Wipro Technologies is planning to shut down its development centre in Sophia Antipolis, France. The company is said to have started consultation process with local employees in this connection. According to EETimes, in an open letter the employees of Wipro-NewLogic, based at its Sophia Antipolis center in France, have said that the company has closed [...]
Posts Tagged ‘Recession Impact’
26 Aug
Fujitsu to cut 1,200 jobs in UK
Japanese IT firm Fujitsu Ltd said on Wednesday it was cutting up to 1,200 jobs in the UK in response to lower-than-anticipated revenues. The company, which employs 12,500 people in the UK, said the action was necessary to remain competitive in the current difficult economic climate. It said had already frozen pay across the company [...]
26 Aug
Honeywell India distributes mandatory leaves for employees. Enjoy the Christmas but no pay.
Honeywell India has announced that its employees will have to take a mandatory ten days off in December-January without pay. HP follows the same practice for many years but employees has to use their holiday quota for this unlike Honeywell where one will be on leave without pay. Honeywell employees in India said that Krishna [...]
19 Aug
Reader's Digest to file for bankruptcy protection.
The publisher of the world’s largest-circulated magazine, Reader’s Digest, has decided to file for bankruptcy in the US, but its operations in rest of the world would remain unaffected. Reader’s Digest is being sold across dozens of countries including India. The filing for bankruptcy protection by Reader’s Digest Association (RDA), the company said in a [...]
18 Aug
AIG finance arm plans 900 job cuts after posting 6th straight loss.
American International Group Inc’s money-losing consumer finance unit on Thursday said it eliminated 900 jobs and closed 145 branches in the first half of the year, and may make further cutbacks as it prepares to be sold. American General Finance Corp said its quarterly loss increased sevenfold to $227.2 million from $31.8 million a year [...]
18 Aug
Verizon Communications is planning more job cuts by end of the year
Verizon Communications Inc said in the month of July that it will cut more than 8,000 employee and contractor jobs before the end of the year in the wireline business, speeding up its efforts to keep costs in line, according to chief financial officer John Killian. Cost-cutting at Verizon Communications Inc’s wireline business failed to [...]
11 Aug
IBM layoffs may touch 16,000 by the year end.
In a news report, employee group Alliance@IBM said that it has counted about 184 employees who have been laid off in the most recent round of cuts, based on employee information packets it received so far. However, it believes the number exceeds that, according to Lee Conrad, the union’s national coordinator. The layoffs aren’t nearly [...]
11 Aug
The final curtain fell on dying Nortel. CEO Quits.
The final curtain fell on dying Nortel when its president and CEO Mike Zafirovski stepped down even as the company trimmed its board of directors from nine to three. Bankruptcy protection was its last option to survive, but it too failed to save it. In another announcement, the 124-year-old Canadian tech giant reported a 25 [...]
11 Aug
EDS employees are getting raw deals from HP (Hewlett-Packard). After one time Salary cut in April for EDS employees, flat 30% pay cut for most of the EDS employees.
Another shock for EDS employees from their new owner HP. Earlier in April, California-based HP instituted a one-month, 10 per cent pay cut for EDS employees in the US and Puerto Rico with salaries in excess of $40,000. During this time, the company had then told the employees that no permanent salary cuts are being [...]
6 Aug
Mindtree cutting salaries for its R&D staff.
Bangalore-based IT firm MindTree said it will cut salary by 15 per cent of about 200 staff in the research and development (R&D) division to reduce costs amid the global economic slowdown. “The utilisation levels had fallen below 60 per cent and hence the decision to cut salary by 15 per cent was taken. This [...]
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