The Dutch bank ABN AMRO government announced it would cut 2,350 employees over the next four years, most of which will be of support such as information technology specialists, as well as retail banking and private banking in an attempt to save costs. Over the past two months several European banks, including UBS Swiss and Dutch Rabobank, announced plans for layoffs to reduce costs. Netherlands plans to sell ABN AMRO since 2014, is the preferred option by the exchange, and improved efficiency would make the bank more attractive to potential buyers. Historically, the bank has a relatively high ratio of costs to income than other banks.
The country’s government nationalized the Dutch operations of ABN AMRO and Fortis for 16.8 billion euros, when the Dutch-Belgian group Fortis lost consumer confidence in the midst of the credit crunch in 2008. In a statement the bank indicated that it wants to improve service to consumers by offering new products such as mobile banking and reduce internal bureaucracy, which will result in redundancy. From 1500 expect extra jobs and 850 posts to be covered by natural elimination, which will require the restructuring provision of EUR 200 million before tax.

The U.S. financial giant Bank of America intends to cut its staff by 3,500 people by the end of the third quarter of this year, reported Bloomberg, citing the president and CEO Brian Moynihan financial institution. The dismissals are not part of the cost-cutting Project New BAC. Some of the employees have been told that it would be redundant. This is the second contraction of bank employees this year, during the first 6 months of the year were laid off 2500 people. The board of directors and investors demand cost reductions by Moynihan, as the market capitalization of the credit institution has halved this year, while profits fell due to slower growth in U.S. economy.
“We need to reorganize the business in line with reality. If you reduce the profit and revenue indicators will need to reduce costs and premiums, “said John Waddell of Mirae Asset Securities Ltd. in Hong Kong.
The net loss of Bank of America for the first half of the year was 7.39 billion dollars, while in the analogous perod of 2010 had a profit of 5.62 billion dollars. According to analysts, the 50 largest banks worldwide have announced only during the first week of August, staff cuts of 60 000 seats, which is the highest indicator since 2008.
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The largest Italian bank UniCredit announced plans to cut 4,700 jobs total in Italy between 2011 and 2013 under the restructuring program of the group. During a meeting with trade union leadership of the financial institution has submitted a reorganization plan to demonstrate the cost structure and the need to decrease. Planned implementation of this plan to start next year. Comments from trade unions, cited by the agency range from shocking message that will not help to improve the difficult climate “promises to rebuild a hard decision. More detailed negotiations on this issue will be held in September. Italian Minister Maurizio Sacconi of Labor has also expressed concern of the bank’s plans and then urged not to take “unilateral” decisions and to negotiate. About UniCredit in Italy employs about 60 thousand people, and their number in the world is 161 thousand from the end of 2008 the group has reduced its staff by about 13 thousand. The bank is having high financial problems. The competitor in USA – Visa, started their special offers for the clients worldwide, which should improve the financial situation of the company with attracting new young clients. The similar strategy was taken from UniCredit also.
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The U.S. carmaker Chrysler Group announced that it wants to employ a total of 1100 people, to increase the capacity of its plant in Detroit that will produce the new model Jeep Grand Cherokee. Jeep is expected to allow the company to increase its market share, said yesterday. Grand Cherokee will be the only entirely new model of Chrysler for a long time and is expected to be available until the fourth quarter of this year. “The world will follow if I kept their word,” the company said. Chrysler has not released a new car on the market by the end of 2008 – an unusually long period, which negatively impacted sales of the company. The development of the model was already started when the group was forced to declare bankruptcy in late April 2009. Subsequently, the company organizes the process of restructuring under the supervision of U.S. authorities, and then passed under the operational control of the Italian manufacturer Fiat, entered the capital of the group. The third largest U.S. carmaker does not provide forecasts for sales of Grand Cherokee. However, Michael Manly, director of brand Jeep, explaining that orders from distributors are 30-40 percent higher than expectations, which helped the decision to recruit new employees.
