=== Retrenchment thread ===
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FRANKFURT— Siemens AG on Friday said it would cut 7,800 positions, or more than 2% of its global workforce, as part of an aggressive plan to reshape the business and cut costs.
The job cuts, of which 3,300 are expected in Germany, will be mainly among administrative and overhead employees, Siemens said. The company’s management and labor council met Thursday.
Nevertheless, Siemens expects the total number of employees world-wide to remain relatively stable. The company has hired more than 11,000 people in just the first four months of its current fiscal year.
The staff reductions, which will be completed within two years, will cost Siemens hundreds of millions of euros, a person familiar with the matter said. The cost includes previously announced cutbacks at the company’s power and gas business, the person said.
The move is a part of a push to cut out bureaucracy and simplify structures to cut operating costs. The targeted savings of about €1 billion ($1.13 billion) will be realized largely by the end of 2016 and reinvested in growth initiatives, mostly in Germany, Siemens said.
“Our Vision 2020 concept will enable us to get our company back on a sustainable growth path and close the profitability gap to our competitors,” Chief Executive Joe Kaeser said, referring to the restructuring program announced last year.
Siemens adopted a new structure in October that pared the number of divisions to nine from 16. Mr. Kaeser told an investor conference last year that organizational changes could affect 11,600 jobs at Siemens, but didn’t say how many jobs would be eliminated.
At the end of first fiscal quarter that concluded in December, the company had around 341,000 employees world-wide, a third of them in Germany.
The job cuts, of which 3,300 are expected in Germany, will be mainly among administrative and overhead employees, Siemens said. The company’s management and labor council met Thursday.
Nevertheless, Siemens expects the total number of employees world-wide to remain relatively stable. The company has hired more than 11,000 people in just the first four months of its current fiscal year.
The staff reductions, which will be completed within two years, will cost Siemens hundreds of millions of euros, a person familiar with the matter said. The cost includes previously announced cutbacks at the company’s power and gas business, the person said.
The move is a part of a push to cut out bureaucracy and simplify structures to cut operating costs. The targeted savings of about €1 billion ($1.13 billion) will be realized largely by the end of 2016 and reinvested in growth initiatives, mostly in Germany, Siemens said.
“Our Vision 2020 concept will enable us to get our company back on a sustainable growth path and close the profitability gap to our competitors,” Chief Executive Joe Kaeser said, referring to the restructuring program announced last year.
Siemens adopted a new structure in October that pared the number of divisions to nine from 16. Mr. Kaeser told an investor conference last year that organizational changes could affect 11,600 jobs at Siemens, but didn’t say how many jobs would be eliminated.
At the end of first fiscal quarter that concluded in December, the company had around 341,000 employees world-wide, a third of them in Germany.
Sony confirms 2,100 smartphone job cuts, primarily in China
Sony confirms 2,100 smartphone job cuts, primarily in China | ZDNet
Sony confirms 2,100 smartphone job cuts, primarily in China | ZDNet
Halliburton to cut thousands of jobs in Houston, globally - Houston Business Journal
Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.
Halliburton said Feb. 10 it will cut 6.5 percent to 8 percent of its global headcount. The company reported having about 80,000 global employees last year, including 8,600 in the Houston region.
Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.
Halliburton said Feb. 10 it will cut 6.5 percent to 8 percent of its global headcount. The company reported having about 80,000 global employees last year, including 8,600 in the Houston region.
Global Oil Layoffs Exceed 100,000 - Bloomberg Business
Global Oil Layoffs Exceed 100,000
(Bloomberg) -- The promise of plentiful jobs and salaries as high as a quarter-million dollars a year lured Colombia native Clara Correa Zappa and her British husband to Perth, Australia, at the height of the continent’s oil and gas frenzy.
Engineers were in high demand in 2012, when oil prices exceeded $100 a barrel, making the move across the world a no-brainer. Within two years, though, oil plunged to less than half the 2012 price and Zappa lost her job as a safety analyst. Now she’s worried her husband, who also works in the commodities industry, could also lose his job.
Such anxieties are rising at a time when the number of energy jobs cut globally have climbed well above 100,000 as once-bustling oil hubs in Scotland, Australia and Brazil, among other countries, empty out, according to Swift Worldwide Resources, a staffing firm with offices across the world.
Global Oil Layoffs Exceed 100,000
(Bloomberg) -- The promise of plentiful jobs and salaries as high as a quarter-million dollars a year lured Colombia native Clara Correa Zappa and her British husband to Perth, Australia, at the height of the continent’s oil and gas frenzy.
Engineers were in high demand in 2012, when oil prices exceeded $100 a barrel, making the move across the world a no-brainer. Within two years, though, oil plunged to less than half the 2012 price and Zappa lost her job as a safety analyst. Now she’s worried her husband, who also works in the commodities industry, could also lose his job.
