Tag: Layoffs and Job Reductions

Unpaid Miners Blocked a Coal Train in Protest. Weeks Later, They’re Still There.

CUMBERLAND, Ky. — A little after 4 p.m. on Friday, four hulking big-rig cabs, facing each other in pairs and taking up both lanes, brought the Kingdom Come Parkway to a standstill. On the highway between the trucks, eight out-of-work coal miners raised a banner: “No Pay We Stay.” That is the miners’ plan in […]

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HSBC’s Chief Steps Down, in a Surprise

LONDON — HSBC’s chief executive, John Flint, is stepping down after 18 months in the role, a surprise announcement that the bank said Monday was “by mutual agreement with the board.” Noel Quinn, the bank’s chief executive for commercial banking, will fill the top job in an interim basis while the bank begins a global […]

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A Paradox at the Heart of the Newspaper Crisis

Phil Luciano, a columnist at The Peoria Journal Star, got a story tip recently about Caterpillar, the heavy equipment company that was based in Peoria, Ill., for 90 years before a recent relocation to Cook County. The tip seemed promising enough. But as one of only seven full-time reporters at the paper, he felt stretched […]

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Bustle Puts Gawker Reboot on Ice

The planned reboot of Gawker, the irreverent news, gossip and commentary site that shut down in 2016, has been put off indefinitely and its staff laid off, the site’s owner, Bustle Digital Group, said on Tuesday night. Bustle Digital Group, which publishes women’s-interest sites like Bustle and the recently acquired Nylon, purchased the Gawker.com domain […]

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Uber Lays Off 400 as Profitability Doubts Linger After I.P.O.

SAN FRANCISCO — Uber said it laid off around 400 people from its marketing team on Monday, as the ride-hailing company tries to cut costs and streamline its operations after its initial public offering in May. The cuts, which were also announced internally on Monday, are taking place in 75 Uber offices around the world, […]

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Nissan Will Cut 12,500 Jobs as Profit Plunges

YOKOHAMA, Japan — Nissan on Thursday said it would cut as many as 12,500 jobs and reported a deep drop in profit, suggesting its problems could be even more serious than it has previously acknowledged. The cuts represent around 9 percent of the company’s global work force of around 139,000 as of March 2018. At […]

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After Discussion With Trump, Lockheed Martin Plant in Pennsylvania Will Stay Open

A Lockheed Martin helicopter plant in Coatesville, Penn., is staying open after President Trump urged its chief executive, Marillyn Hewson, not to close it as planned. “At the request of President Trump, I took another look at our decision to close the Coatesville, PA facility and have decided to keep it open while we pursue […]

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Deutsche Bank Layoffs Begin as Workers Feel Turnaround Plan’s Impact First

Deutsche Bank began firing thousands of employees in Asia, Europe and the United States on Monday, moving quickly on at least one part of a strategy meant to arrest years of losses, scandal and decline. The job cuts, coming hours after the bank announced a “radical” turnaround plan, were a show of decisiveness at the […]

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Deutsche Bank Begins Turnaround Drive by Firing Workers

Deutsche Bank began firing thousands of employees in Asia, Europe and the United States on Monday, moving quickly on at least one part of a strategy meant to arrest years of losses, scandal and decline. The job cuts, coming hours after the bank announced a “radical” turnaround plan, were a show of decisiveness at the […]

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Deutsche Bank to Slash Its Investment Bank in Turnaround Bid

FRANKFURT — Deutsche Bank said on Sunday that it would slash thousands of jobs and sell a large part of its investment banking operations in a major overhaul that might be the troubled German lender’s last chance to reverse a decade of decline. The reorganization and cost-cutting plan focuses on Deutsche Bank units involved in […]

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When a G.M. Plant Shut Down in Ohio

Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher In 2016, Lordstown, Ohio, helped deliver the presidency to Donald J. Trump, betting that he would fulfill his promise to save its auto industry. Our colleague went there to examine the political fallout from the fact […]

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G.M. Leaves Lordstown Behind in Hard Bet on Future

Episode 6: ‘The End of the Line’ Producer/Director Alyse Shorland With its focus on a future of self-driving cars and renewable fuels, General Motors is leaving some manufacturing plants like the one in Lordstown, Ohio, in its rearview. Workers who spent a lifetime at the plant — and constructed their lives around G.M. as they […]

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Deutsche Bank, in a Last-Ditch Effort to Stop Its Spiral, Could Lay Off 20,000

Next year is Deutsche Bank’s 150th birthday. What might have been a celebration is shaping up to be more of a wake. With its finances and strategy in disarray and 95 percent of its market value erased, the German bank’s executives are putting the finishing touches on a painful restructuring plan that they hope will […]

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Ford to Cut 12,000 Jobs in Europe

LONDON — Ford Motor Company said on Thursday it would cut about a fifth of its European work force and shut down five plants as the company deals with weak demand for its cars. The automaker, which has struggled to turn a profit in Europe, said that about 12,000 of its 65,000 workers across Europe […]

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Kenneth Lerer Steps Down as BuzzFeed Chairman

Kenneth Lerer, a prolific investor who helped found HuffPost, has stepped down as chairman of BuzzFeed, the viral-happy website that has lately experienced turbulence after a sharp rise in prominence. Mr. Lerer’s departure, which was first reported by Axios on Tuesday, was confirmed by two people with knowledge of the matter who declined to speak […]

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Why Fiat Chrysler’s Talks With Renault Fell Apart

The proposed merger of Fiat Chrysler Automobiles and Renault, a tie-up seen as a transformative deal in an industry facing with technological challenges, fell apart on Wednesday, and the recriminations started almost immediately. The stock prices of both companies — which jumped after Fiat announced its plan last week — are feeling the effects. In […]

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Can Tesla Ever Be More Than a Niche Automaker? Wall St. Increasingly Thinks No

Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.__________ Few companies have created such strong and divergent opinions across Wall Street as Tesla. To the company’s biggest boosters, Tesla’s chief executive, Elon Musk, is a new Steve Jobs — out to revolutionize transportation and […]

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With His Job Gone, an Autoworker Wonders, ‘What Am I as a Man?’

LORDSTOWN, Ohio — In the weeks since he lost his job at the car plant, Rick Marsh has blasted Pink Floyd while cleaning the house. He has watched the cat watching the birds. He has smoked cigarettes out the sliding glass door. He has watched Motor Trend, a TV network about cars. He bought a […]

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