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HSBC said on a conference call this morning it would cut 30,000 by the end of 2013. "There will be further job cuts," Chief Executive Stuart Gulliver told Reuters. "Another 25,000 roles will be eliminated in addition to the 5,000 already announced." The London-based financial company reported flat first half revenue of $35.7 billion, with weakness in Europe offsetting growth in emerging markets. Naturally job cuts will be focused on Europe and the U.S., with the possibility of hiring in emerging markets. Laying off 30,000 amounts to a 10% workforce reduction.

Cisco is planning to fire as many as 10,000 people, Bloomberg reports. According to the plans, which have yet to be finalized, the company will can 7,000 employees by the end of August. Another 3,000 have accepted buyouts. These cuts are far greater than the ones Cisco announced on its last disastrous earnings call. They represent 14% of the company's workforce and are designed to boost Cisco's earnings growth, which has been disappointing as sales have fallen below expectations. Cisco is getting its clock cleaned not only in its consumer division, which recently featured the shuttering of the "Flip" camera...

The sweeping cuts in spending and entitlements far exceed anything contemplated in the US where Barack Obama, the president, has proposed only a three-year freeze on discretionary spending and Congress is still debating whether to extend tax cuts for the wealthy. The UK cuts of £81bn ($128bn) over four years are the equivalent of 4.5 per cent of projected 2014-15 gross domestic product. Similar cuts in the US would require a cut in public spending of about $650bn, equal to the projected cost of Medicare in 2015 The UK deficit is about 10 per cent of 2010-11 GDP. The US...

Sure, the headline Chicago PMI number looked fine, but dig a little deeper into the report, and check out some of the anecdotal business conditions that the Chicago-area purchasing managers are seeing. Maybe this is why the rally has evaporated. You can get the full report here (.pdf). The first is the best. ------ 1. Suppliers have cut staff so much there is no support team when a failure occurs, the response is slow, laborious and inadequate. 2. Tight raw material inventories both in-house and at suppliers are making planning very interesting. Conservative forecasts make this a prudent strategy but...

In his economic speech yesterday, President Obama made it clear that his administration will take a step forward on job creation. Unfortunately, it's also taking three steps backward -- which all adds up to more unemployment. The good news is that Obama understands why unemployment has risen so sharply. Media coverage strongly implies that joblessness has risen because layoffs are up -- but that's only part of the equation. The number of jobs lost by firms rose 15 percent from the start of the recession to the first quarter of this year. These layoffs are real and painful for the...

Private sector job losses slowed slightly in January, ADP Employer Services said on Wednesday in a report that came in slightly below economists' expectations. ADP said private employers cut 522,000 jobs in January versus a revised 659,000 jobs lost in December. The December job cuts were originally reported at 693,000. Economists had expected 530,000 private sector job cuts in January, according to the median of 27 forecasts in a Reuters poll, which ranged widely from a drop of 720,000 to losses of 495,000.

The New York Times warned yesterday that its profit would fall short of Wall Street's expectations as it struggles to keep advertising dollars flowing into the newspaper giant. The latest bad news from the Gray Lady follows similar announcements from Wall Street Journal publisher Dow Jones and Dallas Morning News publisher Belo, as advertiser demand for print publications remains weak. The company has been on a rocky road the past year as a combination of an ad slump and uneven management upset shareholders. Just last week, Chairman Arthur "Pinch" Sulzberger and his cousin, Vice Chairman Michael Golden, said they would...

Three of the most prestigious [sic] newspapers in the United States, the New York Times, Boston Globe and Philadelphia Inquirer, announced job cuts Tuesday. ... Like most other newspapers, the Times Co. and Philadelphia Newspapers have been hit by declining circulation and ad revenue as both readers and advertisers turn to the Internet.

Job trimming at technology companies took off during the past three months, according to a new report. Announced job cuts in the technology sector hit 54,701 in the third quarter, up 60 percent from the second quarter and 14 percent from the third quarter of 2003, according to a report Monday from employment services firm Challenger, Gray & Christmas. Challenger defines the technology sector as computer, electronics, telecommunications and e-commerce companies. John Challenger, CEO of Challenger, Gray & Christmas, blamed the cuts on pricing problems in the sector. "High-tech job cuts are on the way up as the end of...

