1/10/03
Employers
slashed payrolls by 101,000 jobs in December, the steepest cut in
10 months, and November's decline was more than twice as deep as
originally estimated. The data surprised economists, who had expected
a slight improvement in the employment picture. The unemployment
rate held steady at an eight-month high of 6%.
1/10/03
Tellium
Inc., an optical switching company that is trying to regain its
footing after a difficult 2002, on Thursday announced a business
restructuring plan that would cut 43% of its 300-person staff in
the first quarter, saving the company about $4 million starting
in the second quarter. Last June, Tellium cut about 40% of its staff,
or 200 jobs.
1/9/03
Turnstone Systems, Inc.
announced today that it would take an inventory write-off of
$5.5 million for the quarter ending December 31, 2002, and reduce
its work force by approximately 40%, or approximately 30 employees,
in the first quarter of 2003.
1/9/03
Delta
will take two charges -- $125 million in its fourth quarter and
$50 million in its first quarter -- for costs related to plans to
eliminate up to 8,000 jobs.
1/8/03
Alcoa Inc., struggling with "lingering weaknesses"
in its key markets, posted an unexpectedly wide fourth-quarter net
loss of $223 million in part because of costs of trimming 8,000
more jobs and selling a number of slow-growing businesses. The big
aluminum maker will cut 6% of its work force, mainly at aerospace,
automotive and industrial-gas-turbine units in Europe and South
America, as well as at U.S. smelter operations. The company, which
cut 10,000 jobs last year, had 127,000 employees at the end of 2002.
1/8/03
United Airlines flight attendants ratified an interim
relief agreement that calls for a temporary 9% pay cut, becoming
the fourth of the air carrier's five unions to consent to wage reductions.
1/8/03
Liberate Technologies said it is laying off about 180
employees, or roughly 30% of its work force, and will "transition
out" about 60 other employees during the next three months.
The company said the layoffs are part of its efforts to align operating
expenses with revenue. Prior to this reduction, Liberate Technologies
had about 600 employees.
1/8/03
SAP AG, the biggest maker of business-management software,
has cut 88 workers from its U.S. sales force as part of a shake-up
of its flagging American business.
1/8/03
DirecTV Latin America said it may file for bankruptcy if
the satellite TV provider can't lower its costs by renegotiating
contracts. The Hughes Electronics unit hired a consulting firm to
help restructuring.
1/8/03
StorageNetworks Inc., Waltham, Mass., said it is laying off
half its work force in a cost-cutting move and said its chief executive
and president resigned. The company, which provides storage-management
software, cited the economic climate and the immaturity of the its
market as reasons for the job cuts, which will reduce its work force
to about 110.
1/7/03
Siemens
AG said it will cut 320 jobs at its money-losing telecommunications
unit IC Networks, which is the worst-performing of the German conglomerate's
13 operating businesses. The layoffs are part of an already-announced
plan to cut about 1,700 jobs at the unit's Munich headquarters.
1/7/03
Cigna said it will take a fourth-quarter charge of $98
million, and will reduce its work force by 3,250 employees, as part
of its previously announced plans to restructure.
1/7/03
Pilots at United Airlines approved a 29% emergency
pay cut designed to help the airline pare its expenses quickly to
meet the requirements of the interim financing package that is keeping
it aloft.
1/6/03
AT&T Corp. said it will cut 3,500 jobs, primarily
at its business-services division, and take several charges in the
fourth quarter, including a $1.1 billion asset-impairment charge
related to its investment in AT&T Latin America Corp.
1/6/03
General Motors Corp. expects white-collar job reductions
of 3% to 6% in North America this year, relying again on retirements
and other attrition to trim its ranks.