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.... The company, which owns NatWest and Ulster Bank, was fined £56m in 2014 by financial regulators for the outage. The bank’s interim results this month showed the scale of job cuts already undertaken. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 02:33:43 PM
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Latest Finance News related to Job Cut

RBS preparing to cut nearly 900 IT jobs, says union image
Source : Guardian [Read Article] Tuesday 15th of August 2017 02:33:43 PM
.... The company, which owns NatWest and Ulster Bank, was fined £56m in 2014 by financial regulators for the outage. The bank’s interim results this month showed the scale of job cuts already undertaken. ...
Wilko warns nearly 4,000 staff could lose jobs image
Source : Guardian [Read Article] Friday 11th of August 2017 12:06:40 PM
....The company said its new “simplified retail team structure” would “ensure it is best placed to continue to thrive within an ever-changing retail landscape and to ensure it can operate successfully and competitively”. The job cuts come soon after the company announced that the government’s “imposition” of a minimum living wage had hit profits. ...
Co-operative Bank sheds 25,000 current account customers but losses shrink image
Source : Guardian [Read Article] Thursday 10th of August 2017 08:25:02 AM
....The results benefited from a £12. 7m fall in costs as 897 staff left, taking the workforce to 3,313, with further job cuts likely as it attempts to stem its losses. ...
US firm Vantiv to buy British rival Worldpay for £9.3bn image
Source : Guardian [Read Article] Wednesday 9th of August 2017 01:55:20 PM
.... It did not give formal guarantees that UK jobs would be protected, but Kalifa said the deal was about creating growth and not cutting costs. If job cuts did occur in Britain they would be “negligible”, he added. ...
Sainsbury's cost-saving measures will cut 1,000 head-office jobs image
Source : Guardian [Read Article] Sunday 6th of August 2017 04:17:04 PM
....The UK’s second-largest supermarket chain has drafted in McKinsey, the management consultancy, to draw up a headcount reduction plan. All the big supermarket chains have announced job cuts in recent years as they seek to compete with the fast-growing discounters Aldi and Lidl. ...
Staff at Tesco-owned One Stop demand better redundancy deal image
Source : Guardian [Read Article] Sunday 6th of August 2017 01:10:10 PM
.... The biggest One Stop stores were converted into branches of Tesco Express, but the rest continued to be managed by staff based at its Birmingham head office so as to keep the no-frills chain’s running costs to a minimum. But the latest wave of job cuts, which are part of a plan to slash £1. ...
Pearson to axe 3,000 jobs after slump at main US business image
Source : Guardian [Read Article] Friday 4th of August 2017 06:58:32 AM
....”. Since Fallon took the top role in 2013 through to 2020 the company’s cost base will have been reduced by £950m, including three tranches of job cuts: 3,000 in 2013-14; 4,000 in 2016; and the latest round by the end of 2019. ...
Discovery Communications to buy Scripps Networks for close to $12bn image
Source : Guardian [Read Article] Monday 31st of July 2017 01:42:25 PM
....1bn) cash-and-shares deal days after rival Viacom, owner of MTV, Nickelodeon and Channel 5 in the UK, dropped its bid. The deal, three years after previous merger talks fell through, will create $350m (£266m) in cost savings, which are likely to include significant job cuts. ...
BT profits dive by 40% after £225m payout over Italian scandal image
Source : Guardian [Read Article] Friday 28th of July 2017 06:49:04 AM
.... Marc Allera, the chief executive of EE, will take control of the enlarged division. Patterson indicated that the merger was likely to lead to job cuts beyond what the company announced in May. ...
Low-paid should receive inflation-only rises, say business leaders image
Source : Guardian [Read Article] Sunday 16th of July 2017 06:13:15 PM
. Low-paid workers in the private sector should see their wages restricted to inflation-only rises, according to business leaders, who have said that without the real-terms freeze, they could be forced to make job cuts. ...
LeEco chairman 'has bank accounts frozen over debt' image
Source : BBC [Read Article] Tuesday 4th of July 2017 04:54:25 AM
....But it then drew comparison with the likes of Apple and Tesla when it began branching out into hardware, including a smart TV, phones and electric cars. LeEco started selling devices in the US at the tail end of last year, but is now facing a cash crunch and has been forced to slash costs, including making job cuts. ...
