Where the Layoffs Are—Is Your Firm on the List?

Posted by Michael CHILDS, Admin II on January 10, 2013 at 6:22pm in Patriot Action Alerts

NASDAQ reported
American Express Co. ( AXP ) on Thursday announced several hundred million dollars of charges related to cost-cutting measures as it plans to eliminate 5,400 jobs in a move that will reduce its current headcount by 8.5%.

The planned layoffs resulted in a $400 million restructuring charge in the fourth quarter, the New York-based credit- card company said in a surprise earnings announcement. It also said it would record $342 million in expenses related to its cardholder rewards program, and refund $153 million to cardholders related to past customer transactions.

The moves resulted in a profit of $637 million, or 56 cents per share, in the fourth quarter. Excluding the charges, the company would have posted a profit of $1.2 billion, or $1.09 per share. Analysts polled by Thomson Reuters were expecting earnings of $1.06 per share.

The company's shares were up 0.8% at $61.27 in after-hours trading Thursday.
"Unfortunately, it seems this environment will persist for several more quarters and business leaders will continue reducing their workforce,"
Here's a rundown of some of the recently announced job cuts: (source: Reuters, with CNBC staff):

  • Circuit City , which is filing for bankruptcy, is laying off about 17 percent of its domestic work force, which could affect up to 7,300 people.
  • Deutsche Post , German mail and logistics company Deutsche Post will cut 9,500 jobs at its DHL unit in the U.S. and eliminate U.S.-only domestic express shipping.The new round of cuts are on top of another 5,400 job cuts it already announced.
  • Nortel Networks plans to lay off 1300 workers, nearly 5 percent of its workforce.
  • Motorola posted a third-quarter net loss and revenue fell a steeper-than-expected 15 percent, as a result the telecom equipment maker will slash 3,000 jobs in a cost-cutting effort.
  • Ford said it would cut 2,260 white-collar workers in North America.
  • General Motors , which previously said it would reduce salaried employment costs by 20 percent, will also cut another 1,900 salaried jobs on top of the 5,100 announced last summer. GM also said it is reducing some employee benefits, including 401 k contributions and other programs.
  • Fidelity Investments will start laying off about 2.9 percent of its global workforce later this month—affecting 1,288 workers in the first round from a workforce of 44,4000—and plans to trim more workers early next year.
  • Toy maker Mattel Inc. says it is cutting some 1,000 positions worldwide in response to the ongoing economic downturn. The El Segundo-based company says the positions amount to 3 percent of the company's worldwide workforce and will reduce its professional and management staff by 8 percent. Cuts will come from a combination of layoffs, attrition and retirements, the company said.
  • Goldman Sachs notified roughly 3,200 employees this week that they have been laid off, part of previously reported plans to slash 10 percent of the firm's global work force. The move comes after laying off hundreds of support staff and junior bankers in June. The company had a record 32,569 employees in August and the latest cuts reduce headcount to the lowest since 2006.
  • At Merrill Lynch, 10,000 employees could be jettisoned as a result of the merger with Bank of America.
  • Bank of America, the second-largest U.S. bank by assets said in June it expected to eliminate about 7,500 jobs over the next two years after the completion of its acquisition of Countrywide Financial Corp, the largest U.S. mortgage lender.
  • Barclay's plans to cut about 3,000 jobs as it brings Lehman Brothers into its fold. Lehman, which filed for bankruptcy last month, had 26,000 employees. About 10,000 have been given jobs until at least the end of the year.
  • The lack of merger and acquisitions and initial public offerings is hitting Morgan Stanley hard. The U.S. investment bank said on July 31 it was finished cutting jobs, having slashed 4,800 jobs in the past year but some analysts expect Morgan could lay off 15 percent of its work force.
  • Even the more stable JPMorgan Chase is looking at cutting at least 10 percent and maybe 15 percent of its workforce. It has over 180,000 employees globally, including 25,000 in investment banking.
  • Citigroup cut 11,000 jobs during their third quarter, which brought the total number of jobs cuts in 2008 to 23,000. Citigroup also is drawing up lists of employees in a division including investment banking who will be let go in another round of layoffs, people with direct knowledge of the matter told Reuters. The layoffs are part of Citigroup's previously announced plans to reduce headcount by about 9,100 across the company by next October.
  • Wachovia, said in August it would cut 6,950 jobs, 600 more than it had previously disclosed.
  • UBS said at the beginning of October it would cut another 2,000 jobs at its troubled investment bank. The job losses come on top of 7,000 jobs already cut, about 4,100 of which were in investment banking positions cut in the past year. The bank will have reduced its headcount by more than 10 percent to under 80,000.
  • Credit Suisse has axed more than 1,500 jobs, the majority in investment banking in the last year since 2007, and on Tuesday it said it would cut 500 more jobs.
  • HSBC said late last month it was cutting 1,100 jobs in its investment banking operation, or 4 percent of the workforce.
  • Commerzbank announced its plan to cut 9,000 jobs in the wake of its agreement to purchase Dresdner Bank from Allianz . About 2,500 jobs of the 9,000 cuts will be outside Germany.
  • UniCredit, Europe's fourth-largest bank said in June it would shed 9,000 posts out of 100,000 in Germany, Austria and its domestic base Italy.
  • First American, the largest U.S. title insurer, by reported revenue said last month it cut 1,250 jobs in the third quarter, bringing the total for the year to about 2,950, or 8 percent of its workforce. It has cut roughly 6,500 jobs since the first quarter of 2007.
  • National City Corp said last week it planned to reduce 4,000 jobs, or 14 percent of its workforce, over three years to save $500 million to $600 million annually by 2011.
  • Computer maker Dell, which is nearing the end of nearly 9,000 job cuts, has asked employees to consider taking up to five days of unpaid vacation, is offering voluntary severance packages and has instituted a global hiring freeze.
  • Nissan announced layoffs affecting 2,500 salaried jobs overseas and 1,000 temporary posts in Japan amid plans to cut vehicle productions globally.
  • Privately held Chrysler said it was cutting about 5,000 salaried employees. Earlier in the week, it said was slashing 1,825 jobs as the result of plant closings.
  • Money manager Janus Capital said it would cut 9 percent of its staff a day after rival AllianceBernstein said it would make unprecedented job cuts.
  • Xerox announced job cuts of 5 percent, or 3,000 positions, due to a "tough business environment."
  • Mining equipment maker Terex said it would lay off hundreds of workers and suspend its share buyback program to preserve cash.
  • Starwood Hotels & Resorts Worldwide said it plans to cut an unspecified number of jobs to offset slowing travel demand.
  • Computer systems vendor Agilysys cut three senior management positions and is consolidating headquarters in Ohio.

