GE Money Layoffs Job Cut: may fire 250 employees

First it was GE Security Layoffs Job Cut and then it was GE Aviation Layoffs Job Cut. Now, The news is from GE Money, the division which provides private-label credit cards to retailers, is reported to be going for layoffs. The news is not good for the employees of the GE Money as the organization is going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat.
How many employees may be fired in the GE Money layoffs?
As per the reports, there are going to be 250 job cuts by GE Money.

What is the total no. of employees of GE Money?
The total no. of employees of GE Money is not known as of now.

What will be the cost and savings by GE Money layoffs?
No information available on the cost and savings by the GE Money layoffs.

When will the GE Money layoffs happen?
The layoffs will be completed by June 29, 2009.

Which locations and department of employees will be affected by the GE Money layoffs ?
The layoffs would mainly be in the Tampa office where ALL the employees will be laid off (customer service center at 3802 Northdale Blvd)

What is the primary reasons for GE Money layoffs?
The reason being quoted is the GE Money is consolidating some of its customer service operations into other offices and hence all the work being done in Tampa will now move to GE Money center in Kansas.

Any other news about GE Money layoffs
As per TBO, Workers at the Tampa call center will be offered severance payments, job placement assistance and career counseling.
Let's hope that alternative jobs are available to the affected employees of GE Money Layoffs Job Cut

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Barclays Layoffs Job Cut: may fire 700 UK employees

The news is not good for the employees of the Barclays Corporation, the major banking organizations, as the organization may be going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat. The latest on to add to the list is the Barclays Organization, which may be going for layoffs.
How many employees may be fired in the Barclays layoffs?
As per the reports, there can be around 700 layoffs by Barclays. Out of this, around 50% or 350 are new job cuts while the rest are what was announced last year as a part of 1800 job cuts.

What is the total no. of employees of Barclays?
The total no. of employees of Barclays is not known as of now.

What will be the cost and savings by Barclays layoffs?
No info about the savings to be made.

When will the Barclays layoffs happen?
The layoffs are going to be done in phases through the year end.

Which locations and department of employees will be affected by the Barclays layoffs ?
All job cuts will be in UK. It will be the IT staff that will face the axe. These jobs are reported to be shifted to low cost countries like Hungry, India and Singapore.

What is the primary reasons for Barclays layoffs?
Cost Cutting and relocation of jobs to lost cosst countries.

Any other news about Barclays layoffs
As per CIO, A separate 4,200 job cuts are taking place in investment banking, wealth management and retail banking, outside of the GISD division, but expected to affect back office staff extensively.
Let's hope that alternative jobs are available to the affected employees of Barclays Layoffs Job Cut

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TeleTech Layoffs Job Cut: may fire 280 employees

The news is not good for the employees of the TeleTech Corporation, which is in the call center business, as the organization may be going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat. The latest on to add to the list is the TeleTech Organization, which may be going for layoffs.
How many employees may be fired in the TeleTech layoffs?
As per the reports, there can be around 279 layoffs by TeleTech. There were around 500 job cuts by the company in Halifax last month, while 1000 employees lost jobs in Ontario at two of the TeleTech facilities.

What is the total no. of employees of TeleTech?
The total no. of employees of TeleTech is reported to be around 28,000 globally as of now.

What will be the cost and savings by TeleTech layoffs?
No info about the savings to be made.

When will the TeleTech layoffs happen?
The layoffs are going to be done by August 20th, 2009.

Which locations and department of employees will be affected by the TeleTech layoffs ?
Mount Pearl call centre will be the one affected this time. There were around 500 job cuts by the company in Halifax last month, while 1000 employees lost jobs in Ontario at two of the TeleTech facilities.

What is the primary reasons for TeleTech layoffs?
Changes in the client needs are the main reason of the layoffs.

Any other news about TeleTech layoffs
As per CBC, The company blames changes in the business needs of its clients.
Let's hope that alternative jobs are available to the affected employees of TeleTech Layoffs Job Cut

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NASA Layoffs Job Cut: may fire 900 employees

The news is from NASA, the world famous space research agency of the USA, is reported to be going for layoffs. The news is not good for the employees of the NASA as the organization is going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat.
How many employees may be fired in the NASA layoffs?
As per the reports, there are going to be 900 job cuts by NASA.

What is the total no. of employees of NASA?
The total no. of employees of NASA is not known as of now.

What will be the cost and savings by NASA layoffs?
No information available on the cost and savings by the NASA layoffs.

When will the NASA layoffs happen?
Around 160 notices were learnt to be given on Friday. The rest of the layoffs will happen in the coming next 5 months.

Which locations and department of employees will be affected by the NASA layoffs ?
The layoffs would mainly be in for the contractors producing the space shuttle fuel tanks outside New Orleans and the shuttle solid rocket boosters in Utah.

