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PepsiCo just announced earnings, and proposed a devastating strategy outlook for both the company and its employees. It announced that it will cut about 3% of its workforce, or 8,700 employees.

Its a tough time for hundreds of coal miners across southwest Virginia. That's because they're getting pink slips from A & G Coal, which is owned by Southern Coal Company. Mark Whooten is a spokesman for Southern Coal. He told News 5 who made the decision. "These layoffs are a decision by our corporate headquarters. They are market driven due to metallurgical coal market fluctuating violently at the present time." The company wouldn't tell us how many jobs they have cut, but we do know its sizeable according to the manager of the local employment office, Gary Hale. "On Monday...

Reality appears to have finally arrived at Procter & Gamble, the world's largest marketer, whose $10 billion annual ad budget has hurt the company's margins. P&G said it would lay off 1,600 staffers, including marketers, as part of a cost-cutting exercise. More interestingly, CEO Robert McDonald finally seems to have woken up to the fact that he cannot keep increasing P&G's ad budget forever, regardless of what happens to its sales. He told Wall Street analysts that he would have to "moderate" his ad budget because Facebook and Google can be "more efficient" than the traditional media that usually eats...

Kraft Foods plans to cut 1,600 positions in the U.S. and Canada this year as it prepares to split into two companies, the Northfield-based packaged food giant announced Tuesday. Representing 3.4 percent of Kraft's North American 46,500 employees, the positions are primarily in sales, corporate and its business units, as the company plans to close three corporate offices.

Willard & Kelsey Solar Group LLC laid off about 40 people indefinitely at the beginning of January until changes to its production line are completed, a company official said Monday. Michael Cicak, the company's chief executive officer and chairman of the board, would not say when the changes would be completed or when the laid-off employees could return to work. "We have some technical people in here improving the efficiency of the assembly line," Mr. Cicak said, adding that the Perrysburg-based facility still has about 30 employees. He said Willard & Kelsey has a little more than 80 employees when...

A Superior Court judge has ruled that state trooper layoffs ordered by Gov. Dannel Malloy last year are unconstitutional. Last year, 56 state police troopers were laid off during the summer after they rejected part of a concessions agreement put out by Malloy's administration to deal with the state budget deficit. All of the state police troopers got their jobs back, collected six weeks of unemployment, which was less than their pay. But they say that's not the point. They sued because they say Malloy didn't have the authority to lay them off. It is unclear whether the state will...

Via Jake Tapper, who notes that this is conveniently timed to complicate any opportunistic Democratic messaging on Romney’s Bain record and that the spot is not, shall we say, strictly accurate in all its particulars. The Obama quote at the end, for instance, is truncated to make it sound like he’s talking about Solyndra specifically rather than Energy’s green-loans program generally.Not sure about these objections, though: The ad depicts the president as giving “Solyndra half a billion in taxpayer money. Politics as usual. Within the administration, the company’s potential collapse had long been discussed. Knowing all along Solyndra would have...

Barry Bennett is the Leni Riefenstahl of the blistering attack documentary. The political operative’s half-hour anti–Bain Capital film, endorsed by the increasingly unhinged Newt Gingrich and aired by his super PAC, is anti-market agitprop worthy of Michael Moore. If the Academy gave an award for tendentiousness, Bennett would be a sure-fire nominee. Yet his production is at times affecting and effective. Put aside its dishonesties and over-the-top insinuations about the Mitt Romney–run private-equity firm (it raised seed money from Latin America!). The film captures a conflict of visions. From below, from the workers at Bain-acquired firms that went bust, the...

Oakland -- Hundreds of City of Oakland employees will receive layoff notices next week, as the city embarks on severe cost-cutting measures to make up for the loss of redevelopment funds, city staff said Thursday. The pink slips will arrive next week, when City Administrator Deanna Santana releases the 2012-2012 budget.The redevelopment agency - which will be nearly eliminated due to state cutbacks - has 158 full-time positions and more than 200 workers. But because of seniority rules, some of those employees might be transferred to other departments.

Layoffs are an unfortunate feature in these tough times – including in public schools. "Pink slip" season is coming upon us again, March 15.California is one of only 15 states that require school districts to follow a "last in, first out" principle in budget-based layoffs. The newest teachers go first, based on seniority. But the seniority rule is not absolute. The law does allow some exceptions – and the Sacramento City Unified district is using them. It is trying to keep newer teachers who have been specially recruited and trained to teach at seven of the city's most struggling schools....