<p>The area's largest nongovernment employer could reduce its work force by as much as 20 percent - or about 3,400 people companywide - in the next 18 months, according to documents obtained by The Times-Dispatch.</p> <p>Most of the cuts are expected to hit the Richmond area, where more than half of its employees work. By some estimates, about 2,550 jobs will be lost here.</p>

Click to launch Volkswagen cuts 5,000 jobs amid `lousy' profit outlook Firm targets $3.6 billion in savings Stock has lost 13% so far this year WOLFSBURG, Germany—German car maker Volkswagen AG announced plans yesterday to slash 5,000 jobs as part of a new cost-cutting drive as it warned of a "lousy" first quarter on top of last year's slump in profits. VW also warned that a goal of beating last year's operating profit before special items was ambitious, despite hefty cutbacks and the key launch of its Golf V hatchback. VW said the new efficiency program should reap an extra...

Layoffs at U.S. firms ease in December - report Tuesday January 6, 10:01 am ET NEW YORK, Jan 6 (Reuters) - Job cuts announced by U.S. employers fell modestly in December, a report said on Tuesday, and for the whole of 2003 they were 16 percent below 2002. Planned layoffs at U.S. companies fell to 93,020 in December from 99,452 in November, job placement firm Challenger, Gray & Christmas, Inc. said in its monthly report. For 2003, job cuts declined to 1,236,426 from 1,466,823. "The decline in job cuts is certainly welcome news, but it is difficult to get too...

U.S. firms' job cuts plunge 42 pct in Nov. -report Tuesday December 2, 10:04 am ET NEW YORK, Dec 2 (Reuters) - The number of job cuts announced by U.S. employers fell 42 percent in a holiday-shortened November after hitting a 12-month high in October, a report said on Tuesday. Planned layoffs at U.S. firms fell to 99,452 jobs in November from 171,874 in October, job placement firm Challenger, Gray & Christmas, Inc. said in their monthly job cut report. Job cuts announced so far this year amount to 1,143,406, 17 percent less than the same period a year ago....

Tue November 4, 2003 10:33 AM ET NEW YORK (Reuters) - The number of job cuts announced by U.S. employers surged 125 percent in October, after declining for two months, calling into question the strength of the recovery in the job market. Planned layoffs at U.S. firms shot up to 171,874 jobs in October, from 76,506 in September, job placement firm Challenger, Gray & Christmas said on Tuesday. Announced layoffs were at their highest since Oct. 2002, when 176,010 job cuts were announced. "With factors like technology, outsourcing, and consolidation working against job creation, any job market rebound we see...

<p>NEW YORK (CNN/Money) - U.S. job-cut announcements jumped in July to their highest level in three months, an outplacement firm said Tuesday, another sign that the longest job-market slump since World War II continues.</p> <p>U.S. employers announced 85,117 job cuts in July, a 43 percent jump from 59,715 in June, according to Chicago-based outplacement firm Challenger Gray & Christmas, which publishes monthly tallies of job-cut announcements.</p>

<p>NEW YORK (CNN/Money) - U.S. job-cut announcements jumped in July to their highest level in three months, an outplacement firm said Tuesday, another sign that the longest job-market slump since World War II continues.</p> <p>U.S. employers announced 85,117 job cuts in July, a 43-percent jump from 59,715 in June, according to Chicago-based outplacement firm Challenger, Gray & Christmas, which publishes monthly tallies of job-cut announcements.</p>

Challenger: July US Job Cuts Up 43% From June . NEW YORK (Dow Jones)--The deterioration in the labor market continued in July, but a recovery in capital spending may eventually spur job growth, outplacement firm Challenger, Gray and Christmas reported Tuesday. The firm counted 85,117 planned job cuts in July, 43% higher than the 59,715 cuts reported in June. Job cuts announced by U.S. corporations from the start of the year through July totaled 715,649, down 12% from the 814,493 reported during the same seven-month period last year. "If there is significant capital spending to compel to start hiring again"...

DETROIT, Aug 1 (Reuters) - Ford Motor Co. hopes to eliminate about 21,000 jobs or 20 percent of its blue-collar work force over the life of a new collective bargaining agreement with the United Auto Workers union, sources familiar with the company's plans said this week. When it unveiled a multiyear turnaround plan to recover from a deepening financial crisis in January last year, the world's second largest automaker said it planned to cut about 12,000 hourly jobs, nearly all represented by the UAW. But sources close to the company said it was now looking at shrinking even further its...

<p>Thousands of state workers will be laid off as the state seeks to trim nearly half a billion dollars from its payroll next year, administration officials said Thursday.</p> <p>State workers surviving the layoffs will be asked to share the state's fiscal pain by forgoing pay raises now scheduled to take effect in July.</p>

Boeing to cut 5,000 more jobs SEATTLE - Boeing plans to cut another 5,000 jobs next year. Commercial Airplanes CEO Alan Mulally in Seattle told employees he hopes half the cuts will come from attrition, instead of layoffs. katu.com will have more details as soon as they are available. (Copyright 2002 by The Associated Press. All Rights Reserved.)