AMD, LinkedIn - Layoffs

clipped from www.adotas.com ADOTAS – Chipmaker AMD reduced its workforce by 3%, or roughly 500 staffers. In April, the company laid off 10% of its staff. LinkedIn has announced that it’s cutting 10% of its staff (about 36 jobs). LinkedIn recently raised $22.7 million in funding (in June it raised $53 million). Veoh, an online video-sharing site, also announced layoffs – roughly 20% of its staff, or 20 people. While revenue for the company is reportedly growing, the gloomy economic forecast was blamed on the cuts. In June, Veoh received a $30 million round of funding.

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Fortune 500 Companies Slashing Raises, Planning Layoffs

clipped from workforce.com In coming weeks, a number of Fortune 500 companies are planning to cut merit raises and conduct further layoffs as they continue to wrestle with the economic downturn, according to recent polls conducted by the Corporate Executive Board. As of mid-October, 30 percent of the 100 compensation and benefits executives polled said they were planning to reduce their 2009 merit budgets, while 45 percent weren’t sure yet, according to a poll conducted by the Corporate Executive Board, a Washington-based organization that provides best practices information and support to member companies. “Based on conversations since that poll was conducted, it would seem that more companies have decided to reduce their merit budgets or get rid of merit raises altogether,” said Michal Kislevitz, managing director at the Corporate Executive Board. “Things are changing quickly.”

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Yahoo to announce layoffs this Week

clipped from www.alleyinsider.com We heard whispers of this last week, and now the Merc is hearing them, too: Yahoo will reportedly announce its mass firings on the earnings call this week. A reader tells us the company has scheduled an all-hands meeting in Sunnyvale on Wednesday, presumably to deliver the message that all Yahoo employees already got from the Merc and Google News. Let's just hope Yahoo isn't dumb enough to announce the firings now and then wait until mid-December to actually make them. Let's also hope the company doesn't cut too few people and then have to go through the same horrific process again in Q1.

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AdBrite cuts 40% Staff to survive the downturn

clipped from www.mediapost.com Online ad network AdBrite is laying off 40% of staff, or about 40 employees, as it restructures amid an economic slowdown chilling both online and offline ad spending. AdBrite is the second company backed by Sequoia Capital to make significant employee cutbacks following the now-famous meeting the venture firm held last week with portfolio company CEOs, stressing the need to control costs and become profitable to survive the downturn.

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Micron planning to cut staff by 15%

clipped from www.computerworld.com Micron Technology Inc. and Intel Corp. plan to shut down their joint production of NAND flash memory from a plant in Boise, Idaho, and Micron plans to lay off about 15% of its workforce in another sign that the economic meltdown is taking its toll on some tech companies. The moves are a result of a combination of lowered customer demand and product oversupply in the market, Micron said in a statement. Intel and Micron, through their IM Flash Technologies joint venture, were supplying NAND flash memory from Micron's Boise facility. The shutdown will reduce the joint venture's NAND flash production by about 35,000 wafers per month, in the factory using 200-millimeter manufacturing lines per month. IM Flash Technologies also has a facility in Lehi, Utah, which has 300mm manufacturing lines.

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General Motors to Cut Jobs Bonuses, Dividends

clipped from workforce.com General Motors said Tuesday, July 15, that it will improve its finances through 2009 by laying off salaried workers, making more cuts in truck production, suspending its dividend and borrowing at least $2 billion as it rides out its worst U.S. sales in a decade. Those moves, combined with several other initiatives, are expected to improve GM's cash position by $15 billion through the end of 2009. The No. 1 U.S. automaker was compelled to cut costs and raise capital because of a deepening slump in U.S. auto sales. Through the first half of the year, GM’s total U.S. light vehicle sales are off 16.3 percent. GM said it will save $1.5 billion, or 20 percent of its cash costs, in 2009 through layoffs and changes in benefits to salaried employees and executives.

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Taleo Begins Vurv Acquisiton By Job Cuts

clipped from humancapitalist.com On Friday, Taleo announced eliminating approximately 160 jobs at Vurv as part of the acquisition integration. Based on my most recent estimates, that is over 50% of Vurv’s total workforce.

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Ford to lay off Salaried Employees

clipped from workforce.com Ford Motor Co. will lay off an undisclosed number of salaried employees this summer and hopes to complete the reductions by August 1, a spokesman said Wednesday, May 28. Earlier in the day, Detroit media reported that Ford will cut 10 percent to 12 percent of its salaried workforce, or more than 2,000 employees. “We’re not going to comment on internal discussions we’re having with our employees,” Ford spokesman Mark Truby said. “As soon as we finalize some of these details, we’re going to tell our employees as quickly as we can.” Because Ford wants the cuts made by August, the

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Citigroup posts $5.11 bn loss, to cut 9k jobs

clipped from www.financialexpress.com Citigroup Inc posted its second straight quarterly loss on Friday, hurt by more than $16 billion of write-downs and costs related to credit losses, and said it will cut another 9,000 jobs. Though the $5.11 billion first-quarter loss was larger than expected, analysts and investors expressed optimism that the largest U.S. bank and its new chief executive, Vikram Pandit, were taking necessary steps to move past credit problems and drive down costs.

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CitiGroup to cut 400 jobs

CitiGroup which was affected by the subprime crisis is planning to cut 400 employees in UK and job cuts in India to follow.

Text bits from Economic Times

Reeling under huge subprime-related losses, Citigroup is planning to axe close to 400 employees in its UK investment banking business, which it might soon follow with job cuts at other places including India, a report said.

"Citigroup is to cut about 400 of its investment banking staff in the UK as part of the US bank's plan to reduce the headcount by 4,200 globally," Financial Times reported.

"The remaining 3,800 of Citi's proposed cuts are likely to fall in its US consumer finance business, as well as in Asia and India," the report added.

To read the full story, Visit Economic Times

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Mphasis cuts 200 Jobs - Economic Times

Indian IT industry has started responding to US Economy Crisis. Following TCS, IBM & Yahoo! Mphasis a part of EDS has cut 200 people.

Economic Times reported this morning about the job cuts.

Text clips from the news:

According to sources, MphasiS has retrenched 200 employees at its Chennai centre and all this in a span of two days last week.

It was not clear whether this retrenchment was restricted to the Chennai centre or covered other locations. Sources said the retrenchment was largely centered around the performance issue and it has probably affected those who were on the bench.

Read the full story from Economic Times.

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Yahoo! India layoffs - Emotional Burst Out

Yahoo! India sacked 40 employees in Bangalore this week. And the employees were given just 30 minutes to clean up and leave the office. Some employees broke down as this news came shocking.

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Yahoo! India sacks poor performers

Yahoo! India has a headcount of 1500 for its R&D operations. It asked 45 employees to quit. However Yahoo India claimed that it was a routine process and more would be sacked from Job.

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Chicago Tribune will cut 3.5% of Workforce by end of March - HR, Finance & Technology will be the target

Source: WorkForce.com

The Chicago Tribune will cut about 100 jobs, or roughly 3.5 percent of its workforce, by the end of March, the paper’s publisher told employees on Wednesday, February 13.

Most of the affected positions across the company would be in so-called support areas, such as finance, human resources and technology. The cuts are part of a companywide staff reduction—the first since Sam Zell took over the media conglomerate late last year in an $8.2 billion buyout, the Tribune reported on its Web site.

To read the full story, Visit WorkForce.com

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