Following 4 weeks of supposed improvements in the labor picture courtesy of declining initial jobless claims, even as we all know too well that Wall Street has been firing thousands and thousands of highly paid bankers and CNBC talking heads left and right (are bankers too good for that $400/week paycheck from Uncle Sam?) today initial claims for the week ended December 24 once again resumed their drift higher, printing at 381k, up 15k from the perpetually upward revised prior week total of 366K (previously 364K). And as usual, the Seasonal Adjustment process smoothed out a whooping jump in...

New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, but the underlying trend continued to point to improving labor market conditions. Initial claims for state unemployment benefits increased 15,000 to a seasonally adjusted 381,000, the Labor Department said. The prior week's claims data was revised up to 366,000 from the previously reported 364,000. Economists polled by Reuters had forecast claims rising to 375,000. A Labor Department official said that because of a public holiday on Monday, claims from seven states - including California and Virginia - had been estimated. The four-week...

WASHINGTON (Reuters) - New claims for unemployment benefits dropped last week to its lowest in more than 3-1/2 years, suggesting the labor market recovery was gaining speed. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 364,000, the Labor Department said. That was the lowest level since April 2008. The economy has shown signs it is gaining steam as the year ends, although recovery still could be derailed by any big flare up in Europe's debt crisis. The economy also faces risks from the fight in Congress over extending special unemployment benefits and a payroll tax cut....

LAS VEGAS – While the Great Recession has affected almost all Americans, Nevadans may be the hardest hit. The state leads the nation in unemployment (13 percent) and home foreclosures (three times the national average). Because of the faltering economy and slowed tax revenue, the Clark County School District needs to cut $78 million from its budget over the next two years. The district must do this either by freezing teacher pay and finding a more affordable employee health insurance carrier, or by laying off 1,000 educators as early as next month.

BOSTON (Reuters) - Soros Fund Management, the investment company of billionaire George Soros, has laid off a handful of analysts and portfolio managers in recent months. The moves came after the New York-based fund hired a new chief investment officer, Scott Bessent, in September, and after it closed its doors to outsiders in July by reorganizing into a so-called family office to exclusively oversee the Soros family's personal fortune. Still, the fund continues to rank as one of the world's biggest and most powerful investors with some $25 billion in assets and some 300 employees putting that money to work....

Canadian insurance giant Sun Life Financial is cutting some 800 U.S. jobs, with roughly half of the layoffs hitting the firm’s American headquarters in Wellesley. “It’s fair to say that the vast majority of the impacts will be in the Boston area,” Sun Life spokesman Frank Switzer told the Herald, saying the firm will cut some 400 jobs in Wellesley, Boston and Portsmouth, N.H. Sun Life CEO Dean Connor announced the layoffs yesterday as part of a plan to “reposition” the Toronto-based firm. He said Sun Life, which also owns Boston-based MFS Investment Management, will stop selling variable annuities and...

In his “Theodore Roosevelt� speech in Osawatomie, Kan., President Obama heaped praise on a Minnesota company, Marvin Windows and Doors, for its worker-friendly policies. Marvin weathered a recession that battered the construction industry without laying off any of its workers. As he noted (emphasis added): I think about a company based in Warroad, Minnesota. It’s called Marvin Windows and Doors. During the recession, Marvin’s competitors closed dozens of plants, let hundreds of workers go. But Marvin’s did not lay off a single one of their 4,000 or so employees — not one. In fact, they’ve only laid off workers...

New U.S. claims for unemployment benefits dropped to a nine-month low last week, a government report showed on Thursday, suggesting the labor market recovery was gaining momentum. Initial claims for state unemployment benefits fell 23,000 to a seasonally adjusted 381,000, the Labor Department said, the lowest since late February. The prior week's data was revised up to 404,000 from the previously reported 402,000. Economists polled by Reuters had forecast claims slipping to 395,000 last week. The report, coming on the heels of data last week showing a rise in hiring and a sharp drop in the unemployment rate to 8.6...

With Detroit Mayor Dave Bing preparing to explain the city's fiscal crisis tonight in a rare televised address, Council President Pro Tem Gary Brown says the situation is even worse than anyone has let on. Bing is expected to discuss a confidential Ernst & Young report obtained by the Detroit Free Press that suggests Detroit could run out of cash by April without steep cuts to staff and public services. That's a grim prognosis, but according to Brown, the city actually could be unable to make payroll "as early as December." "I know the report says April, but there are...