Tesco continues savings drive as it cuts 1,200 head-office jobs image
Source : Guardian [Read Article] Wednesday 28th of June 2017 11:05:11 AM
....”. The job cuts announced on Wednesday are the latest in a string of cutbacks implemented by Lewis, who joined in autumn 2014 and has earned the nickname Drastic Dave for his preference for cutting costs and jobs at both Tesco and his previous company Unilever. ...
RBS to cut hundreds of UK jobs in move to India image
Source : Guardian [Read Article] Sunday 25th of June 2017 03:48:43 PM
....”. The latest wave of job cuts by RBS in the UK comes after at least 400 roles were moved to India last year, including 300 or so investment banking jobs. ...
Tesco staff 'shocked' as call centre closure puts 1,100 jobs at risk image
Source : Guardian [Read Article] Wednesday 21st of June 2017 02:05:28 PM
....7bn takeover of Booker, the cash and carry company behind the Londis and Budgens convenience store chains. The announcement of the job cuts comes during a difficult week for the UK’s biggest supermarket. ...
Trade union membership has plunged to all-time low, says ONS image
Source : Guardian [Read Article] Thursday 1st of June 2017 10:43:25 AM
....The Unison general secretary, Dave Prentis, said his union had increased membership this year and was recruiting 158,000 members annually. “This is despite over half a million job cuts in the public sector since 2010 and the unreasonable pressure this government has put on unions,” he said. ...
British Airways could face £100m compensation bill over IT meltdown image
.... On behalf of everyone at BA I want to apologise for the fact you’ve had to go through these very trying experiences,” said Cruz. As hundreds of passengers remained stranded, the GMB union blamed job cuts at BA for the IT problems which were thought to relate to a power outage. ...
Nationwide profits drop 18% as it shields savers from interest rate cuts image
....The figures for the financial year, which ended on 4 April, also showed a £57m rise in staff costs after more people were hired, pay rises were awarded and contributions made into the pension scheme. An efficiency drive is under way, although Garner played down the need for job cuts. ...
Cathay Pacific cuts hundreds of jobs in major shake-up image
Source : BBC [Read Article] Monday 22nd of May 2017 02:21:31 AM
....The cuts are part of a three year programme to turn around the losses. The airline said in a statement that the job cuts would be complete by the end of the year, with most of the affected employees to be informed on Monday, and over the next month. ...
Government accused of ignoring workers' plight as UK faces pay squeeze image
Source : Guardian [Read Article] Wednesday 17th of May 2017 09:24:55 AM
....This week, a survey by the Chartered Institute of Personnel and Development found that most large employers were preparing to raise wages by 1% this year. Other surveys have shown wage rises softening amid growing numbers of job cuts as Brexit uncertainty affects the labour market. ...
Lloyds claims taxpayers have made £900m profit from bailout image
Source : Guardian [Read Article] Wednesday 17th of May 2017 07:37:15 AM
.... The bank said proceeds of the share sales and dividends since then meant taxpayers had received nearly £900m more than the government pumped in. The bank was born out of the financial crisis, when Lloyds TSB rescued HBOS from the brink of collapse, and has since undergone an overhaul that has led to 57,000 job cuts and a dramatic scaling-back of its lending activities under António Horta-Osório, who joined in 2011. ...
Lloyds reaches landmark as government sells final shares image
Source : Guardian [Read Article] Tuesday 16th of May 2017 04:45:44 PM
Final taxpayer shares in Lloyds Banking Group to be sold off image
Source : Guardian [Read Article] Sunday 14th of May 2017 02:28:48 PM
....6bn cost incurred by the government although the bank’s chief executive, António Horta-Osório, told last week’s AGM that the government would make at least £500m from the bailout. The return to the private sector has led to 57,000 job cuts – in part because of cost-cutting implemented in the merger but also subsequent efficiency drives to boost profitability. ...