  • American Century says is plans to cut 270 jobs this week, reducing workforce by 17 percent. They insist that no portfolio managers are to be affected by the impending job cuts.
  • Merck announced plans on Wednesday to cut 12 percent of its workforce, citing a need to change its business model in order to survive.
  • Fidelity National Financial , which controls one of the largest U.S. title insurers, announced 1,000 job cuts, office closings, a 10 percent pay cut and a 50 percent dividend cut, which comes on top of 1,600 job eliminations in the April-to-June period.
  • Biotechnology company Maxygen plans to cut nearly 30 percent of its workforce and explore strategic options due to the current financial environment
  • Popular Inc. , parent of Banco Popular, is cutting 600 positions and more than a quarter of its branches in the United States.

I'm sure these are not the only companies that are cutting back for one reason or another.

There are going to be a lot more when the Military contractors hit. Within 6 months the unemployment rate will be higher than 11, I think.
It’s in liberals’ genes to call conservatives liars. They can’t help it. It’s like Chris Matthews calling conservatives racists…

How many of these Companies are under the WARN Act and should have announced the layoffs before the election?

Looks like China will be hiring more of their professionals to take over the manufacturing Americans no longer will be doing.

How Many Businesses Have Announced Closings or Layoffs Since Obama Won A Second Term?
Energizer -

The St. Louis-based company said Thursday that it expects to shed about 1,500 employees. When finished, the restructuring should lead to $200 million in pretax yearly savings, Energizer said. It aims to have most of its restructuring steps finished by the end of September 2014.

Exide Technologies -
Exide Technologies announced Thursday that it will be idling its lead-recycling operations in Laureldale and laying off 150 workers, effective no later than March 31.

Westinghouse -
Westinghouse Anniston, the contractor responsible for shutting down Anniston’s chemical weapons incinerator, has reduced its workforce by another 50 employees.

Research in Motion Limited -
Research in Motion Ltd., the maker of BlackBerry smartphones, laid off about 200 people at its U.S. headquarters in Irving on Wednesday, according to a source close to the company who did not want to be named.
Lightyear Network Solutions -
More than one dozen employees at a Pikeville company lost their jobs this week. Officials with Lightyear Network Solutions said they are consolidating offices in Louisville and Pikeville to save money.

