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Business Events Layoffs

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  • March 25- General Electric Co said it increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices. "As a result of increasingly challenging market conditions, we are announcing additional workforce reductions in our Lufkin business," said Kristin Schwarz, a GE Oil& Gas spokeswoman.

  • March 25- General Electric Co increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices, Bloomberg reported. The move follows GE's notification to regulators in January of the planned layoffs of 330 people at its beam-pumping manufacturing facility in Lufkin, Texas.

  • March 25- Wells Fargo& Co, the fourth-largest U.S. bank by assets, said it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee, Wisconsin. Wells Fargo, which will close the office in late July, will inform employees of other job opportunities within the company, the bank said. Shares of Wells Fargo, which had about 265,000 employees as of Dec. 31,...

  • MOSCOW, March 23- German car producer Volkswagen said on Monday it would reduce shifts and lay off at least 150 workers at its Russian car plant in Kaluga, south of the capital Moscow. The carmaker said the Kaluga plant would work four days a week from April to July this year, while in May the number of shifts would decrease to two from three. It added that the production...

  • *Restructuring costs to total over 200 bln yen- source. TOKYO, March 19- Japan's loss-making Sharp Corp intends to cut 12 percent of its workforce in a global restructuring expected to cost more than $1.7 billion, a person familiar with the plan said on Thursday. The job cuts will total around 6,000, half of which would come in Japan through early retirement while...

  • March 18- Sharp Corp is cutting more than 10 percent of its Japanese workforce starting in April, according to a Nikkei report. The embattled electronics manufacturer will slash about 3,000 jobs through voluntary retirements and expects to book about 30 billion yen in retirement-related expenses for 2015, the business daily said. The company could also cut...

  • CALGARY, Alberta, March 17- Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, said on Tuesday it will cut about 400 jobs in North America and the United Kingdom in response to plunging global oil prices. Nexen, which was bought by state-controlled CNOOC in 2013 for $15.1 billion, has begun to cut some 340 employees in North America, and started...

  • CALGARY, Alberta, March 17- Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, said on Tuesday it will cut about 400 jobs in North America and the United Kingdom in response to plunging global oil prices. Nexen, which was bought by state-controlled CNOOC in 2013 for $15.1 billion, will cut approximately 340 employees in North America and 60 at its UK...

  • Tesla is shedding jobs after missing sales target Monday, 9 Mar 2015 | 6:36 AM ET
    The interior of the Tesla Model D

    Tesla Motors said it is cutting jobs in China under a restructuring plan launched earlier this year, after missing a sales target.

  • HONG KONG, March 9- Chinese property developer Kaisa Group Ltd has proposed cutting the interest and extending the maturities of its offshore bonds in a critical debt restructuring plan it needs to get creditors to agree to or risk defaulting on payments. Kaisa, mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its...

  • Corrects Hercules Offshore item to change date of announcement of job cuts to Feb. 12 from Feb. 3) Feb 17 (Reuters)- Oilfield services giants Schlumberger Ltd and Halliburton Co and many others in the oil and gas industry have announced plans to lay off thousands of people in the past few months as global oil prices have nearly halved since June.

  • February job cuts top 50,000: Challenger Thursday, 5 Mar 2015 | 7:30 AM ET
    February job cuts top 50,000: Challenger

    John Challenger, Challenger CEO, provides the latest read on layoffs and unemployment. According to the most recent numbers, 38% of all cuts this year are coming from the energy sector.

  • LONDON, March 4- Royal Bank of Scotland has yet to decide how many jobs it will cut at its investment bank after announcing a major downsizing of the business last week, its Chief Executive Ross McEwan said on Tuesday. RBS is shrinking its investment banking operations dramatically, pulling out of 25 countries in Europe, Asia and the Middle East while cutting jobs...

  • March 3- U.S. retailer Target Corp, which has been battling back after a massive data breach and sluggish performance, on Tuesday said it will eliminate several thousand jobs, mainly from headquarters locations in the United States and India, as it aims to cut $2 billion in costs over two years. Target said the job cuts would primarily come from corporate locations...

  • BEIJING, March 2- China's slowing economy will be at the forefront as parliament convenes for its annual meeting this week, with a weekend interest rate cut a reminder of the challenge of balancing painful restructuring with combating the onset of deflation. Senior leaders at the National People's Congress, which opens on Thursday, will send an unambiguous...

  • SINGAPORE, March 2- Malaysia Airlines is re-negotiating contracts, reviewing its fleet and routes, and identifying almost a third of staff to lay off as part of a state-led restructuring programme, owner Khazanah Nasional Bhd said on Monday. The sovereign wealth fund's update on Malaysian Airline System Bhd is the first since it took the carrier private in...

  • SAO JOSE DOS CAMPOS, Brazil, Feb 26- Workers at a General Motors Co car factory in Brazil ended a six-day strike on Thursday after the company dropped plans to lay off 800 employees, the union said, ending the latest labor standoff in the troubled Brazilian auto industry. The re-elected leadership, which also organized a strike against planemaker Embraer SA last...

  • *GM to stop car manufacturing in Indonesia. BEIJING, Feb 26- General Motors will stop making GM-branded cars in Indonesia, a battleground for global automakers, closing an assembly plant, axing some 500 jobs and shifting its focus to sport utility vehicles. The retreat also comes as GM drives into Indonesia with its Chinese partner, SAIC Motor Corp..

  • Strike ends at General Motors plant in Brazil Thursday, 26 Feb 2015 | 10:42 AM ET

    SAO JOSE DOS CAMPOS, Brazil, Feb 26- Workers at General Motors Co's Brazilian car factory ended a six-day strike on Thursday after the company agreed to drop plans to lay off 800 employees, the union said. Stoppage days will not be deducted from wages and the company vowed not to retaliate against workers who walked off the job in the longest strike GM has faced in...

  • *Zimbabwe expansion on hold over tax. JOHANNESBURG, Feb 26- South Africa's Impala Platinum will revamp its Rustenburg mines to boost productivity, but staffing levels will stay the same at the centre of often violent labour unrest, its chief executive said on Thursday. Any move to cut jobs would almost certainly provoke resistance from the Association of...