Friday, October 31, 2008
IBS fired 130 Employees
IBS fired 130 Employees. The officials said that , the employees who are performing poor are being fired. But , there were some employes who have some track record in the fired list
Monday, October 20, 2008
What the technology layoffs tell us about entrepreneurial management
What the technology layoffs tell us about entrepreneurial management
TechCrunch is tallying a list of startups that are undergoing significant layoffs. (Interestingly, it's not seeing much noise from Europe on that front.)
Every day we're hearing about yet another startup (or established technology vendor) going through layoffs. This may mean that the companies are battening down the hatches in preparation for a nuclear economic winter, but it also likely means that these same companies haven't been prudently managing their VC's investments.
It took Sequoia Capital to describe the obvious: we're in a tight, recessionary economy. But any CEO worth her salt should have seen this long ago. I wrote back in February about a pending recession and its effects on open-source startups like SugarCRM, but I was no prophet: everyone was talking about a weakening economy.
I guess it took the collapse of a few financial institutions to convince us that we actually have to start treating our companies like businesses, not Monopoly games. Perhaps we were distracted by cutesy Web 2.0 names. More likely we were distracted by the cutesy Web 2.0 revenue models that are long on marketing and short on substance.
Source
TechCrunch is tallying a list of startups that are undergoing significant layoffs. (Interestingly, it's not seeing much noise from Europe on that front.)
Every day we're hearing about yet another startup (or established technology vendor) going through layoffs. This may mean that the companies are battening down the hatches in preparation for a nuclear economic winter, but it also likely means that these same companies haven't been prudently managing their VC's investments.
It took Sequoia Capital to describe the obvious: we're in a tight, recessionary economy. But any CEO worth her salt should have seen this long ago. I wrote back in February about a pending recession and its effects on open-source startups like SugarCRM, but I was no prophet: everyone was talking about a weakening economy.
I guess it took the collapse of a few financial institutions to convince us that we actually have to start treating our companies like businesses, not Monopoly games. Perhaps we were distracted by cutesy Web 2.0 names. More likely we were distracted by the cutesy Web 2.0 revenue models that are long on marketing and short on substance.
Source
Sunday, October 19, 2008
Yahoo plans cost-cutting moves, layoffs
Yahoo is expected to announce cost-cutting moves this week as part of cost-cutting moves, including another round of layoffs, according to a report Sunday in the Wall Street Journal.
The exact number of layoffs is unknown, but job cuts are expected to come from all departments in the 14,300-employee company, according to the report. Yahoo, which announces its third-quarter earnings on Tuesday, has reportedly asked managers to identify areas where the company can achieve operating budget reductions of 15 percent. In February, Yahoo laid off an estimated 1,100 employees in a bid to cut costs and trim operations that weren't performing as well as others.
Rumors of layoffs at Yahoo have been circulating for weeks, with Alley Insider's Henry Blodget calling for the elimination of 3,000 jobs at the company.
However, Yahoo's stock has been under tremendous pressure lately, closing at $12.90 on Friday. Just a week before that, the Internet giant's stock traded as low as $11.37, its lowest price since March 2003. Yahoo, as a result, also now has a market cap of $17.88 billion. Last May, Microsoft walked away from its buyout offer of $47.5 billion to snap up all of Yahoo, only later to return with a partial buyout offer of $9 billion to acquire just the company's search assets.
Indeed, my colleague Dawn Kawamoto cited the company's declining stock price as a chief reason Yahoo executives should be nervous about their company's future.
No doubt, most tech companies are getting pummeled on Wall Street, but Yahoo's drop has to be particularly galling, given how much more Microsoft was willing to pay for the company.
Yahoo's stock price got a goose on Thursday after Microsoft CEO Steve Ballmer noted Yahoo's declining stock price in saying that a takeover of the Internet search pioneer still made sense, putting even more pressure on Yahoo executives.