Providence Journal -
The Providence Journal Co. laid off 23 full-time workers Wednesday as part of a cost-cutting effort, including 16 members of the Providence Newspaper Guild and 7 non-union employees.

Hawker Beechcraft -
The company says 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas.

Boeing (30% of their management staff) -
Boeing Co. said Wednesday it plans to employ 30% fewer executives at its Boeing Defense, Space & Security unit by the end of 2012 compared to 2010 levels.

CVPH Medical Center -
CVPH Medical Center has handed pink slips to 17 employees. The layoffs — nine in management and eight hourly staffers — are part of an effort to “help bolster the hospital’s financial position in 2013 and beyond,” a press release said.

US Cellular -
The move will result in 980 job cuts at U.S. Cellular, with 640 in the Chicago area, according to a spokeswoman. The cuts are slightly under 12 percent of the approximately 8,400 total employees U.S. Cellular had at the end of the third quarter.

Momentive Performance Materials -
About 150 workers at Sistersville’s Momentive Performance Materials plant will be temporarily laid off later this month, officials said this week.

Rocketdyne -
About 100 employees at Pratt & Whitney Rocketdyne, most of whom work in the San Fernando Valley, were laid off Wednesday in response to dwindling government spending on space exploration, the company said. The layoffs were effective immediately, and 75 percent of them came at the facilities on Canoga and De Soto avenues, which employ about 1,100 people. The company has six sites across the Valley.

Brake Parts -
The leader of an automotive parts plant in Lincoln County has told state officials that there are plans to lay off 75 workers starting in late December…The layoffs are expected to start Dec. 28 and continue in the first quarter of 2013
Vestas Wind Systems -
Vestas Wind Systems A/S (VWS) is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years.

Husqvarna -
Husqvarna AB (HUSQB), the world’s biggest maker of powered garden tools, plans to cut about 600 jobs in a move that will save 220 million kronor ($33 million) a year by 2014.

Center for Hospice New York -
The Center for Hospice and Palliative Care plans to temporarily lay off as many as 40 employees next year as it embarks on a major renovation of the inpatient unit at its Cheektowaga campus.

Bristol-Meyers -
Bristol-Myers Squibb is following up its lackluster third-quarter results with almost 480 layoffs. As Pharmalot reports, the company notified the New Jersey government that it would scale back in Plainsboro, which means the cuts will hit its sales operations.

OCE North America -
Trumbull printer- and scanning-equipment provider Oce North America, Inc. will lay off 135 workers in three Connecticut communities, including East Hartford, according to its notice with the state Labor Department.

Darden Restaurants -
The company, which was among those who had received an Obamacare waiver in the past, is looking to limit workers to 28 hours per week. A full time employee that is required to have health insurance (lest the employer pay a fine) works 30 hours per week, as defined by the Obamacare law.

West Ridge Mine -
In its statement, UtahAmerican Energy blames the Obama administration for instituting policies that will close down “204 American coal-fired power plants by 2014″ and for drastically reducing the market for coal.

United Blood Services Gulf -
United Blood Services Gulf South region, the non-profit blood service provider for much of south Louisiana and Mississippi, will lay off approximately 10 percent of its workforce. It was a hard decision to make according to Susan Begnaud, Regional Center Director for the Gulf South region.

A layoff is tough enough for employees to deal with, imagine hearing the crushing news that your office is shutting down just before Thanksgiving and Christmas… Here are some of the business closings that were announced in just the past two days:

To see even more companies that announced layoffs since the election, visit the Daily Job Cuts page.

Obama’s Marxist plan is working. He wants to create more Government jobs, thus ensuring Government gets bigger, which will result in higher taxes in order to pay for the wages of Government employees, who will belong to leftist public unions. More people will need Government programs, as there won’t be private sector jobs for them, and they will have to rely on Government cheese to survive. Government will then be exalted and praised as our bread maker. The Government will grow in power and ensure that private property and private rights are never fully exercised by citizens, thus rising the collective about the individual. This will result in a socialist society which will have lost all sense of dependency on ones own talent and rights to survive, creating a state of perpetual bondage. The citizens will further be subjugated to a godless agenda through the use of a Marxist media, including news networks, music, movies, books, and clothing fashions. Society will break down and ultimately accept communism through consent. A few KGB and Jesuits warned us of their Masters hidden plans and we ignored them. America is doomed, and we will not be protected from above. We will be destroyed for lack of knowledge, and for our rebellion against our Creator.

Where the Layoffs Are—Is Your Firm on the List? - Patriot Action Network