Such anxieties are rising at a time when the number of energy jobs cut globally have climbed well above 100,000 as once-bustling oil hubs in Scotland, Australia and Brazil, among other countries, empty out, according to Swift Worldwide Resources, a staffing firm with offices across the world.
Tesco to cut up to 10,000 jobs - Telegraph
Thousands of staff face the axe at Tesco offices and in stores as chief executive Dave Lewis looks to cut costs
Thousands of staff face the axe at Tesco offices and in stores as chief executive Dave Lewis looks to cut costs
Two weeks ago, Deutsche Bank announced it was set to fire “roughly” 23,000 people, or around a quarter of its workforce as new CEO John Cryan aims to cut costs as part of a reorganization undertaken in the wake of the ouster of Anshu Jain and Jürgen Fitschen.
Reuters reported that UniCredit, (Italy’s largest bank by assets) was now set to lay off 10,000 across its Italian, Austrian, and German operations.
Today, we learn that Bank of America is set to shed hundreds of jobs as Brian Moynihan looks to offset poor performance by cutting costs. Here’s WSJ with more:
Bank of America Corp. is expected to announce layoffs in its global banking and global markets unit as early as Tuesday, according to people familiar with the matter.
The layoffs will likely result in a couple of hundred job losses, according to these people. Investment banks often trim jobs at this time of year to clear the books before bonus seaso
Reuters reported that UniCredit, (Italy’s largest bank by assets) was now set to lay off 10,000 across its Italian, Austrian, and German operations.
Today, we learn that Bank of America is set to shed hundreds of jobs as Brian Moynihan looks to offset poor performance by cutting costs. Here’s WSJ with more:
Bank of America Corp. is expected to announce layoffs in its global banking and global markets unit as early as Tuesday, according to people familiar with the matter.
The layoffs will likely result in a couple of hundred job losses, according to these people. Investment banks often trim jobs at this time of year to clear the books before bonus seaso
From the press release:
On September 29, 2015, Chesapeake Energy Corporation (the "Company") implemented a workforce reduction initiative as part of an overall plan to reduce costs and better align its workforce with the needs of the business and current oil and natural gas commodity prices. The plan resulted in a reduction of approximately 15 percent of its workforce. In connection with the reduction, the Company estimates it will incur an aggregate of approximately $55.5 million of one-time charges in the 2015 third quarter, including related employer payroll taxes, all of which will be paid in cash during 2015.
On September 29, 2015, Chesapeake Energy Corporation (the "Company") implemented a workforce reduction initiative as part of an overall plan to reduce costs and better align its workforce with the needs of the business and current oil and natural gas commodity prices. The plan resulted in a reduction of approximately 15 percent of its workforce. In connection with the reduction, the Company estimates it will incur an aggregate of approximately $55.5 million of one-time charges in the 2015 third quarter, including related employer payroll taxes, all of which will be paid in cash during 2015.
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wow.... the media is saying economy is recovering
Only in the US from observation..
http://www.hardwarezone.com.sg/tech-news-samsung-expected-layoff-30-workforce-save-costs
Samsung expected to layoff up to 30% of the workforce to save costs
Although Samsung is back on track with its first profit growth in two years, the company aims to become leaner and cut costs by laying off up to 30% of its workforce.
According to The Korea Times, Samsung officials said that the company's top priority is to cut costs and "average workers with mediocre performance" are advised to leave. Employees in finance, human resources and marketing are likely to be asked to leave by joining the "voluntary retirement system".
Samsung is also bringing forward the launch of the Galaxy S7 to January 2016 and plans to completely revamp its smartphone strategy. Its mobile division is expected to face tougher competition next year from Apple and other Chinese phone manufacturers.
Samsung expected to layoff up to 30% of the workforce to save costs
Although Samsung is back on track with its first profit growth in two years, the company aims to become leaner and cut costs by laying off up to 30% of its workforce.
According to The Korea Times, Samsung officials said that the company's top priority is to cut costs and "average workers with mediocre performance" are advised to leave. Employees in finance, human resources and marketing are likely to be asked to leave by joining the "voluntary retirement system".
Samsung is also bringing forward the launch of the Galaxy S7 to January 2016 and plans to completely revamp its smartphone strategy. Its mobile division is expected to face tougher competition next year from Apple and other Chinese phone manufacturers.
OngHuatHuat
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PM Lee: Finding a job may not be so easy for graduates in the next few months
http://forums.hardwarezone.com.sg/showthread.php?t=5220664
http://forums.hardwarezone.com.sg/showthread.php?t=5220664
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You mean feels like changing jobs?
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