BT chief's pay package slashed by £4m over Italian accounting scandal image
.... The bonus cut, which also applied to the group’s finance director, is the result of a £530m accounting scandal at the group’s Italian operations. About 2,000 of the planned job cuts will come from BT’s UK operation, with the cuts falling mostly on managerial and back office personnel. ...
BT to shed 4,000 jobs in new overhaul image
Source : BBC [Read Article] Thursday 11th of May 2017 06:30:14 AM
....BT is to shed 4,000 jobs worldwide over the next two years and is stripping the chief executive of his annual bonus. The telecoms giant said the job cuts would fall on back-office and managerial sectors as it simplifies its Global Services operations. ...
John Lewis profits suffer £36m dent from minimum wage error image
Source : Guardian [Read Article] Tuesday 9th of May 2017 10:54:26 AM
....9%. The new boss of the department store chain, Paula Nickolds, has since warned of potential job cuts and price rises as the business tries to adapt to changes in the way people shop, particularly the move to online shopping. ...
Private equity bids $2.5bn for Sydney Morning Herald owner image
.... . Last week journalists at the Sydney Morning Herald and The Age in Melbourne went on strike for a week in protest after management announced more job cuts. ...
British Gas owner warns Tory energy price cap could push up prices image
....Conn also raised the spectre of accelerating the company’s cost-cutting plan to cope with the hundreds of millions of pounds staff analysts predict a price cap will cost Centrica. The chief executive said he could not rule out increases to the 1,500 job cuts already planned for 2017, in response to a cap, and added that most of the financial impact would be felt in 2018, not 2017. ...
Pearson shareholders reject chief executive's £1.5m pay package image
Source : Guardian [Read Article] Friday 5th of May 2017 01:32:23 PM
....Taurel defended the payouts to Pearson’s top brass, saying operating profits had come within guidance despite a difficult 2016 for the business overall. Fallon, who slashed 4,000 jobs last year, 10% of Pearson’s global workforce, said the company intended to make more job cuts as part of a new £300m cost-cutting programme by 2019. ...
HSBC profits fall as bank bids to restore flagging revenues image
Source : BBC [Read Article] Thursday 4th of May 2017 06:19:35 AM
.... . Following a big drop in profits in 2015, HSBC embarked on a restructuring that led to thousands of job cuts, branch closures, asset sales, and a bigger focus on Asia. ...
Deutsche Bank: Brexit risk to up to 4,000 UK jobs image
Source : BBC [Read Article] Wednesday 26th of April 2017 09:19:18 PM
....Currently, UK-based companies can conduct business throughout Europe, but could lose that right. The warning came ahead of Deutsche's latest results which showed that job cuts had boosted profits. ...
Weetabix sold to US firm after breakfast cereal fails to catch on in China image
.... Sally Abbott, currently director of marketing at Weetabix, will become managing director of Weetabix UK and Ireland. Turrell said job cuts were not expected in the UK and that its new owners would allow the business to grow. ...
Fujitsu UK staff in fresh strike action image
Source : BBC [Read Article] Monday 10th of April 2017 11:53:50 AM
....Staff at Japanese electronics firm Fujitsu are to take further strike action in the UK as part of a dispute over cuts to jobs and pensions. The union Unite said the company, which announced 1,800 job cuts in October, was "keeping them in the dark over its plans for the future". ...
BP slashes 2016 pay for boss Dudley image
Source : BBC [Read Article] Thursday 6th of April 2017 10:29:51 AM
.... It says the resulting proposals will "better align pay and performance" and lead to a reduced maximum payout for the chief executive. In February 2015, BP reported record losses and announced 3,000 job cuts. ...
Lloyds names locations for 100 branch closures image
Source : BBC [Read Article] Wednesday 5th of April 2017 11:54:31 AM
.... . They are among the 9,000 staff whose job cuts were also previously announced. ...
New John Lewis boss warns of further job cuts and price rises image
Source : Guardian [Read Article] Thursday 30th of March 2017 05:11:10 PM
. The new boss of the John Lewis department store chain has warned of more job cuts this year and possible price rises as she said shoppers’ behaviour was changing “profoundly and fast”. ...
