Job Cuts | featured news

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation....

The U.S. Postal Service would eliminate about 220,000 full-time jobs and shutter about 300 processing facilities by 2015 under a proposal to bring its finances in order, a postal official said on Friday.

British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets.

Banking group HSBC Holdings Plc may cut more than 10,000 jobs as part of its plan to slash costs by up to $3.5 billion a year, Sky News reported Thursday.

BlackBerry maker Research In Motion Ltd. is cutting 2,000 jobs as part of a cost savings plan announced last month and is shuffling some senior executives....

Cisco Systems plans to cut 15 percent of its staff and sell a set-top box factory as part of a plan to cut annual expenses by $1 billion as the network equipment maker tries to revive its fortunes.

Networking equipment company Cisco Systems Inc could eliminate as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, Bloomberg said, citing two people familiar with the matter.

HSBC said that it is to cut around 700 jobs from its retail-banking operations in the U.K., ahead of major regulatory reforms that are set to affect the domestic industry's advisory business.

In a healthy recovery, states and localities produce jobs, expand social services and help fuel the nation's economic growth. Then there's the 2011 recovery. The U.S. economy is moving ahead, however fitfully. Yet state and local governments are still stuck in recession. Short of cash, they cut 30,000 jobs in May, the seventh straight month they've shed workers. Rather than add to U.S. economic growth, they're subtracting from it.

The 12 percent reduction in the leading cellphone maker’s global work force will help trim operating costs by 1 billion euros as it prepares for its alliance with Microsoft.