Probe hurts stock price, 3,000 job cuts announced
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BOSTON (CBS.MW) -- The other shoe dropped Tuesday for about 3,000 workers at embattled Marsh &amp; McLennan. Free! Sign up here to receive our Internet Daily e-Newsletter!
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US employers announced plans in November to step up job cuts, with the total exceeding 100,000 for the third month in a row, an industry survey showed.
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Morgan Stanley  will slash more than 1,000 jobs in the coming week, trimming costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
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Financial markets were hit hard by a disappointing jobs report.
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Revelations that the company supervised an extensive investigation of some of its directors, journalists and a few employees has blemished its reputation.
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Marsh &amp; McLennan, a subject of New York state Attorney General Eliot L. Spitzer&#39;s investigation of insurance bid-rigging, said it will lay off 3,000 employees, about 5 percent of its workforce.
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Congressional investigators are looking into Sallie Mae Chairman Albert L. Lord's sale of $18.3 million worth of company stock this month, just days before President Bush proposed a huge cut in subsidies to the lending industry that caused Sallie Mae shares to nosedive.
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Marsh &amp; McLennan Cos. , the insurance broker at the center of a bid-rigging probe, on Tuesday said it will lay off 3,000 employees, or 5 percent of its work force, and reported third-quarter profit tumbled 94 percent.
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Apple Computer Inc.  said  on Thursday an internal probe uncovered irregularities related  to the company&#039;s issuance of stock option grants between 1997  and 2001, and its shares fell 3 percent.
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Auto parts maker Delphi Corp. on Tuesday warned of a greater-than-expected third-quarter loss because of higher commodity prices and charges from cost-cutting measures and restructuring.
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A surprisingly weak jobs report sent the markets reeling and plunged the major stock averages into a deficit for the week.
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Marsh &amp; McLellan, the US insurance broker at the centre of a bid-rigging probe, said today it plans to lay off 3,000 employees, or 5% of its work force, as it reported a 94% tumble in third quarter profits.
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Shares of Intel Corp. fell in after-hours trading after the world's largest chip maker announced sweeping job cuts that some investors believed were not severe enough.
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The plans to cut 3,000 jobs followed a terrible third quarter in which the investment banking unitâs profit dropped 93 percent after virtually every area performed poorly.
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The company announced the firings on Thursday along with a restructuring plan that included layoffs of about 3,500 employees.
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Stock prices extended their losses on Wednesday as Wall Street faced an array of unwelcome economic news that stirred concerns about high inflation.
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Sallie Mae Chairman Albert L. Lord sold $18.3 million worth of company stock last week, just days before the Bush administration unveiled a multibillion-dollar cut in subsidies to the lending industry that caused Sallie Mae shares to plummet.