Pearson boss sees pay boost despite firm's struggles image
Source : BBC [Read Article] Friday 24th of March 2017 04:28:38 PM
....6bn pre-tax loss after writing down its US assets. At the start of 2016, Pearson announced 4,000 job cuts and also lowered its profit forecast. ...
Vodafone deal creates India mobile giant image
Source : BBC [Read Article] Monday 20th of March 2017 05:09:56 AM
....It will take 18-20 months for the whole merger process to complete. Some job cuts are also expected as both the firms align operations to trim costs. ...
Grayling hopes Brexit brings new apprenticeships in train image
Source : Guardian [Read Article] Saturday 18th of March 2017 04:00:43 PM
....Strict EU procurement guidelines create a level playing field that has helped overseas groups win UK transport projects, often to the detriment of UK industry. Infamously, Bombardier announced 1,400 job cuts at what was then the UK’s last remaining train manufacturing plant after Krefeld-based Siemens won a £3bn deal to build 1,200 carriages for the trans-London Thameslink route in 2011. ...
Vodafone to create 2,100 UK customer service jobs image
Source : BBC [Read Article] Monday 13th of March 2017 12:07:38 AM
....Its third-party customer service partners will create another 600 jobs in Newcastle, nearly 200 roles in the west of Scotland, and 100 in Cardiff. It comes days after it announced hundreds of job cuts at its Newbury HQ. ...
Brexit and Bochum haunt Vauxhall in the new battle for Ellesmere Port image
Source : Guardian [Read Article] Saturday 11th of March 2017 04:00:38 PM
....It said most of this would come from “synergies” – eliminating duplication in head-office functions such as marketing. However, analysts reckon there are sure to be large-scale job cuts, and even plant closures. ...
Co-op Bank warns of more branch closures as it reports £477m loss image
Source : Guardian [Read Article] Thursday 9th of March 2017 11:25:19 AM
....The Co-op said the Bank has approved its new IT systems and accepted its new five-year plan which runs until 2021. It includes increasing lending by £1bn each year and also aiming to cut costs from £445m in 2016 to £350m a year from 2018, which could indicate further job cuts. ...
Theresa May must give Vauxhall assurances over Brexit, says Labour image
Source : Guardian [Read Article] Monday 6th of March 2017 08:03:56 PM
....Theresa May is facing calls to guarantee that Brexit will not harm the operations of Vauxhall after PSA, the French owner of Peugeot and Citroën, announced a deal to buy the British car manufacturer. Labour said the company would need stronger assurances from the government about UK carmaking after Brexit, despite PSA’s claim that it wants to avoid factory closures and job cuts in the UK. ...
Peugeot-Citroën chief vows to save jobs in Vauxhall/Opel takeover image
Source : Guardian [Read Article] Monday 6th of March 2017 12:35:46 PM
. The chief executive of the French company behind Peugeot and Citroën has vowed to turn Opel and Vauxhall around without factory closures or job cuts, after agreeing to buy General Motors’ lossmaking European arm for €2. ...
John Lewis and Waitrose owner set to reduce staff bonus image
Source : Guardian [Read Article] Sunday 5th of March 2017 04:49:46 PM
.... Like other high street retailers, John Lewis stores have been affected by the growing popularity of online shopping. Waitrose is struggling against fierce competition from other grocers and recently unveiled plans for job cuts and six store closures. ...
Tesco to replace 1,700 managers with lower-paid staff image
Source : BBC [Read Article] Monday 27th of February 2017 03:31:16 PM
....The retailer said the deputy managers would be offered the new roles, redundancy payments or be redeployed. It comes on top of 1,000 job cuts announced by Tesco in January as part of a plan to cut the number of its distribution centres. ...
Vauxhall production guaranteed until at least end of decade, PSA tells union image
....Comments from Tavares on Thursday – his first public remarks on the deal – suggested he would carry out a major restructuring of GM’s Opel operations in Germany and Vauxhall in the UK, similar to the one he oversaw at PSA, which nearly went bankrupt three years ago. The French carmaker was bailed out by the government and Chinese investors, and bounced back under Tavares, whose cost-cutting efforts included a pay freeze, factory closure and thousands of job cuts. ...