Although Yahoo's shares continue to give up ground, the company's stock performance during recent trading sessions has largely mirrored the broader markets. Indeed, many tech companies have resorted to layoffs recently to stem their financial losses.
The exact number of layoffs is unknown, but job cuts are expected to come from all departments in the 14,300-employee company, according to the report. Yahoo, which announces its third-quarter earnings on Tuesday, has reportedly asked managers to identify areas where the company can achieve operating budget reductions of 15 percent. In February, Yahoo laid off an estimated 1,100 employees in a bid to cut costs and trim operations that weren't performing as well as others.
Rumors of layoffs at Yahoo have been circulating for weeks, with Alley Insider's Henry Blodget calling for the elimination of 3,000 jobs at the company.
However, Yahoo's stock has been under tremendous pressure lately, closing at $12.90 on Friday. Just a week before that, the Internet giant's stock traded as low as $11.37, its lowest price since March 2003. Yahoo, as a result, also now has a market cap of $17.88 billion. Last May, Microsoft walked away from its buyout offer of $47.5 billion to snap up all of Yahoo, only later to return with a partial buyout offer of $9 billion to acquire just the company's search assets.
Indeed, my colleague Dawn Kawamoto cited the company's declining stock price as a chief reason Yahoo executives should be nervous about their company's future.
No doubt, most tech companies are getting pummeled on Wall Street, but Yahoo's drop has to be particularly galling, given how much more Microsoft was willing to pay for the company.
Yahoo's stock price got a goose on Thursday after Microsoft CEO Steve Ballmer noted Yahoo's declining stock price in saying that a takeover of the Internet search pioneer still made sense, putting even more pressure on Yahoo executives.
Although Yahoo's shares continue to give up ground, the company's stock performance during recent trading sessions has largely mirrored the broader markets. Indeed, many tech companies have resorted to layoffs recently to stem their financial losses.
Thursday, October 16, 2008
Jet Airways calls back layoffed staff to work
MUMBAI: It was a night of high drama for India's aviation industry. Bowing to the considerable political backlash, an emotional Naresh Goyal, chairman of Jet Airways,
announced the rescinding of the decision to sack 1,900 employees. Mr Goyal announced the decision at a hurriedly convened press conference at the company's Mumbai headquarters at around 11.30 PM on Thursday night. Mr Goyal flew in from Hyderabad, and headed straight for the press conference. While 800 probationers had been handed pink slips, 1,100 more were likely to face the axe in the next few days, before Mr Goyal's late night announcements. Mr Goyal claimed that he was unaware of the reasons for the retrenchment of the employees. He said that the decision was that of the company's top management, who were responding to the difficult economic situation which the company was facing, and that he himself wasn't aware of the details. Mr Goyal, who described himself as the father of the Jet family, said that he couldn't sleep after seeing the tears in the eyes of some of the sacked employees. "My conscience doesn't allow me to look at the mere economics only. I know that these are difficult times, but we will have to work together to find a way out of the crisis." He went on to reiterate that the decision to take back the retrenched employees was entirely his, and that nobody had forced him to do so. "I didn't consult anybody before taking the decision. Only my wife knew about it, and she's here to lend moral support." It is possible that the employees who had just escaped being sacked may have to accept some salary reductions, but this could not be confirmed.
"Mr Goyal is like a god to us," said one of the sacked cabin crew after the late night u-turn. Despite Mr Goyal's protestations of not being influenced by political pressure, such pressure had in fact been considerable ever since the company announced the decision to sack the employees. Apart from the threats from MNS chief Raj Thackeray to ground the airline, petroleum minister Murli Deora also criticised Jet's decision. For good measure, Mr Deora termed Jet Airways as a defaulter because of its failure to pay its fuel bills. Mr Goyal who seemed to be under some stress, became emotional in the course of the press conference, which was telecast live. Mr Goyal said that as head of the Jet family, he would like to see the smile back on the faces of his staffers, and asked them to resume duties on Friday morning. Despite the fact that the airline industry is going through rough times, he said that they would do whatever it takes to make Jet Airways a profitable company once again.