WASHINGTON (AP) — The Obama administration wanted the failing solar energy company Solyndra to delay announcing an early round of employee layoffs until after the 2010 midterm elections, according to newly released emails. An October 2010 email from a Solyndra investment adviser to a colleague said Energy Department officials were pushing "very hard" to delay making the layoffs — an early sign of the company's financial woes — public until Nov. 3, 2010 — the day after the midterm elections. "Oddly they didn't give a reason for that date," the email states. The email was released Wednesday by the House...

Hawker Beechcraft issued 60-day layoff notices Friday to 300 workers, the company said in a statement. A source said the notices included 210 salaried and 90 hourly workers. The same source said there could be more layoffs sometime around February. The company issued a statement saying that many of the employees were notified Friday of the cuts. Hawker Beechcraft employs about 6,000 people, including about 4,700 in Wichita and 200 in Salina. Some employees laid off were walked out the door Friday, although the company has said they would be paid for the next two months. The practice has been...

Despite predicting record-setting revenue for the current quarter, San Jose software company Adobe (ADBE) announced Tuesday that it will lay off up to 7.5 percent of its workforce. Adobe is making a push for greater control of the digital media and marketing sectors, a decision that "will result in the elimination of approximately 750 full-time positions primarily in North America and Europe," the company said in a news release. Adobe reported at the end of its last quarter that it employed 10,040 people. In an email, Adobe spokeswoman Jodi Sorensen declined to state how many employees will be laid off...

They want to change the economy, and now they have -- by putting people out of work. Twenty-one employees of a once-thriving cafe and catering business were fired because the weeks-long "Occupy Wall Street" protest chased away too many customers. “I support their freedom of speech but the whole thing is hypocritical if it makes people lose their jobs,” said Shamil Cepeda, who was one of those laid off. Cepeda, 23, added, "If [the protesters] would just go get a real job, helping real people, that would help a lot more than just taking up space and shouting at people...

… Inequality in America is greater than it has been in almost a century. Those fortunate enough to belong to the 1 percent, made up of the super-rich, stand on one side of the divide; the remaining 99 percent on the other. Even for a country that has always accepted opposite extremes as part of its identity, the chasm has simply grown too vast. Those who succeed in the US are congratulated rather than berated. Resenting other people's wealth is viewed as supporting class struggle, which is something very frowned upon. Still, statistics indicate that the growing disparity is genuinely...

. Citing soft demand in the weakening global economy, Whirlpool Corp. on Oct. 28 announced it would slash more than 5,000 jobs in North America and Europe and reduce capacity. The company said the action would reduce its workforce in the regions by 1%, and included the elimination of 1,200 salaried jobs. Whirlpool, among the biggest appliance makers with a global portfolio of brands including Maytag, KitchenAid, Brastemp and Consul, did not break down the number of job cuts by location. As part of the belt-tightening, Whirlpool said it would close a refrigeration manufacturing plant in Fort Smith, Arkansas, by...

As part of a restructuring plan, the Statesman Co. on Tuesday laid off 53 employees, company officials said. The Statesman Co., a subsidiary of Cox Media Group, publishes the Austin American-Statesman and several smaller Central Texas newspapers, including the Bastrop Advertiser, the Westlake Picayune, the Round Rock Leader and the Pflugerville Pflag.

Take this job and shove it? In August, 2.03 million Americans voluntarily quit their job, the most since November 2008, according to the Labor Department’s Job Openings and Labor Turnover Survey out this week. It’s a sign that employees are becoming more optimistic about finding new work. That optimism is relative, however. Americans aren’t leaving work en masse. Quits are still well below the 3 million or so seen every month before the recession.

THE EMPLOYMENT SITUATION -- SEPTEMBER 2011 Nonfarm payroll employment edged up by 103,000 in September, and the unemployment rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. The increase in employment partially reflected the return to payrolls of about 45,000 telecommunications workers who had been on strike in August. In September, job gains occurred in professional and business services, health care, and construction. Government employment continued to trend down. Household Survey Data The number of unemployed persons, at 14.0 million, was essentially unchanged in September, and the unemployment rate was 9.1 percent. Since April, the rate...

Just out from Challenger, the latest survey of job cuts: Employers announced plans to shed 115,730 workers from their payrolls in September, making it the worst job-cut month in over two years. Heavy reductions planned by the military accounted for a large portion of September job cuts, signaling what may lie ahead as the federal government seeks across-the-board cuts in spending. September job cuts were 126 percent higher than the 51,114 announced in August, according to the latest report on monthly job cuts released Wednesday by global outplacement firm Challenger, Gray & Christmas, Inc. They were 212 percent higher than...

