Layoffs | featured news

Penney CEO Ron Johnson has said the retailer had too many legacy systems that were all customized and so came with expensive maintenance costs. The outsourcing move is one of the cost-saving decisions that Johnson is implementing with the goal of coming up with $900 million in annual expense cuts. Those cuts are paying for Penney’s transformation into “America’s favorite store.” Penney employees will run Oracle’s software and it no longer will need as many IT people as it did to run and update its legacy systems.

Moody's ratings agency on Friday downgraded Nokia's debt grade to junk status, citing greater than anticipated pressure on the struggling cellphone maker's earnings after it announced plans for major cuts and global layoffs. It kept the outlook negative, meaning it could downgrade it again.

President Obama urged Congress to renew aid to states and local governments so that they can avoid layoffs of teachers.

Struggling BlackBerry-maker Research in Motion warned Tuesday that it will have an operating loss in its current March-June quarter and said there will be significant layoffs this year....

Stagnant revenue and rising employee costs threaten City Hall with a $222-million shortfall, official says. A proposal to outsource ambulance services provokes anger from firefighters union. Los Angeles' top budget official raised the specter of bankruptcy Friday in a sweeping report that calls for new taxes, possible layoffs and the privatization of some city services.

Yahoo is laying off 2,000 employees as new CEO Scott Thompson sweeps out jobs that don't fit into his plans for turning around the beleaguered Internet company. The cuts announced Wednesday represent about 14 percent of the 14,100 workers employed by Yahoo.

Oprah Winfrey's struggling television network, OWN, said Monday it is laying off one-fifth of its workers and restructuring its operations in New York and Los Angeles....

Yahoo’s new CEO Scott Thompson is preparing a massive restructuring of the Internet search firm, including layoffs that are likely to number in the thousands, according to a report.

Over the last several years, we've grown our organization tremendously and made large investments in our infrastructure in order to better serve our global community. However, as Blizzard and the industry have evolved we've also had to make some difficult decisions in order to address the changing needs of our company.

Morgan Stanley will slash 580 jobs in New York as part of a broader wave of layoffs underway at the bank, according to a public filing.