Merger to cost 13,000 jobs
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SBC Communications Inc. expects to eliminate about 13,000 jobs after its $16 billion acquisition of AT&amp;T Corp. closes, but the phone company said yesterday that many positions can be cut through attrition.
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The layoffs are a result of Bank America&#39;s merger with FleetBoston Financial Corporation.
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Merger volume hit a record $1.57  trillion in the United States in 2007, according to research  firm Thomson Financial, despite a sharp decline in dealmaking  at mid-year when credit markets tightened and mergers became  more costly to finance.
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Ford Motor Co  is set to announce  up to 13,000 new job cuts after agreeing with the United Auto  Workers union on terms of the redundancies, The Wall Street  Journal reported on Thursday.
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Merger proposals worth at least $82 billion were announced around the world on Sunday and Monday as the record year for M&A Values continued apace.
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DETROIT/FRANKFURT  - DaimlerChrysler said on Wednesday it would cut 13,000 jobs at its Chrysler operation in North America and indicated it could sell or spin off the money-losing unit, which would unwind a troubled 9-year-old merger between Chrysler and Mercedes.
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German-US auto giant DaimlerChrysler said it would axe 13,000 jobs at US unit Chrysler as part of a restructuring aimed at restoring its profitability by 2008.
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The scheme by employees at a Sterling Financial subsidiary could cost as much as $165 million and might force the sale of the company.
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The United Steelworkers of America and  the Paper, Allied-Industrial, Chemical and Energy Workers  International Union (PACE) said they will ask their members to  approve a merger of the two organizations, which would form the  largest industrial labor union in North America.
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The decision comes on top of 12,500 job cuts that the bank initially said it would eliminate during the merger. The bank&#39;s move drew fire from two Massachusetts
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Despite a sharp decline in dealmaking at mid-year, merger volume in 2007 hit a record $1.57 trillion in the United States, up 5.5 percent from the previous year, according to research firm Thomson Financial. But, for the first time in five years, U.S. lagged deal-making in Europe, where mergers totaled $1.78 trillion. Globally, mergers totaled [...].
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Five companies with the urge to merge; which deals will be the ones to work out?
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Ford Motor Co  is set to announce up to 13,000 new job cuts after agreeing with the United Auto Workers union on terms of the redundancies, The Wall Street Journal reported on Thursday.
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United Airlines is mulling plans to cut 6,000 jobs -- or 10 percent of its work force, according to the Financial Times. The move would allow the bankrupt carrier to cut annual operating costs by $655 million.
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The companies, both of which have struggled in recent years, said the merger, expected to be finalized by March, is expected to generate significant cost savings, but could also trigger sales of "nonstrategic real estate assets.
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Satellite radio rivals XM and Sirius yesterday agreed to a $13 billion dollar merger that's likely to face tough opposition from antitrust regulators and could be disruptive to millions of subscribers who may have to buy new radios and accept fewer listening options.
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Pressured by foreign competitors and plagued by an oversupply of gas-guzzling trucks, Chrysler Group unveiled plans yesterday to cut 13,000 jobs and opened the door to speculation the company could be sold.