Showing posts with label No layoffs. Show all posts
Showing posts with label No layoffs. Show all posts

Monday, July 13, 2009

No new job cuts at Cisco

Cisco Systems Inc said that it was not in a new round of layoffs in response to an analyst report referring to 2,000 job cuts underway.

Thomas Weisel analyst Hasan Imam had said in a report that job cuts would help Cisco exceed cost cutting targets. "The Thomas Weisel report gives the impression that Cisco is announcing a new headcount reduction of up to 2,000 jobs. That is not the case," said Cisco spokesman Terry Alberstein.

Alberstein said Imam appeared to be referring to plans for job cuts of between 1,500 and 2,000 that Cisco announced during its quarterly conference call in February. He said the company was still cutting those jobs.

Imam was not immediately available to comment on Cisco's response. Imam also said he expected an expansion of the company's cost cutting plans beyond $1 billion. Alberstein declined further comment on Cisco's cost cutting, but pointed to comments the company made in early May that it was on track to exceed an earlier goal of cutting annual expenses by $1 billion and could even exceed $1.5 billion.

"Our checks indicate Cisco is aggressively managing expenses as management navigates through the downturn," Imam said in the research report.

The analyst said he also expects July quarter revenue to beat the average Wall Street estimate. "Our supply chain checks reveal order uptick across component and contract manufacturers, indicating stabilization and some growth in Cisco's top line," he said.

Imam raised his calendar 2010 forecast for Cisco to earnings of $1.44 per share on revenue of $35.82 billion. His previous estimate was earnings of $1.41 per share on revenue of $34.88 billion.

Tuesday, June 23, 2009

Not laid off any employee: ICICI Bank

Distancing itself from the issue related to the alleged job loss-triggered suicide attempt of an employee of one of its service providers, ICICI Bank on Sunday said it has not laid off any employee and said it has also apprised the police over forced entry by some "unruly people" into its office.

One Suyog Deshmukh, who was working for Delta Services Ltd, an outsourced service provider for ICICI Bank's credit card processing department, is said to have allegedly attempted suicide after his job was terminated. He is also said to have named two managerial level employees of the bank in his suicide note. Reacting to the media reports, which also said that the company was forced to reinstate all the employees sacked along with Deshmukh after a demonstration by them subsequent to the suicide attempt, ICICI Bank said in a statement that it "has had no discussions or agreement with any one on the issue of reinstatement of any employee."

Thursday, June 4, 2009


No layoffs at Satyam: Karnik

Satyam chairman Kiran Karnik has ruled out the possibility of layoffs at the beleaguered IT company. Alternate ways to pull the company out of its financial troubles are being discussed, he says. “Both the Satyam and Tech Mahindra managements have unanimously decided not have layoffs. We are working on several other possible solutions to mitigate the current situation,” Karnik said.

These comments come close on the heels of Tech Mahindra CEO and MD Vineet Nayyar’s observation that Satyam had about 10,000 employees too many.
Amongst the various options being discussed by the two companies, cutting salaries and rationalising resources tops the priority list. “Tough decisions would have to be made. We are working on options like reducing remunerations and sending employees on sabbatical to work ourselves out of the situation,” Karnik disclosed.

Tuesday, June 2, 2009

GM India not to lay off employees

General Motors India (GMI) has said no employee working for its Indian operations will be retrenched even as globally the company gears to file for bankruptcy on Monday.

The company said it will continue to hire in India as scheduled, as last year it recorded a sales growth of over 9 per cent. Over 4,000 people are directly employed at GM’s operations at Halol, Talegaon, Bangalore and Gurgaon, and plans to hire close to 900 workers this year.

GM India, on Monday in a statement, said the GM India operations are not included in the US filing for Chapter 11. “Our dealers will continue to receive all our carlines, while our suppliers will continue to work with us to supply parts and components for our cars. We have no intention to modify our product, brand or other business plans including new product launches,” said Karl Slym, president and managing director, GMI.

“We can’t afford to slow down operations in a country like India where we sold 65,000 cars last year,” said P Balendran, VP, GMI. When the industry registered a negative growth (-2 per cent) in 2008, GM had registered a growth of over 9.4 per cent.

Hence the company is keen to fortify its employee base especially at its production facilities.

The company has decided to also launch two more cars this year — sedan Cruze (Rs 12-14 lakh), and a new small car (Rs 4-5 lakh). “This is in addition to LPG and CNG options in some of the existing models,” said Balendran. But dealers are worried sick whether the bankruptcy filing will affect sales in the short to medium term. “I surely expect sales to dip soon after the filing,” said a dealer in Bangalore.

An automobile analyst who did not wish to be identified said GM will struggle to increase its market share in India in the present scenario. GM has a 4 per cent share of the Indian market at present. “The company had plans to capture more than 10 per cent of the market by year 2015. Now, that looks difficult. I foresee Honda and Toyota stepping up the gas,” the analyst said.

