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News Tag: job losses

October 10, 2011

CIPD reveals public sector job losses deeper than forecast

by Kay Mitchell
”CIPD
According to the Chartered Institute of Personnel and Development (CIPD), more public sector job losses are being axed than originally forecast. The employers group said 610,000 jobs in the sector will be lost between 2010/11 and 2015/16 – one third more than the 410,000 the Office for Budget Responsibility (OBR) originally predicted. The group is therefore calling on the Government ...




September 8, 2011

HSBC planning 3,000 jobs in Hong Kong

by Kay Mitchell
”HSBC
Banking giant HSBC has today announced plans to axe 3,000 jobs at its Asian headquarters in Hong Kong over the next three years. The reduction in headcount is part of an ongoing global cost-cutting plan after comes shortly after the bank said it would axe 30,000 jobs by 2013. The bank, which is Europe’s largest, has a global workforce of 335,000 worldwide, ...




August 10, 2011

HSBC offloads US credit card division in $32.7bn deal

by Kay Mitchell
”HSBC
Banking giant HSBC has today announced it has disposed of its US credit card division to Capital One Financial, as part of a global strategic cost-cutting exercise. The announcement comes shortly after the bank said it would slash its underperforming US branch network by half and also announced it would axe 30,000 jobs globally in the next two years. The ...




August 2, 2011

Barclays profits fall, cuts jobs

by Kay Mitchell
”Barclays
Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with the bank’s performance, despite describing the economic environment as ...




August 1, 2011

HSBC to reduce headcount by 25,000

by Kay Mitchell
”HSBC
Banking giant HSBC has today announced plans to shed 25,000 jobs by 2013 after reporting a rise in half-year profits. The bank, which is Europe’s largest, has already unveiled 5,000 job cuts, 700 of which are in the UK. HSBC has a global workforce of 335,000 worldwide, with 52,000 in the UK. It said the majority of the 25,000 job losses will be ...




July 28, 2011

Credit Suisse to reduce headcount by 2,000

by Kay Mitchell
”Credit
Credit Suisse, which is Switzerland’s largest bank, has today revealed it will axe 2,000 jobs after unveiling poor results in the second quarter. The job cuts represent approximately 4% of its 50,700-strong global workforce. The Swiss banking giant has been hit by weak trading activity and the strong Swiss franc. Net profits dived to SwFr 768 million (£570 million) in the second ...




HSBC to reduce headcount by 10,000

by Kay Mitchell
”HSBC
According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review. The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations. However, a spokesperson for the bank declined to comment on the report. The speculation ...




July 18, 2011

Co-operative Financial Services to axe 670 jobs

by Kay Mitchell
”Co-operative
Manchester-based Co-operative Financial Services (CFS) has announced plans to axe more than 600 jobs as part of a strategic review. The group said 670 field based jobs will go after conducting a review of its life insurance and savings division following its merger with the Britannia Building Society in August 2009. CFS, which has 8 million customers, has a workforce of 12,000 ...




July 5, 2011

Train maker Bombardier unveils more than 1,000 job losses

by Kay Mitchell
”Train
Train maker Bombardier has today revealed it will axe 1,400 jobs at its plant in Derby. The job cuts are attributed to the company losing out to Siemens on the £1.4 billion Thameslink contract. Its Derby operations has a workforce of 3,000 and the company said 446 permanent jobs and 983 temporary staff will go. "The culmination and successful delivery of ...




June 30, 2011

15,000 more jobs to go at Lloyds Banking Group

by Kay Mitchell
”15,000
Banking giant Lloyds is to axe a further 15,000 jobs, as part of a cost-cutting exercise and will see the bank withdraw from international banking. The job cuts were first unveiled by the Sunday Times earlier this month but have only been confirmed today. The banking giant, which is 41% owned by the taxpayer, has axed more than 27,500 ...




June 13, 2011

Lloyds Banking Group set to axe thousands more jobs

by Kay Mitchell
”Lloyds
According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from Santander. However, a spokesperson for ...




May 26, 2011

Lloyds Banking Group announces more job losses

by Kay Mitchell
”Lloyds
Banking giant Lloyds has announced it will axe a further 360 jobs and transfer 140 members of staff to another company. The banking giant, which is 43% owned by the taxpayer, has now axed more than 27,000 jobs since its merger with HBOS at the height of the financial crisis, some of which were due to overlap following the merger. ...




May 18, 2011

UK unemployment rate falls further to 7.7%

by Kay Mitchell
UK unemployment rate falls further to 7.7%
The Office for National Statistics (ONS) has today revealed UK unemployment fell further in the three months to March. The ONS said unemployment fell by 36,000 in the three month period to 2.46 million. The latest figures means the unemployment rate has fallen to 7.7% from 7.8% in February. In the meantime, the number of Britons claiming jobseeker’s allowance (JSA) rose in April, ...




May 12, 2011

Comet to close stores and axe jobs

by Kay Mitchell
Comet to close stores and axe jobs
Comet owner Kesa Electricals has announced plans to shut almost a dozen stores and axe 150 staff after sales fell amid the challenging economic environment. Kesa said same-store sales at Comet dived by 15.2% in the 12 weeks to 30 April as the High Street continues to suffer as consumers rein in their spending amid rising inflation and Government spending cuts. Electrical retailers, ...




May 11, 2011

HSBC unveils cost-cutting measures

by Kay Mitchell
’HSBC
HSBC has today revealed it will embark on a massive cost-cutting exercise, just two days after it unveiled its first quarter results. The bank, which is Europe's largest, is looking to save up to $3.5 billion (£2 billion) by streamlining its IT operations and cutting back on its wealth management and retail divisions. However, the number of job losses was not disclosed. In a statement, chief ...




April 12, 2011

Allied Irish Banks unveils losses and job cuts

by Kay Mitchell
’Allied
Allied Irish Banks (AIB), which was the fourth Irish bank to be nationalised, has today revealed a loss of €10.16 billion (£9 billion) for the 2010 year, compared with a loss of €2.3 billion the previous year. Meanwhile, the bank also announced it would axe more than 2,000 jobs in 2011 and 2012 in order to cut costs. The bank, ...




April 1, 2011

Northern Rock bad bank returns to profit

by Kay Mitchell
”Northern
Northern Rock Asset Management (NRAM), the so-called bad bank, returned to profit in 2010, it was reported today. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the 2010 year were £200.1 million, against a £166.5 million loss in 2009. At the start of 2010, Northern Rock was split into two divisions – a “good ...




March 28, 2011

Northern Rock to axe 680 jobs

by Kay Mitchell
’Northern
Crisis-torn Northern Rock has today announced it will reduce headcount by a further 680 as part of another restructure. According to the lender, which was nationalised in February 2008, the job losses are necessary as part of a cost-cutting exercise and would affect employees "at all grades across the company". Less than 2,000 people will work for the bank following the latest ...




March 21, 2011

Royal Mail unveils job losses under modernisation plans

by Kay Mitchell
”Royal
The Royal Mail has today announced it will axe 1,700 jobs and close two mail centres in London under modernisation plans. The company has deemed the job losses necessary and come on top of the 1,700 jobs already lost this year. The latest job losses include 1,000 managers across the UK and come as the volume of mail posted in London ...




March 17, 2011

Lloyds Banking Group to axe a further 570 jobs

by Kay Mitchell
’Lloyds
Banking giant Lloyds has today announced it will axe a further 570 jobs and outsource more than 560 positions. The banking giant, which is 43% owned by the taxpayer, has now axed almost 27,000 jobs since its merger with HOBS, some of which were due to overlap following the merger. The latest round of job cuts are set to ...