Fidelity Investments, the world's biggest mutual fund firm, will begin a second round of job cuts on Tuesday as it to seeks to reduce its work force by 7 percent. "Today and over the next several weeks, we will proceed with the second layoff we announced last fall," Fidelity spokeswoman Anne Crowley said in an email. The cuts were previously
announced.
Citing the "unprecedented worldwide economic downturn", Fidelity said in mid-November it would eliminate another 1,700 jobs in the first three months of 2009, bringing the total planned job cuts to 3,000. The company laid off 1,300 people in its first round of layoffs in November.
Wednesday, February 4, 2009
Layoffs in USA
Huntington cuts jobs, bonus
Huntington announced 500 layoffs and bonus cuts as part of a cost-cutting effort. Officials announced it cut 2008 bonuses and other incentive programs for all employees, along with 500 job cuts to save $100 million, NBC 4 reported.
The positions, approximately four percent of its workforce, will be cut across six states by March 1. Officials said it was too early to tell what positions and what states would be affected.
The positions, approximately four percent of its workforce, will be cut across six states by March 1. Officials said it was too early to tell what positions and what states would be affected.
Cost cutting
Borders cuts management positions to trim costs
Struggling book seller Borders Group Inc said on Tuesday it was consolidating its corporate management structure at the vice president and director levels, eliminating six vice president and 10 director positions. Borders said it cut the position of executive vice president of U.S.
Tuesday, February 3, 2009
Infosys
Infosys cuts US staff, forms service alliance with Microsoft
Infosys Technologies, India's second largest software exporter, is reported to have slashed its US workforce amidst a slackening of business and falling margins in the fourth quarter of the current financial year.
Infosys also announced the launch of a centre of excellence in alliance with Microsoft for supply chain management as it bids to cut costs. The two will jointly market solutions and services.
The company, which reduced its on-site employees in the US, is also planning to reduce variable pay-out to its employees worldwide expecting a further dent in US demand.
The company did not detail the number of people who have so far been asked to quit or those who have voluntarily gone under this category.
Infosys, however, said its hiring plans are well on track and may hire well over 25,000 people this fiscal, depending on the company's prospects.
The company, which had around 103,000 employees on its rolls as of end-December 2008, hoed to end the year with 106,000 employees.
Infosys also announced the launch of a centre of excellence in alliance with Microsoft for supply chain management as it bids to cut costs. The two will jointly market solutions and services.
The company, which reduced its on-site employees in the US, is also planning to reduce variable pay-out to its employees worldwide expecting a further dent in US demand.
The company did not detail the number of people who have so far been asked to quit or those who have voluntarily gone under this category.
Infosys, however, said its hiring plans are well on track and may hire well over 25,000 people this fiscal, depending on the company's prospects.
The company, which had around 103,000 employees on its rolls as of end-December 2008, hoed to end the year with 106,000 employees.
Satyam
Salaries bring relief to Satyam employees; will get variable pay also
The salaries of Satyam employees finally got credited into their accounts. While many received their salaries on Saturday, associates on projects outside the country got their salaries on Sunday and Monday.
Employees also received a mail on Monday saying that they would even receive their target variable pay. The mail sent out to associates stated that the variable pay would be processed along with the January salary.
However, there was a slight dampener too as employees did not receive allowances they get along with salaries.
Employees who had claimed their medical reimbursement and LTA did not get it. When some of them wrote to the HR to find out whether they would get the money, they were told that the medical, LTA claims would be honoured after three months.
Shift allowance, meant for associates on certain projects that work in the night on US timing, also didn't get credited with the salaries. Associates said that shift allowance varies depending on the seniority of the associate and can be as low as Rs 225 per shift. For some, the shift allowance adds up to as much as Rs 5,000 a month.
Employees said they were relieved after receiving their salaries as it ended a month of uncertainty and stress. ‘‘Asking for money from my parents for monthly expenses would have been embarrassing and I am glad I don't have to do that,'' said a techie, who hails from Delhi.
He added that his parents were as happy to receive this news as they were when he told them two years ago that he had ‘‘made it to Satyam''.
Employees also received a mail on Monday saying that they would even receive their target variable pay. The mail sent out to associates stated that the variable pay would be processed along with the January salary.
However, there was a slight dampener too as employees did not receive allowances they get along with salaries.
Employees who had claimed their medical reimbursement and LTA did not get it. When some of them wrote to the HR to find out whether they would get the money, they were told that the medical, LTA claims would be honoured after three months.
Shift allowance, meant for associates on certain projects that work in the night on US timing, also didn't get credited with the salaries. Associates said that shift allowance varies depending on the seniority of the associate and can be as low as Rs 225 per shift. For some, the shift allowance adds up to as much as Rs 5,000 a month.
Employees said they were relieved after receiving their salaries as it ended a month of uncertainty and stress. ‘‘Asking for money from my parents for monthly expenses would have been embarrassing and I am glad I don't have to do that,'' said a techie, who hails from Delhi.
He added that his parents were as happy to receive this news as they were when he told them two years ago that he had ‘‘made it to Satyam''.
new openings
Lehman Brothers hiring in a major way (already hired 200)
Lehman Brothers, the banking major which collapsed into bankruptcy under huge obligations, has surprisingly become the hottest place for the job seekers on the Wall Street, with the firm recruiting back as many as 200 employees and still looking for more, a media report says.
Lehman, left with seven billion dollar in cash and more than 1,400 private investments valued at 12.3 billion dollar after the sale of many of its businesses to Barclays PLC and Nomura Holdings Inc, has become attractive for those looking for jobs amid the massive layoffs being announced by other financial services majors.
Alvarez & Marsal, a New York-based restructuring firm, appointed by the collapsed 158-year old investment bank's board to administer the bankrupt company's estate, had kept 130 Lehman employees on the firm's payroll.
Lehman, left with seven billion dollar in cash and more than 1,400 private investments valued at 12.3 billion dollar after the sale of many of its businesses to Barclays PLC and Nomura Holdings Inc, has become attractive for those looking for jobs amid the massive layoffs being announced by other financial services majors.
Alvarez & Marsal, a New York-based restructuring firm, appointed by the collapsed 158-year old investment bank's board to administer the bankrupt company's estate, had kept 130 Lehman employees on the firm's payroll.
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