Royal Bank of Scotland losses more than treble to £7bn image
Source : BBC [Read Article] Friday 24th of February 2017 07:32:39 AM
....The loss came as the bank set aside more money to deal with legal action in the US and its abandoned attempt to spin off its Williams & Glyn business. RBS plans to cut costs by £2bn over the next four years, which will mean job cuts and further branch closures. ...
John Lewis expects to cut nearly 800 jobs image
Source : Guardian [Read Article] Thursday 23rd of February 2017 03:45:38 PM
.... It will create 386 jobs in the new central administration hub and in cafe customer service roles. Carpet estimators and fitters will not be affected by the job cuts but will now work for customers who buy online and from the high street outlets. ...
Vauxhall job fears rise as Peugeot boss mentions 'speedy' savings image
Source : Guardian [Read Article] Thursday 23rd of February 2017 11:00:40 AM
. The boss of PSA Group said the French carmaker’s proposed purchase of General Motors’ lossmaking European business could bring “speedy” savings, prompting fresh fears over job cuts at Vauxhall in the UK – just hours after speaking to Theresa May. ...
Peugeot owner PSA sees profits nearly double image
Source : BBC [Read Article] Thursday 23rd of February 2017 10:11:37 AM
.... But Mr Tavares can have no illusions about the political sensitivities involved. Despite his promises to honour existing labour agreements, analysts believe job cuts at some point are inevitable. ...
Unilever to mount fierce defence against Kraft Heinz after rejecting £115bn offer image
....Britain’s largest trade union, Unite, warned that cost cuts following a takeover would put UK jobs under threat and said it was seeking a meeting with Unilever’s management. “Kraft Heinz and their backers’ reputation for cost-cutting, we believe, will lead to great brands being harmed through job cuts and a never-ending drive to push costs down,” said national officer Rhys McCarthy. ...
Hundreds of Waitrose jobs may go as retailer plans six store closures image
Source : Guardian [Read Article] Wednesday 8th of February 2017 08:17:54 PM
....”. The job cuts and store closures come after Waitrose said in September that it no longer planned to develop seven new stores, forcing its parent group, John Lewis Partnership, to take a £25m profit writedown on the value of the land. ...
RBS boss to unveil more cuts after receiving pay worth £3m in 2016 image
Source : Guardian [Read Article] Sunday 5th of February 2017 03:06:15 PM
.... [by] rolling out IT and making best use of digital channels . to some extent [job cuts] come with that. ...
Transport trouble ahead as air, rail and tube strikes loom image
Source : Guardian [Read Article] Thursday 12th of January 2017 07:08:52 PM
....However, there are strong hopes that negotiations will avert a strike, with talks starting next week. All parties have indicated that the job cuts that ensued when ticket offices were closed in early 2016 have left stations understaffed. ...
Merseyrail driver-only trains: RMT sets guards decision deadline image
Source : BBC [Read Article] Wednesday 11th of January 2017 03:21:22 PM
.... It has given the same deadline to Arriva Rail North, which trades as Northern. It fears job cuts and has raised safety concerns, arguing that trains would be less safe because drivers would not be able to see all the passengers while they are boarding and could not provide security during journeys. ...
Post Office workers brand OBE for chief executive 'a disgrace' image
Source : Guardian [Read Article] Sunday 1st of January 2017 11:29:39 PM
.... Ninety-six per cent agreed the honour was “a disgrace”. Union members have staged strikes in recent weeks over job cuts, the closure of a final salary pension scheme and the franchising of crown post offices. ...
Changing direction image
Source : BBC [Read Article] Thursday 29th of December 2016 11:32:46 PM
.... . When German giant VW announced in November a huge 30,000 job cuts programme, less attention was paid to the 9,000 jobs it vowed to create under its "Future Pact" strategy to develop electric and self-driving cars. ...
Southern rail row: Conductors begin two-day strike image
Source : BBC [Read Article] Monday 19th of December 2016 12:24:28 AM
....Under the changes already being brought in by Southern, drivers take responsibility for opening and closing the doors and guards become on-board supervisors. However, the RMT fears job cuts and has raised safety concerns. ...
