ABN AMRO to cut 4,000 jobs in restructuring
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AMSTERDAM: The Netherlandsâ biggest bank ABN AMRO announced it was cutting more than 4,000 back office and information technology staff on Thursday as it aims to bring its cost base in line with its competitors.
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Bank of America Corp. said yesterday it will slash 3,000 jobs from its workforce of nearly 200,000 and move its top Boston executive to New York to take over the company's troubled investment banking unit.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.
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VNU Group BV, which owns Nielsen's television ratings service, said Monday it will cut 4,000 jobs, or around 10 percent of its work force, as part of a major reorganization.
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ABN Amro Holding NV, the largest Dutch bank, plans to cut 2,850 jobs, or about 3 percent of the total workforce, as earnings decline.
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The cellphone-network equipment maker said that it would cut up to 4,000 jobs, about 5.4 percent of its work force, after profit plunged 42 percent in the fourth quarter.
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ABN Amro, the Netherlands&#39; largest bank, is to cut 2,850 jobs as a result of falling profits. The cuts - amounting to 3% of the bank&#39;s workforce - will result in a one-off charge of 790m euros ($1.1bn).
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American Express said on Friday it expects to record a fourth-quarter pre-tax charge of up to &#36;120 million and cut 2,000 jobs related to a restructuring of its business travel unit and the sale of some overseas operations.
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JPMorgan Chase &amp; Co. says it will rehire 4,000 workers whose jobs it had outsourced to IBM, bucking a corporate trend in information technology.
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Motorola Inc.  said it expects to cut an  additional 4,000 jobs as it continues to lower costs.
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Information provider VNU  said on Monday it planned to cut 4,000 positions and shave 10 percent from its cost base next year.
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Cardinal Health Inc. announced a three-year, two-phase restructuring plan that will cut 4,200 jobs and close approximately 25 facilities worldwide.
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Deutsche Bank AG posted a sharp drop in fourth-quarter profits Thursday citing restructuring charges, and announced another 3,280 job cuts.
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Bank of America Corp. said Thursday it will cut an additional 4,500 jobs, or 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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Dutch Bank ABN Amro NV said Thursday it will cut 2,850 jobs in dozens of countries in an effort to save euro770 million (around US$1 billion) annually from 2007.
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The announcement comes after Sprint last week reported deeper-than-expected customer losses for the fourth quarter and said it would cut about 4,000 jobs in a bid to reduce costs.
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Wireless phone company Sprint Nextel Corp. said Friday it plans to slash 4,000 jobs and close 125 retail locations to gird itself for an expected slowdown in subscriber growth and revenue.