Job Cuts, Cost Cutting | featured news

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Goldman Sachs Group Inc may cut $1.45 billion in expenses by year's end, $250 million more than it indicated in July, in a move that could lead to more job cuts, according to The New York Times.

Bank of America is to cut 30,000 jobs, or 10% of its workforce, over the next few years as part of a cost-cutting programme, the company says.

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.

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.

The banking industry, racked by the financial crisis and facing slower revenue growth, is starting to cut costs—increasingly at the expense of jobs.

Internet media company Yahoo is preparing to cut as many as 650 jobs, or almost 5% of its workforce, in its latest move to streamline operations and cut costs.

The Pentagon, trying to free up cash in the face of a yawning U.S. deficit, unveiled a series of cost-cutting measures on Wednesday that will shed thousands of jobs and shut down an entire military command.