Job Cuts | featured news

Possibly trying to hide the grim news by announcing it during Apple’s event, we’ve just independently confirmed that Zynga has shut down its Boston office and laid off 2/3s of the employees in its Austin office, including cuts to The Ville and Bingo teams. We’ve now confirmed the initial report from Justin Maxwell. We’ve also just heard Zynga may have an all-hands meeting this afternoon.

Newsweek will end its print publication after 80 years and shift to an all-digital format in early 2013. Its last U.S. print edition will be its Dec. 31 issue. The paper version of Newsweek is the latest casualty of a changing world where readers get more of their information from websites, tablets and smartphones. It's also an environment in which advertisers are looking for less expensive alternatives online.

Swiss private bank Julius Baer says it plans to cut about 1,000 jobs from Merrill Lynch's wealth management operations outside the United States following a deal to buy the unit from Bank Of America.

Campbell Soup Co. is closing two US plants and cutting more than 700 jobs as it looks to trim costs amid declining canned soup consumption. The world's largest soup maker said Thursday that it will close a plant in Sacramento, Calif., that has about 700 full-time workers.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

American Airlines is sending layoff warning notices to more than 11,000 employees although it expects job losses to be closer to 4,400.

Dutch electronics company Royal Philips Electronics announced a further $382.7 million of cost savings and said another 2,200 jobs will be lost globally.

RealNetworks disclosed in an SEC filing this afternoon that the company today cut 80 positions, or about 7% of its worldwide employee base, as part of a previously announced plan to reduce operating expenses.

Google said today that it will cut about 4,000 jobs at its Motorola Mobility wireless phone business and will close or consolidate about one-third of Motorola's 90 locations. The reductions represent about 20% of Motorola Mobility’s 20,000 employees, and two-third of the job cuts will take place outside of the U. S. The company said today that Motorola Mobility has lost money in 14 of the past 16 quarters.

Deutsche Bank, Germany's biggest lender, is to cut 1,000 jobs in its investment banking division, the business daily Handelsblatt reported Thursday, quoting "well-informed financial sources".