10/10/02
Lucent Technologies Inc. said Friday that its
fiscal fourth-quarter loss will be wider than it expected. The company
also plans to cut its already diminished staff by another 10,000
employees, and it expects to see headcount at about 35,000 by the
end of fiscal 2003. Previously, Lucent was aiming to lower headcount
to 45,000 by the end of fiscal 2003.
10/10/02
Maytag Corp. will close its refrigerator production
plant in Galesburg by late 2004, affecting 1,600 workers. The plant
is no longer "competitively viable" in a refrigeration market that
has seen competitors move production to Mexico over the last few
years.
10/9/02
AT&T Broadband notified its metro Denver employees
that it will cut 1,700 jobs in the next few months - amounting to
one of the largest layoffs in Colorado's history. At least 675 workers
will learn this week whether they are the first to go if regulators
approve the company's merger with Comcast Corp., which they are
expected to do by the end of the year. The remaining 1,025 job cuts
will be announced in the next couple of months, provided the merger
is approved.
10/8/02
Inktomi, a former technology highflier whose
products help speed the delivery of Internet content, announced
Tuesday it is cutting about 20 percent of its work force. The Foster
City, Calif.-based company will eliminate 85 positions by the end
of the year, leaving it with 300 employees. Last year, the company
trimmed its staff by 18 percent.
10/8/02
Merrill Lynch & Co. said it would no longer be
a market maker for about three-quarters of the Nasdaq stocks it
currently covers. The New York brokerage firm refused to comment
on how many jobs would be eliminated after it cuts the number of
Nasdaq stocks it handles to 2,400 names from the current 10,000.
10/8/02
Raytheon Co. plans to eliminate more than 500
jobs in Massachusetts and California due to the loss of a satellite
contract and a corporate reorganization. The cuts represent about
6.4 percent of its worldwide work force.
10/8/02
Fiat's plan to cut 6,000 jobs at its unprofitable
auto unit appeared headed for trouble even before the Italian company
announced it, as a senior Italian government official warned of
the possible negative social consequences of the layoffs.
10/8/02
Deutsche Telekom announced it is cutting another
15,500 jobs as part of its drive to reduce costs, boosting its planned
overall cutbacks to about 50,000, or nearly 20 percent of its work
force, by the end of 2005.
10/8/02
Construction equipment maker Caterpillar Inc.
said it would suspend manufacturing at its Waco, Texas, dump truck
facility. The suspension, which will take effect in the first quarter
of 2003 and leave 12 people unemployed, was due to sluggish worldwide
demand for the dump trucks.
10/8/02
General Electric Co.'s jet engine division said
it will eliminate 1,000 jobs worldwide this year and as many as
1,800 additional jobs in 2003 because of a slump in the airline
industry.
10/7/02
Forbes said that it will cease publishing its
New Economy magazine, Forbes ASAP, as of the fall 2002 issue--the
latest casualty of the technology downturn. The New York-based publisher
laid off about eight staff members in its Burlingame, Calif., offices,
where the magazine was produced, as part of the closure.
10/7/02
J.P. Morgan is preparing to lay off as many as
4,000 employees. Affected divisions could lose as much as 25% of
their staffs.
