UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically downscaling its exposure to risky investments.
The Austrian capital is the city where the old EU meets the new EU. Teeming with international organizations, it's also the city that was the first to foray into Eastern European banking and the destination for tasty pastry.
British music company EMI is to axe up to 2,000 jobs in a restructuring plan by its new private-equity owners to save up to 200 million pounds ($392 million) a year and recast itself for the digital age.
Merrill Lynch is expected to suffer $15 billion in losses stemming from soured mortgage investments, almost double its original estimate, prompting the firm to raise additional capital from an outside investor.
It's that time of the year again, when Germany's trade unions traditionally put their wage demands on the table for the opening rounds of the annual ritual that is called "collective wage bargaining". And, with the economy growing at a robust pace still and with corporate profits on the rise, the voice of the unions is getting louder again. We've already had some taste of strike this season. Is there more to come?
British aero-engine maker Rolls-Royce Group plans to cut 2,300 jobs from among its managerial, professional and clerical staff to help offset rising costs and the effect of the weak dollar.
An evocative smell from childhood can quickly trigger the realization that cost cutting is not a strategy, but a reaction that, without corresponding investment, will doom industries.
James Cayne has resigned as chief executive officer of Bear Stearns, amid widespread concern over his management of the Wall Street firm, CNBC has learned.
Citigroup has dismissed about 30 employees in its structured credit group which helps put together collateralized debt obligations, a source familiar with the matter said.
Novartis plans a restructuring that will result in job cuts and the removal of several layers of management, according to an interview with CEO Daniel Vasella in the Wall Street Journal Europe.
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.
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.
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.