What is the primary reasons for NASA layoffs?
The reason being quoted is the NASA is set to retire its space shuttle fleet in 2010 and hence the contract workers associated with it are going to loose their jobs.

Any other news about NASA layoffs
As per Reuters, The prime contractors for those components are Lockheed Martin Corp and ATK Thiokol.
Let's hope that alternative jobs are available to the affected employees of NASA Layoffs Job Cut

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Circuit City to Close 155 Stores, Lay Off Thousands

Rumors are swirling across the ‘Net that Circuit City plans to shutter at least 155 stores, beginning the process as early as Monday morning (Nov. 3).

According to various sources, the electronics giant is pulling out of at least a dozen major metro areas, and bringing liquadators in to shut down the stores.

Among the first two services to get the axe will be Circuit City’s Firedog service and their car stereo installation shops.

The rest of the store, employees, merchandise, and all, will be out the door by the end of December.

This news should not come as a great shock - it was only a handful of days ago that the Wall Street Journal ran an article about Circuit City planning to downsize, and most recently, the company has said that it has been warned about being delisted from the New York Stock Exchange, due to a share price below $1 for over 30 days.

No news on severance packages or benefits for laid off employees has been announced yet.

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Yahoo! to Cut 1,500 Jobs

Yahoo! Inc. (YHOO: 10.80 -0.18%) announced today that it will hand out at least 1,500 pink slips to workers as it struggles to deal with a crumbling economy that ate away at its third-quarter profit.

The layoffs outlined in the announcement represent about a 10% reduction in Yahoo’s staff of about 15,000 employees. It is the second time in nine months that Yahoo has undertaken mass layoffs.

Business got much worse in the third quarter as Yahoo earned only $54.3 million, or 4 cents per share. That was a crash of nearly 65% from the $151.3 million it was bringing in at the same time last year.

The average earnings estimates from analysts was 9 cents per share.

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Goldman Sachs Cuts 3,200 Jobs

Goldman Sachs (GS: 64.50 -3.34%) announced this morning that it will be laying off about 10% of its work force as the downturn in the credit and lending markets continues.

Goldman plans to hand out about 3,260 pink slips, which will reduce its work force from record high levels at the end of the third quarter.

Goldman Sachs made the change to a bank holding company last month as investors were nervous that a stand-alone investment bank model would no longer be viable.

With the new status of a bank holding company, Goldman Sachs will face increased regulatory scrutiny, which may likely force it to scale back some of its more leveraged and aggressive business entities.

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Legg Mason Plans Layoffs

Legg Mason Inc. (LM: 15.77 +0.77%) announced yesterday that it will soon be cutting jobs.

The Baltimore company has not yet provided specifics on positions and numbers yet, but is busy trying to come up with about $120 million in cost savings.

A company spokesperson has been quoted in the press as describing the layoffs as “surgical” in nature, rather than a broad swath of Legg’s employees.

Legg Mason is Baltimore’s third-largest public company, and employed about 1,100 people as of January 2008.

Legg’s performance has come under fire from analysts and investors lately, and the company posted its first loss in 25 years in May. Its second quarterly loss came this past July as the credit crunch took hold, and it lost nearly $104 million in its fiscal second quarter, its third straight quarterly loss.

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Goldman Sachs Lays Off Thousands This Week

Goldman Sachs Group (GS: 64.55 -3.27%) notified about 3,200 employees yesterday that they have been laid off, part of previously announced plans to cut about 10% of the firm’s work force amid crashing financial markets.

Goldman has been letting people go left and right all year. The bank handed out hundreds of pink slips to its M&A support staffers and junior bankers back in June due to market conditions on the heels of a round of leveraged lending and mortgage securities layoffs in April.

Early in the year, Goldman also cut over 1,500 people following the results of their 2007 performance reviews.

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Citigroup Will Cut 50,000 Jobs

Citigroup (C: 9.48 -0.42%) announced today that it is planning to slash its workforce by more than 50,000 jobs in an effort to cut costs and ride out the credit crisis on Wall Street

In an announcement and investor presentation (link to presentation below) on its Web site, Citi said that it was planning to reduce staff levels to roughly 300,000 employees. Citi currently has about 352,000 workers.

It was not yet clear what parts of the banking giant would sustain the most cuts, but there have been rumors that pink slips will be handed out in the investment banking and wealth management departments.

Citigroup’s CEO Vikram Pandit is expected to hold a “town hall meeting” for employees later today to address the job cuts.

This effort is another example of how Citigroup is attempting to cut costs in the wake of the credit crisis. Over the past year, the bank has already slashed its payroll by over 23,000 workers.

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