Job Cuts | featured news

The 1,066-member workforce of MF Global Holdings Ltd's brokerage has been terminated, the latest aftershock to the parent company's $41 billion collapse nearly two weeks ago.

Dutch financial services group ING is to cut 2,700 staff and contract jobs, it said on Thursday in announcing third-quarter results, slashing the headcount at its Dutch retail banking operations by 10 percent in the face of deteriorating markets.

Appliance maker Whirlpool Corp. plans to cut 5,000 jobs, about 10 percent of its workforce in North America and Europe, as it faces soft demand and higher costs for materials....

Conservative Republicans have long clamored for government downsizing. They're starting to get it — by default. Crippled by plunging tax revenues, state and local governments have shed over a half million jobs since the recession began in December 2007. And, after adding jobs early in the downturn, the federal government is now cutting them as well.

In a deteriorating advertising climate, the company said it would seek to eliminate roughly 50 jobs through attrition and buyouts.

Goldman Sachs Group Inc may cut $1.45 billion in expenses by year's end, $250 million more than it indicated in July, in a move that could lead to more job cuts, according to The New York Times.

Bank of America is to cut 30,000 jobs, or 10% of its workforce, over the next few years as part of a cost-cutting programme, the company says.

Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.

In early summer, before layoffs began sweeping across Wall Street, billboard-sized photos of employees were plastered on the walls, pillars and elevator banks of Credit Suisse Group AG's offices in the United States and abroad.

Laid-off workers and aging baby boomers are flooding Social Security's disability program with benefit claims, pushing the financially strapped system toward the brink of insolvency. Applications are up nearly 50 percent over a decade ago as people with disabilities lose their jobs and can't find new ones in an economy that has shed nearly 7 million jobs.