announced the rescinding of the decision to sack 1,900 employees. Mr Goyal announced the decision at a hurriedly convened press conference at the company's Mumbai headquarters at around 11.30 PM on Thursday night. Mr Goyal flew in from Hyderabad, and headed straight for the press conference. While 800 probationers had been handed pink slips, 1,100 more were likely to face the axe in the next few days, before Mr Goyal's late night announcements. Mr Goyal claimed that he was unaware of the reasons for the retrenchment of the employees. He said that the decision was that of the company's top management, who were responding to the difficult economic situation which the company was facing, and that he himself wasn't aware of the details. Mr Goyal, who described himself as the father of the Jet family, said that he couldn't sleep after seeing the tears in the eyes of some of the sacked employees. "My conscience doesn't allow me to look at the mere economics only. I know that these are difficult times, but we will have to work together to find a way out of the crisis." He went on to reiterate that the decision to take back the retrenched employees was entirely his, and that nobody had forced him to do so. "I didn't consult anybody before taking the decision. Only my wife knew about it, and she's here to lend moral support." It is possible that the employees who had just escaped being sacked may have to accept some salary reductions, but this could not be confirmed.
"Mr Goyal is like a god to us," said one of the sacked cabin crew after the late night u-turn. Despite Mr Goyal's protestations of not being influenced by political pressure, such pressure had in fact been considerable ever since the company announced the decision to sack the employees. Apart from the threats from MNS chief Raj Thackeray to ground the airline, petroleum minister Murli Deora also criticised Jet's decision. For good measure, Mr Deora termed Jet Airways as a defaulter because of its failure to pay its fuel bills. Mr Goyal who seemed to be under some stress, became emotional in the course of the press conference, which was telecast live. Mr Goyal said that as head of the Jet family, he would like to see the smile back on the faces of his staffers, and asked them to resume duties on Friday morning. Despite the fact that the airline industry is going through rough times, he said that they would do whatever it takes to make Jet Airways a profitable company once again.
Citigroup cut 11,000 jobs this quarter
Citigroup has also cut 11,000 jobs this quarter, which about 3% of its staff, totaling 23,000 job cuts for the year.
These results are bound to bring down the US markets, and subsequently the Asian and European market. The BSE and NSE both closed down by 2.11%.
Results included $4.4 billion in net pre-tax write-downs in Securities and Banking, $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves. The bank also said that it has slashed approximately 11,000 jobs in this quarter, totaling 23,000 job cuts this year. This is the fourth consequent loss that has been reported by Citigroup.
Citigroup, the biggest US bank by assets reported $2.8 billion (or $0.60 per share) losses in the third quarter, after getting hit by credit losses, reserves for bad loans and write-downs for mortgage-related securities. To add to this, Merrill Lynch also reported a net loss from continuing operations for the third quarter of 2008 of $5.2 billion, or $5.58 per diluted share.
"While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management. We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes," said a hopeful Vikram Pandit, Chief Executive Officer of Citi, in a release.
Citigroup is also selling off some its businesses to strengthen its balance sheet. Earlier this year it sold off its German retail banking unit to France's Credit Mutuel for $7.7 billion. It has sold its captive BPO arm Citigroup Global Services (CGSL) for $505 million. It has also put Citicorp Finance on the block in India. Citicorp Finance has a $1 billion commercial vehicle & construction equipment loan portfolio and Citi expects to sell it for Rs 850 crore. There were also reports of Citi mulling a stake sale in HDFC bank.
These results are bound to bring down the US markets, and subsequently the Asian and European market. The BSE and NSE both closed down by 2.11%.
Results included $4.4 billion in net pre-tax write-downs in Securities and Banking, $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves. The bank also said that it has slashed approximately 11,000 jobs in this quarter, totaling 23,000 job cuts this year. This is the fourth consequent loss that has been reported by Citigroup.