While Obama and Buffet are working on finding new ways to fleece middle class America of more of our money to finance the salaries of the new storm troopers, the SEIU, Teamsters and Teacher’s unions and the various ACORN spawned organizations, the two are simultaneously prosecuting an all out war on the private sector. To hear the old kook tell it the idea came to him while he was playing in the bathtub. Those of us who no longer believe in the tooth fairy prefer to to dig a little and find out just exactly how did this seemingly Archimedian...

Focus on the Family on Friday announced the layoff of 49 more employees due to decreased donations, bringing down the number of employees to less than half it had in 2002. his new 7 percent staff reduction in the Colorado Springs, Colo.-based pro-family group brought the employee number to 650, down from a 2002 peak of 1,400 people, according to The Denver Post. “God has never promised us a certain budget number. We’re sad today but not distraught about the future,” FOTF Vice President Gary Schneeberger was quoted as saying. “Even in these bad economic times people who care about...

After 30 months of unemployment, 400 applications, and only three in-person interviews, I stood looking at my last unemployment benefit without a job in sight. The temptation was to frame it, since it marks one of those transitions in life that merits being remembered. But I needed the money more than a memento, so I took my last unemployment check to the bank and deposited it -- $367 for some necessities. Food, rent, gas. My last unemployment check was $160 less than my usual weekly benefit, but still a welcome boost to my sagging finances. How I will miss those...

Surprise. Despite his "jobs" speech, President Obama's own handpicked White House Office of Management and Budget has just predicted grim employment numbers right through 2012. Well, with that reality in mind, a news flash to the unemployed, the underemployed, and the mainstream media: The jobs are never going to come back under Barack Obama or under the liberal/socialist policies of far-left Democrats. Never. What more and more Americans are understanding about this reality is outright denied, hidden, twisted or scapegoated upon Republicans or conservatives by a liberal media more interested in the social engineering of the nanny state than the...

More layoffs looming on Wall Street By Maureen Farrell September 13, 2011: 7:52 AM ET stock market As bank shares have dropped, these firms are taking stock of their employment rosters. Click chart for more market data. NEW YORK (CNNMoney) -- Wall Street should brace for an autumn of upward revisions among the big banks. Not for profits or revenue, but in the number of layoffs to come. Bank of America (BAC, Fortune 500) announced a five-fold increase Monday in its number of layoffs, noting that it plans to get rid of 30,000 jobs over a yet unspecified period. Earlier...

Bank of America is doomed, says bank analyst Chris Whalen, the founder and managing director of Institutional Risk Analytics. (See video below) Importantly, this dour outlook as nothing to do with the company's operating businesses, which Whalen thinks are fine. In fact, says Whalen, there's no need for the bank to be restructuring them and firing thousands of employees (40,000 is the latest estimate) to improve its bottom line. The part of Bank of America that's not fine, in Whalen's view, is the ongoing liability from the mortgage underwriting that Bank of America's subsidiaries did during the housing bubble. The...

Gov. Pat Quinn today moved to lay off more than 1,900 state workers and close seven state facilities as part of a plan to cut the state budget.The governor sought to blame state lawmakers for giving him a state budget that was $2.2 billion less than he wanted. "Members of the General Assembly cannot run away from what they did in the spring," Quinn said. "Some of them patted themselves on the back for it." "It's time for a rendezvous with reality," he added. SNIP------------- The administration is seeking to close mental health centers in southwest suburban Tinley Park, Rockford...

Bank of America will close up to 600 branches as part of its reorganization and cost-cutting moves, according to multiple reports this morning. Published and broadcast reports say Bank of America will split into separate consumer and commercial units, and that will lead to the branch closings. Charlotte's NewsChannel 36 says analysts believe the decision to split into two units and close the branches is a signal that Bank of America CEO Brian Moynihan plans broader and deeper layoffs than those announced earlier this week.

<p>WASHINGTON (CNNMoney) -- Should the Postal Service get its way on laying off thousands of workers, the cuts would weigh heavily on two segments of the population hard hit in recent years: minorities and veterans.</p> <p>The U.S. Postal Service, teetering toward default, wants the power to cut 120,000 jobs by voiding labor protections for currently protected workers.</p>

First, the good news for state workers: Next month about 25,000 of you return to steady full hours and full pay for the first time in 31 months. Now the bad: Layoffs are coming – the real kind, where real people go to the unemployment line. Roughly 200,000 state workers have been without full wages and work since former GOP Gov. Arnold Schwarzenegger and the Legislature started twice-monthly furloughs in February 2009. Then they added a third day a few months later. One unpaid day equals about a 5 percent pay cut. Last summer four unions representing those 25,000 operating...

