Layoffs, Job Cuts | featured news

Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one.

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

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.

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.

The U.S. Postal Service would eliminate about 220,000 full-time jobs and shutter about 300 processing facilities by 2015 under a proposal to bring its finances in order, a postal official said on Friday.

AOL will slash its workforce 20%, according to a person familiar with the matter, eliminating 950 jobs in the U.S. and India as it struggles to resurrect its business.

More than 1,200 NASA workers will be laid off Friday, despite Congress passing a $19 billion budget for the space agency two days earlier.

Gov. David A. Paterson cited the state’s financial problems in announcing a decision that reverses an earlier pledge.

With the district in a financial crisis and hundreds of its members facing layoffs, the Milwaukee teachers union is taking a peculiar stand: fighting to get its taxpayer-funded Viagra back.