Job Cuts, 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.

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.

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.

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....

Sanofi-Aventis said it is eliminating 1,700 jobs in its U.S. pharmaceutical business in a restructuring triggered by generic competition and other factors.

Johnson & Johnson will eliminate about 6 percent to 7 percent of its global workforce, or some 7,000 to 8,000 positions, as the diversified healthcare company restructures and seeks cost savings, the company said on Tuesday.