Enjoy August. Come autumn, layoffs will hit Wall Street like an automatic weapon. With recession outlooks seeming more plausible than ever and banks struggling in the new regulatory environment, banks need to get stronger and raise capital. Nearly every firm is planning to lay off thousands. Check out who has it the worst. CLICK ABOVE LINK FOR THE LIST OF BANKS AND INVESTMENT FIRMS ANNOUNCING LAYOFFS ( AND HOW MANY ).

In an attempt to stem its financial hemorrhaging, the U.S. Postal Service is seeking to reduce its workforce by 20 percent, including through layoffs now prohibited by union contracts. USPS also wants to withdraw its employees from the health and retirement plans that cover federal staffers and create its own benefit programs for postal employees. This major restructuring of the Postal Service’s relationship with its workforce would need congressional approval and would face fierce opposition from postal unions. But if approved, eliminating contract provisions that prevent layoffs and quitting the federal employee health and retirement programs could have ramifications for...

A well-placed source close to the firm tells us that Morgan Stanley will have to fire 20% of the managing directors in research by the end of the year. Morgan Stanley names around 210 - 240 new managing directors per year, and in 2006, a research paper by the University of Chicago Booth School of Business estimated that Morgan Stanley employed around 780 managing directors, only 10-15% of which are probably in research, to give you a rough idea of how many managing directors will lay off this year. We've emailed Morgan Stanley PR and have not heard back yet....

Those looking for an optimistic early look of this Friday's NFP (nobody cares about the ADP any longer) should probably avoid the Challenger lay off data just released. As Bloomberg summarizes, U.S. planned firings up 59% Y/y in July to 66,414, led by pharma, retail; largest number in 16 months. The number includes Merck’s plan to cut ~13k jobs. This 3rd consecutive increase; “seems to provide additional evidence” recovery has stalled, according to CEO John A. Challenger. New Jersey (where MRK is based) led states, with 13,330 cuts, followed by Michigan. Employers also announced plans to hire 10,706 after...

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.

The competition for jobs in the United States is absolutely brutal right now, and it is about to get worse. A new wave of layoffs is sweeping across America. During tough economic times, Wall Street favors companies that are able to cut costs, and the fastest way to "cut costs" is to eliminate employees. After a period of relative stability, the employment picture in the U.S. is starting to get bleaker again. New applications for unemployment benefits have now been above 400,000 for 15 straight weeks. Finding a good job is kind of like winning the lottery in this...

In 2009, we tracked a previously-obscure jobs statistic: mass layoffs. Those peaked in the autumn months following the Porkulus bill’s passage and then began to subside as the job destruction cycle slowed. Since then, we have mainly looked at the job creation numbers, which have remained in positive but anemic territory on a month-to-month basis.Now, though, it looks like the mass-layoff statistic may be coming back (via Instapundit): Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See:Another...

Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says) Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas. Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to...

California cities can protect workers from being fired immediately when their company changes owners, the state Supreme Court ruled Monday.The 6-1 decision reinstated a Los Angeles ordinance, struck down by lower courts, that required supermarkets to keep their workforce for 90 days after a new owner takes over. Similar laws covering different industries are in effect in other cities - including Oakland, San Jose, Berkeley and Emeryville - and the state also has a law protecting janitors who work for building contractors. "When you're keeping a business open and all you're doing is changing the name

Cisco Systems Inc. (NASDAQ: CSCO) seems as though it cannot win for losing. The company’s updated “action plan� involves a further organizational simplification, implying lower costs and layoffs. The company aims to trim $1 billion from its annual operating budget and it is going to lay off about 6,500 workers as a result. About 2,100 of those will be ‘voluntary early retirement’ plans, whatever that is. The plan calls for eliminating about 15% of vice president and above employees. That comes to a 9% total workforce reduction. There is more to this story than meets the eye.Employees in the U.S.,...

Colo. Labor Dept. looking at layoffsBy PATRICK MALONE Posted: Friday, July 15, 2011 12:00 am DENVER — Government employees who handle unemployment claims soon might be making them. The Colorado Department of Labor and Employment is likely to lay off employees as federal funds that propped up staffing run out. “We don’t know which positions or how many positions will be impacted,” said Cher Haavind, “We are making that determination right now through an organizational assessment.” In a recent email to labor department employees, Executive Director Ellen Golombek warned that job cuts are likely. “By now you are all aware...