Job Cuts | featured news

Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including an exit from Ireland. The company said Monday that the job cuts, which equate to about 1 percent of Avon's 39,100 employees, will occur across all regions and segments. It is part of a turnaround plan under CEO Sheri McCoy, with the goal of achieving mid-single digit percentage revenue growth and $400 million in cost savings by 2016.

Google says it's cutting an additional 1,200 jobs in its Motorola division as the unprofitable cellphone maker struggles to compete.

US bank JP Morgan Chase reveals plans to cut up to 19,000 jobs by the end of next year in its mortgage and community banking businesses.

Thomson Reuters announced plans to cut 2,500 jobs in its core Financial and Risk division by year's end, and said it didn't expect that business to turn around until the second half of 2013.

The Pentagon has begun laying off most of its 46,000 temporary and term employees and cutting maintenance on ships and aircraft in an effort to slow spending due to fears of new defense budget cuts, Deputy Defense Secretary Ashton Carter said on Friday.

Toy maker Hasbro says its fourth-quarter revenue failed to meet expectations because of weaker-than-expected demand over the holidays.

American Express Co. says it will slash roughly 5,400 jobs, mainly in its travel business, and book a $287 million restructuring charge.

About 25,500 front-office clerks, mail handlers, drivers and other employees have accepted an early-retirement offer from the U.S. Postal Service, among the money-losing agency's largest efforts in recent years to shed employees.

Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one.

UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis.