11/1/02
Long Island-based product safety tester Underwriters Laboratories
(UL) Inc. is planning to lay off 40 workers -- its second round
of dismissals in just over a year.
11/1/02
A revenue drop is forcing Stamford-based Gartner Inc., a
technology research firm, to cut staff and close offices. Gartner,
which employs 1,000 of its 4,000 workers in Stamford, said it will
trim 150 positions before year's end.
11/1/02
ADC Telecommunications Inc. said it is trimming more than
300 jobs as part of a continuing cost-cutting program and reaffirmed
its guidance for the fiscal fourth quarter and fiscal 2003.
10/30/02
Citing weak demand for telecommunications networks, Corning
said it will shutter fiber-making plants in Australia and Germany.
It also will mothball a plant in Concord, N.C., which is one of
Corning's most efficient. That leaves the company with just one
plant making optical fiber, down from five in 2001. The company
also will lay off 2,200 employees, which will bring total employment
to 23,500. At the company's peak in 2000, it employed 43,000.
10/30/02
Lehman Brothers has cut about 80 investment banking jobs
in Europe as part of a broader restructuring of its activities in
the region, according to people familiar with the situation. The
job cuts, which were unveiled to staff Wednesday, are the latest
sign that investment banks anticipate the current lean economic
and market environment will continue.
10/30/02
Nortel Networks Corp. aims to return to profitability by
June 2003, after a massive cost-cutting effort that has put some
65,000 people out of work. The company is near its target work force
size of 35,000 but would still need to cut more than 3,000 additional
jobs, adding that the new cost structure would enable the company
to profit with less than $2.4 billion in quarterly revenue.
10/30/02
With some big contracts souring and corporate spending dropping,
Electronic Data Systems Corp. (EDS) said third-quarter profit
fell 59%. The big computer-services company will cut its work force
of 138,000 by as much as 4%, or 5,500 people.
10/29/02
Broadwing plans to lay off about 500 workers and defer payment
of a cash dividend as the Cincinnati phone company tries to cut
costs at its Broadwing Communications unit.
10/28/02
The grinding slump in the telecommunications industry will claim
1,000 more U.S. jobs at Alcatel SA, the French phone-equipment
maker said Monday. Alcatel said it has begun the reductions, which
represent about 13% of the company's U.S. work force. The Paris-based
company said the cuts were designed to match costs with business
levels, which have plunged for nearly two years as phone and networking
companies have reduced equipment orders. Alcatel had 113,000 workers
at the end of 2000 but will have only 60,000 at the end of next
year.