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The Romanian Government was committed to cut 70,000 staff budget, according to the latest version of the letter of intent addressed to the IMF, referring to the information site Ziare. The Government is committed to reduce the compensation of employees for 2011 to 39 billion lei (9.33 billion) and reduce the number of budgetary employees to 1,290,000 from 1,360,376, as they are now. “In the preparation of fiscal strategy are from 2011-2013 and this strategy will send to parliament by the end of May, also states the document prepared by the Government. The strategy will provide for achieving the target of the budget deficit to 4.4 percent of GDP in 2011 and will abolish the 13th salary of employees in the public sector. The government aims to reduce spending to 5.39 billion lei (1.29 billion euros) by reducing all salaries in the budget sector by 25% to achieve savings equivalent to 1.06 percent of GDP. Also 25% will be reduced and payments for leave from June 1, said Andrea you, Counselor for Economic Affairs of the Prime Minister Emil Boc.
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The biggest chain retailer in the world, Wal-Mart announced it would cut 11 200 employees of the warehouses of wholesale chain Sam’s Club. The majority of the cuts will affect staff in charge of promotions in stores Sam’s Club, after the leadership of Wal-Mart has decided to assign these functions to external marketing company Shopper Events. Mike Duke, who is CEO of Wal-Mart, said at the end of 2009, the trading environment for the entire group continues to be difficult. In these 600-store chain wholesaler Sam’s Club employs approximately 110 thousand employees. Promotion of the products they were responsible for the marketing company Shopper Events in an attempt to attract more customers and boost declining sales of the chain. Sam’s Club trying to win customers from their competitors, led by the biggest chain of wholesalers in the U.S. Costco, and to this end of the chain stores began to offer more everyday goods like groceries, beauty products and health, in same time reduced the supply of furniture and clothes. However, the revenues of Sam’s Club is shrugged their nearly 1 percent on an annual basis to 11.55 billion dollars in the last three months of 2009 at the same time, Wal-Mart reported a sales increase of 1.2% yoy to 61.81 billion.
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About 15% have canceled flights to and from the airport Charles de Gaulle and half the flights at an airport “Lions” forward AFP. The French civil aviation said it canceled flights arrivals and departures of the two main Paris airports due to strike by air traffic controllers. The Office pointed out that in today’s second day of the strike will be canceled 15 percent of flights to and from airport Charles de Gaulle, and half of the field of airport Orly. The passengers were advised to contact their avikompaniite to receive more information on flights.The strike is expected to close tomorrow, January 15th. Dispatchers protest against job losses and the reforms which officials have feared that they would change their status as French civil servants.
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Sony Ericsson announced it will close its developmental center “Research Triangle Park” in North Carolina, USA, cutting 420 local employees, said Triangle Business Journal forward step is part of a plan for a global consolidation of regional offices, which provides for the reduction a total of 2 thousand employees worldwide. The redundant employees will be asked to relocate to work in California or Atlanta, where the company has offices and where they will focus their development work, aimed primarily at developing smartphones. For those employees who do not want to move will be made offers for termination of employment by mutual agreement with the compensation. Shortly before the news is officially announced, Engadget first issue of the SE’s intention to close the “four offices: RTP, North Carolina, a smaller factory in Miami and points in Kista (Sweden) and Shenai.
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Despite signs that the pace of revitalization of the global economy is accelerating, millions of workers laid off during the worst recession in the last 70 years would hardly be able to rest in the near future. Unemployment continues to rise in many of the largest economies in the world, the agency predicts analyst Greg Keller. Setting Up Small Business became quite hard in the years of crisis, while the Business Directory critics are still announcing the the crisis finished. Recovery in employment usually lags behind the increase in other indicators of health of the economy as companies refrain from hiring new staff in the early stages of recovery. Upturn reported recently in the United States, France, Germany and other countries was mainly boosted by temporary factors such as the replenishment of the stock in the industry after the freezing of the costs and the billions spent on incentive programs. EU predicts that unemployment in the euro area will increase to 10.7 percent in 2010 to 9,5 per cent in that year. The index of unemployment in 30 rich countries that are members of the Organization for Economic Cooperation and Development (OECD), ranged from low of 3.5 percent in the Netherlands to 18.3 per cent in Spain, the data show a Eurostat published in September.
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