Job Cuts at McGraw-Hill Will Eliminate 3% of Staff
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The McGraw-Hill Companies said  it was cutting 611 jobs, or 3 percent of its staff, and taking an after-tax charge of $27.3 million, or 8 cents a share, in the fourth quarter.
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Colgate-Palmolive yesterday announced plans to cut 12% of its workforce and close a third of its 78 factories worldwide as it struggles with rising raw material and energy costs and intense competition.
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Nortel Networks Ltd. (NYSE/Toronto: NT - message board) today fleshed out its staff reduction plans by announcing that 3,250 posts will be cut, down from the expected 3,500 (see Nortel Cuts 3,500 Jobs ). North
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Nortel plans to cut about 3,500 jobs, most of them affecting middle managers, in a move to save $450 million to $500 million per year.
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Marsh &amp; McLennan, the US insurance broker being sued for alleged price fixing, is to cut 3,000 jobs as it faces a sharp decline in its revenues.
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Troubled telecoms giant Nortel Networks plans to cut about 3,500 jobs and fired seven more executives following the financial reporting scandal that has engulfed it.
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US firmss have cut back on the total number of staff employed for the first time in four years, official data shows.
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Boston Scientific Corp  said on Wednesday it would cut about 2,300 jobs, or about 9 percent of its workforce, and restructure or sell several business units as part of its efforts to reduce operating expenses.
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Marsh & McLennan Cos., the insurance  broker at the center of a bid-rigging scandal, on Tuesday said  it will lay off 3,000 employees, or 5 percent of its work  force.
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Mortgage lender IndyMac Bancorp Inc. said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and problems selling home loans to investors.
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EarthLink Inc  said on Tuesday it will cut about 900 jobs, or nearly half its staff, as part of a restructuring to reduce costs at the Internet service provider.
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NEW YORK -- Marsh &amp; McLennan, the nation&#39;s largest insurance brokerage, said Tuesday it will lay off 3,000 employees, or about 5 percent of its work force, because of fallout from a bid-rigging scandal that has engulfed the insurance industry.
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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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McGraw-Hill Cos , which publishes educational books and magazines and owns the Standard & Poor's credit rating agency, on Tuesday said it is eliminating 611 jobs, or 3 percent of its workforce, to reduce costs and boost shareholder returns.
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Some 50 staffers or more are being let go, and senior aides will be subject to pay cuts, campaign officials said.
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Embattled insurance brokerage Marsh & McLennan Companies Inc. said Tuesday that it will lay off 3,000 employees, or about 5 percent of its work force, as it struggles to deal with the fallout from a bid-rigging probe by New York Attorney General Eliot Spitzer.
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Hershey Co.  on Thursday said it would cut about 11 percent of its workforce and reduce the number of production lines it operates by more than a third as it spends as much as $575 million to overhaul its manufacturing.