Restructuring | featured news

American Express Co. says it will slash roughly 5,400 jobs, mainly in its travel business, and book a $287 million restructuring charge.

Contec Holdings Ltd., the cable-box repair company owned by Bain Capital Partners, filed for Chapter 11 bankruptcy protection Wednesday with a plan in hand to restructure some $360 million in debt.

French automaker PSA Peugeot Citroen announced 8,000 job cuts and the closure of an assembly plant as it struggles with mounting losses, in a move that could hasten a wave of restructuring in western Europe.

Struggling BlackBerry maker Research In Motion said Wednesday it has started laying off employees as part of its restructuring plan aimed at saving about $1 billion this year.

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.

Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 — nearly 23 percent of its work force — as it strives to cut costs by €1 billion ($1.35 billion). The mobile infrastructure company said Wednesday the measures are part of “an extensive global restructuring program,” which includes streamlining the organization to improve long-term competitiveness and profitability.

Japanese electronics maker Panasonic Corp forecast an annual net loss of 420 billion yen ($5.5 billion), its biggest in a decade, as restructuring costs ballooned, and a soaring yen and weak demand in the United States and Europe eroded income.

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.

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation....

Alibaba Group announced a major restructuring of its key Taobao unit, splitting the popular Chinese e-commerce platform into three separate companies focused on different market segments.