAgra selling private label for $2.7B Monday, 2 Nov 2015 | 10:00 AM ET
    ConAgra selling private label for $2.7B

    ConAgra is planning to sell its private label business to TreeHouse Foods for $2.7 billion.

  • Nov 1- Wireless carrier Sprint Corp said on Sunday it aims to slash fiscal 2016 expenses by as much as $2.5 billion, through layoffs and a wide array of cost controls, as an essential part of its ongoing turnaround efforts. In its first quarter ended June 30, the company posted a $20 million loss as revenue fell 8.7 percent to $8.03 billion, missing analysts' estimates...

  • Nov 1- Wireless carrier Sprint Corp on Sunday said it aims to slash its expenses in fiscal year 2016 by as much as $2.5 billion as an essential element of its ongoing turnaround effort, including layoffs and a wide array of cost controls. "We are leaving no stone unturned and looking at all areas," company spokesman Dave Tovar said in an interview.

  • Chevron slashing jobs Friday, 30 Oct 2015 | 10:00 AM ET
    Chevron slashing jobs

    Chevron is cutting about 7,000 jobs and reducing capital spending by 25% next year amid the tumble in crude prices.

  • Oct 30- Chevron Corp, the second-largest U.S.-based oil producer, slashed its 2016 capital budget by 25 percent and said it would lay off roughly 10 percent of its workforce, one of the most-drastic reactions to date to the plunge in crude prices. Chevron said on Friday it plans to spend between $25 billion to $28 billion next year and expects to further slash...

  • Chevron slashes budget to weather low oil prices Friday, 30 Oct 2015 | 8:42 AM ET
    A Chevron petroleum storage tank is seen at Port Everglades in Fort Lauderdale, Florida.

    Chevron on Friday announced plans to cut its workforce by 6,000 to 7,000, while posting earnings that topped expectations.

  • SAO PAULO, Oct 29- GPA SA, Brazil's biggest retailer, posted an unexpected quarterly loss on Thursday due to weak sales, faster inflation and costly layoffs, highlighting the deepening crisis for retailers in Latin America's largest economy. With Brazil's economy suffering its worst recession in 25 years and consumer prices climbing nearly 10 percent in a year,...

  • FRANKFURT, Oct 29- Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank. Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore...

  • Deutsche Bank laying off 35k Thursday, 29 Oct 2015 | 6:00 AM ET
    Deutsche Bank laying off 35k

    Deutsche Bank is planning to cut 35,000 jobs by 2020 and exit 10 countries as it tries to sharpen its focus.

  • Baxter to cut 1,400 jobs worldwide to boost profits Tuesday, 27 Oct 2015 | 12:42 PM ET

    Oct 27- Baxter International Inc said on Tuesday it plans to cut about 1,400 jobs worldwide, or about 5 percent of its non-manufacturing workforce, as part of a broad effort to reduce costs and boost profits. About two-thirds of the job cuts are planned for outside the United States, with the lay-offs to be completed by the end of the year, Chief Executive Bob...

  • CHICAGO, Oct 27- Diesel engine maker Cummins Inc on Tuesday posted a lower-than-expected quarterly profit and said it would lay off up to 2,000 people as global economic weakness continued to weigh on its international sales. Chief Executive Officer Tom Linebarger said in a statement that industry orders in Brazil and China were at multiyear lows, with no sign...

  • TORONTO, Oct 23- Bank of Nova Scotia is cutting an undisclosed number of jobs as part of a broader cost-reduction strategy as it moves to keep pace with technology changes in the financial services industry, Canada's No. 3 lender said. Scotiabank, which had more than 87,000 employees at the end of July, said it would close offices in Calgary, Ottawa, Vancouver,...

  • JPMorgan fires cheaters Friday, 23 Oct 2015 | 7:00 AM ET
    JPMorgan fires cheaters

    JPMorgan laying off 12 junior bankers for cheating on accounting tests.

  • J.C. Penney cuts 9 percent of headquarters workforce Thursday, 22 Oct 2015 | 6:37 PM ET
    Pedestrians pass by a J.C. Penney sign in New York.

    These cuts come as part of a larger initiative led by CEO Marvin Ellison to revamp the stores' image and sales.

  • Microsoft cutting about 1,000 jobs - CNBC Thursday, 22 Oct 2015 | 5:53 PM ET

    Oct 22- Microsoft Corp is cutting about 1,000 jobs in a new round of layoffs, CNBC said in tweet on Thursday. Microsoft could not be immediately reached for comment. Microsoft earlier on Thursday reported better-than-expected quarterly adjusted revenue for the ninth quarter in a row, boosted by burgeoning demand for its cloud products.

  • Big companies are cutting workers in a hurry Thursday, 22 Oct 2015 | 2:38 PM ET
    People fill out a form for job opportunities during the Miami Worldcenter construction job fair.

    CEO John Challenger says that even though job cuts are higher this year, lower jobless claims could mean the laid-off are transitioning quickly.

  • *Perrigo to cut 800 jobs, or 6 pct of workforce. Oct 22- Perrigo Co Plc said it would lay off 6 percent of its global workforce and buy back shares worth $2 billion to boost earnings, as the generic drug maker looks to convince investors to rebuff Mylan NV's hostile bid. Mylan, which first made a bid for Perrigo in April, went hostile in September, offering $75 in cash and 2.3...

  • CAT CEO: We're in a 'rough patch' Thursday, 22 Oct 2015 | 8:05 AM ET
    CAT CEO: We're in a 'rough patch'

    Doug Oberhelman, Caterpillar chairman & CEO, breaks down the company's quarterly results which missed on both the top and bottom line as the company faces commodity headwinds. Also Oberhelman weighs in on the importance of highway funding.

  • Oct 21- Biogen Inc on Wednesday announced it was cutting 11 percent of its global workforce and eliminating the development of several drugs, including one for lupus, in moves that will reduce operating expenses by about $250 million this year. Wall Street signaled its approval of the belt-tightening, as well as the better-than-expected third-quarter sales...