Southern rail row: Train drivers' strike halts services for third day image
....Under the changes being brought in by Southern, drivers take responsibility for opening and closing the doors and guards become on-board supervisors. However, the RMT fears job cuts and has raised safety concerns. ...
Southern rail dispute talks end with no deal image
Source : BBC [Read Article] Thursday 15th of December 2016 08:27:51 PM
....Both Aslef and the RMT union are in dispute with GTR over changes to guards' roles on driver-only operated (DOO) trains. The RMT fears job cuts and has raised safety concerns, and Aslef has described DOO as "inherently unsafe". ...
Rolls-Royce winning contracts legitimately key to growth, says CEO image
Source : Guardian [Read Article] Wednesday 14th of December 2016 08:08:31 PM
.... This includes 800 who are set to go in the marine division. When asked if this is now an end to the job cuts, East said the efficiency drive is a never-ending process. ...
Union calls on Post Office to join 'serious talks' to avoid strike image
Source : Guardian [Read Article] Tuesday 13th of December 2016 01:17:30 PM
....The government-backed post office operator said less than 3% of its outlets would be affected by the action expected to start from 19 December. But the CWU, which is protesting over pay, pension and job cuts, said more than a fifth of parcels were handled by the 300 crown post offices where its members work. ...
Italian banking crisis: UniCredit to raise €13bn image
Source : Guardian [Read Article] Tuesday 13th of December 2016 08:11:03 AM
....UniCredit chief executive, Jean Pierre Mustier, in London on Tuesday to talk to shareholders, said the move would allow the bank to offer €55bn of fresh loans to business customers and expand retail lending. Against a backdrop of negative interest rates in the eurozone, which the bank said made it difficult to generate profits, Mustier said without a large injection of fresh capital and a lower ratio of bad loans the bank would be forced to contract further, making bigger job cuts and reducing its capacity to make loans. ...
UniCredit shares soar on plan to raise billions image
Source : BBC [Read Article] Tuesday 13th of December 2016 07:33:10 AM
....7bn and resume dividend payments that year. The job cuts will amount to about 11% of its workforce. ...
AstraZeneca to move some UK jobs to Poland, Costa Rica and Malaysia image
Source : Guardian [Read Article] Sunday 4th of December 2016 01:26:06 PM
....1bn by the end of 2017, through a series of cost-cutting measures. At the time, the chief executive, Pascal Soriot, said most job cuts would affect the company’s non-British salesforce and the impact on the UK would be minimal. ...
'Disastrous decline' in HMRC customer service predicted due to cuts image
Source : Guardian [Read Article] Friday 2nd of December 2016 12:01:00 AM
....Plans to save money at HM Revenue & Customs by moving more of its operations online are leading towards a repeat of a “catastrophic collapse” in customer service, according to parliament’s spending watchdog. The public accounts committee said it was not convinced that the tax authority had a credible plan to prevent a “disastrous decline” in service while facing spending and job cuts, office closures and the implications of Brexit. ...
Rolls-Royce to cut 800 jobs from its marine business image
Source : Guardian [Read Article] Thursday 1st of December 2016 11:05:49 PM
....Rolls, which has been cutting costs for three years to make the marine unit more competitive, said the cuts were part of a plan to save between £45m and £50m annually from the middle of next year. The job cuts, whose location the company did not immediately specify, are in addition to the 1,000 posts it said would go last year. ...
Rolls-Royce cuts 800 more jobs from its marine division image
Source : BBC [Read Article] Thursday 1st of December 2016 02:32:20 PM
. Rolls-Royce is to cut 800 more posts from its marine division, after announcing 1,000 job cuts last year. ...
GoPro makes cutbacks after drone crashes image
Source : BBC [Read Article] Wednesday 30th of November 2016 06:02:52 PM
....". The job cuts represent 15% of the California-based company's workforce. ...
Air France workers found guilty of tearing off bosses' shirts image
Source : Guardian [Read Article] Wednesday 30th of November 2016 12:32:06 PM
. Three Air France workers have been given suspended sentences for “organised violence” after being found guilty of an attack on two airline executives whose shirts were ripped off their backs in a protest over proposed job cuts. ...

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