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Microsoft to slash 5,000 jobs, misses on 2Q profit
(AP:REDMOND, Wash.) Microsoft Corp. said Thursday it is cutting 5,000 jobs over the next 18 months, a sign of how badly even the biggest and richest companies are being stung by the recession.
The layoffs appear to be a first for Microsoft, which was founded in 1975, aside from relatively limited staff cuts the software company made after acquiring companies.
The company announced the cuts as it reported an 11 percent drop in second-quarter profit, which fell short of Wall Street’s expectations. Microsoft shares plunged 7 percent in morning trading.
Microsoft said it was being hurt by deteriorating global economic conditions and lower…
22Jan2009 | INO | 0 comments | ContinuedCitigroup Whacks Another 50,000 Jobs; Cuts Expenses by 20%
Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.
The cuts are on top of the 23,000 jobs eliminated so far this year. Chief Executive Officer Vikram Pandit plans to whittle the company’s workforce down to 300,000. By the time Pandit puts down the machete, he’ll have lopped off about 20% of the company’s headcount since Citigroup’s peak.
Just last week, Citigroup announced the release of 10,000 employees in addition to hiking…
18Nov2008 | Money Morning | Comments Off | Continued
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