Thursday, May 7, 2009


No layoff so far in Satyam, Tech M to take final call

Satyam Board Chairman Kiran Karnik on Wednesday said so far there has been no layoffs in the company but it is up to the new owners Tech Mahindra to take any such decision. "The decision (of layoffs) would lie with the new owners that is Tech Mahindra... As far as we know there have been no layoffs at Satyam," Karnik told media.

Saturday, March 7, 2009

Apple, Qualcomm Skip Layoffs

Of the 10 largest U.S.-based technology firms, only Apple and Qualcomm haven't cut jobs over the past year.

Apple and Qualcomm are two of the only tech titans who have not had to make job cuts, as wave after wave of layoffs have swept through companies related to the wireless industry.

Of the 10 U.S.-based software and hardware companies that have the largest market valuations, only Apple and Qualcomm have not made job cuts. Apple has bucked the trend facing technology companies and posted solid results for its fiscal first quarter, which ended Dec. 27, and said it sold 4.4 million iPhones in the quarter. Qualcomm also has made some business strides, signing a partnership agreement with once-bitter enemy Nokia to collaborate on smartphones, and aggressively pushing the launch of its Snapdragon chipset.

This is not to say that the companies are not suffering in the economic recession. Qualcomm CEO Paul Jacobs announced that the company would have a wage freeze and hiring cap, and told shareholders earlier this week that the company is trying to cope with the current economic conditions. "We have not done what a lot of other companies have done, which is have massive layoffs across the company," Jacobs said. "We have had some targeted reductions, but for the most part we've managed to maintain our workforce."

Apple meanwhile saw its sales of the iPhone drop from 6.9 million in its fiscal fourth quarter, the first quarter impacted by the launch of the iPhone 3G. Its shares also took a hit in the wake of disclosures about Steve Jobs' health issues.

Tuesday, February 17, 2009

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Infosys says no layoffs, to recruit more

IT major Infosys has no plans to lay off its employees and is going ahead with placement of all the 18,000 candidates who were extended offer letters.

"No, we do not have any plans," Infosys Chief Executive Officer and Managing Director Kris S Gopalakrishnan said in Chennai when asked whether the company had any plans to lay off as a result of the economic meltdown.

Gopalakrishnan said the company would continue to honour the job offers it had made in the past. "We have made 18,000 job offers in the past (year) and by July this year, the new candidates would start joining," he said.

He said the company had decided to extend the training period from the current 3.5 months to 4.5 months.

"We have extended it by adding another four weeks to it as there is adequate time available and utilisation level is also low," he said.

He said they were implementing the new time duration for the existing new recruits as well.

Asked about the US Government's decision on restriction of H1B visas and the stimulus packages, he said, "Right now, I see there is no impact. One has to wait and see before coming into any conclusion," he said.

Tuesday, February 10, 2009

Nissan says no job cuts planned in US

Nissan said it does not expect further job cuts in the U.S. following its announcement of 20,000 cuts worldwide, according to a U.S.-based spokesman. Some 12,000 of the job cuts will be in Japan, including group companies, and the rest will be overseas, the company said.

Friday, January 23, 2009

Microsoft won't cut jobs in India

Source: IndiaTimes
Starting with 1,400 job cuts, software giant Microsoft will slash 5,000 jobs over the next 18 months.

"Microsoft will eliminate up to 5,000 jobs in R&D, HR, marketing, sales, finance, legal, and IT over the next 18 months, including 1,400 jobs today," the company said in a statement.

The layoff, however, would not be impacting the Indian operations. "It's not going to impact us. No job cuts in India," a Microsoft India spokesperson said in New Delhi.

In light of further deterioration of global economic conditions, extra measures to manage costs are being taken, including the reduction of head-count-related expenses, vendors and contingent staff, facilities, capital expenditures and marketing, the company, which posted a 11 per cent decline in profit for the second quarter, added in the statement.

Microsoft's net profit declined 11 per cent to $4.17 bn for the quarter ended December 31, 2008. It had a net profit of $4.71 bn in the year-ago period.

The company has posted revenues to the tune of $16.63 bn for the second quarter. The entity's revenues stood at $16.37 bn in the corresponding period a year ago.

Monday, December 15, 2008


No job cuts in AT&T India, firm to hire more

Bangalore: As a relief to the Indian employees, the 12, 000 job cuts of AT&T (NYSE:T), a communications holding company will have no impact on India, where the current number of employees are more than 1000 people. "The country is completely free from any impact of the job cuts. Infact, there will be more hiring within the region despite the company being in a flux," said Gopi Gopinath, Chairman, CEO, AT&T Global Network Services, India, while announcing the establishment of AT&T's first data center in India.

Thursday, December 4, 2008

Cisco CEO Says No Layoffs Planned Despite Downturn

Cisco Systems Inc. (CSCO) doesn't have any layoffs planned at this point, according to Chairman and Chief Executive John Chambers. Click here for complete story.