Citigroup, the biggest US bank by assets reported $2.8 billion (or $0.60 per share) losses in the third quarter, after getting hit by credit losses, reserves for bad loans and write-downs for mortgage-related securities. To add to this, Merrill Lynch also reported a net loss from continuing operations for the third quarter of 2008 of $5.2 billion, or $5.58 per diluted share.
"While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management. We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes," said a hopeful Vikram Pandit, Chief Executive Officer of Citi, in a release.
Citigroup is also selling off some its businesses to strengthen its balance sheet. Earlier this year it sold off its German retail banking unit to France's Credit Mutuel for $7.7 billion. It has sold its captive BPO arm Citigroup Global Services (CGSL) for $505 million. It has also put Citicorp Finance on the block in India. Citicorp Finance has a $1 billion commercial vehicle & construction equipment loan portfolio and Citi expects to sell it for Rs 850 crore. There were also reports of Citi mulling a stake sale in HDFC bank.
Citigroup cut 11,000 jobs this quarter
Citigroup has also cut 11,000 jobs this quarter, which about 3% of its staff, totaling 23,000 job cuts for the year.
These results are bound to bring down the US markets, and subsequently the Asian and European market. The BSE and NSE both closed down by 2.11%.
Results included $4.4 billion in net pre-tax write-downs in Securities and Banking, $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves. The bank also said that it has slashed approximately 11,000 jobs in this quarter, totaling 23,000 job cuts this year. This is the fourth consequent loss that has been reported by Citigroup.
Citigroup, the biggest US bank by assets reported $2.8 billion (or $0.60 per share) losses in the third quarter, after getting hit by credit losses, reserves for bad loans and write-downs for mortgage-related securities. To add to this, Merrill Lynch also reported a net loss from continuing operations for the third quarter of 2008 of $5.2 billion, or $5.58 per diluted share.
"While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management. We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes," said a hopeful Vikram Pandit, Chief Executive Officer of Citi, in a release.
Citigroup is also selling off some its businesses to strengthen its balance sheet. Earlier this year it sold off its German retail banking unit to France's Credit Mutuel for $7.7 billion. It has sold its captive BPO arm Citigroup Global Services (CGSL) for $505 million. It has also put Citicorp Finance on the block in India. Citicorp Finance has a $1 billion commercial vehicle & construction equipment loan portfolio and Citi expects to sell it for Rs 850 crore. There were also reports of Citi mulling a stake sale in HDFC bank.
These results are bound to bring down the US markets, and subsequently the Asian and European market. The BSE and NSE both closed down by 2.11%.
Results included $4.4 billion in net pre-tax write-downs in Securities and Banking, $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves. The bank also said that it has slashed approximately 11,000 jobs in this quarter, totaling 23,000 job cuts this year. This is the fourth consequent loss that has been reported by Citigroup.
Citigroup, the biggest US bank by assets reported $2.8 billion (or $0.60 per share) losses in the third quarter, after getting hit by credit losses, reserves for bad loans and write-downs for mortgage-related securities. To add to this, Merrill Lynch also reported a net loss from continuing operations for the third quarter of 2008 of $5.2 billion, or $5.58 per diluted share.
"While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management. We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes," said a hopeful Vikram Pandit, Chief Executive Officer of Citi, in a release.
Citigroup is also selling off some its businesses to strengthen its balance sheet. Earlier this year it sold off its German retail banking unit to France's Credit Mutuel for $7.7 billion. It has sold its captive BPO arm Citigroup Global Services (CGSL) for $505 million. It has also put Citicorp Finance on the block in India. Citicorp Finance has a $1 billion commercial vehicle & construction equipment loan portfolio and Citi expects to sell it for Rs 850 crore. There were also reports of Citi mulling a stake sale in HDFC bank.
Jet Airways planning to lay off 1000 Plus more employees
India's leading private carrier Jet Airways has decided to lay off 1,100 additional employees in the next few days, a top official said on Wednesday.
Earlier in the day, Jet said it has brought down 800 flight attendants and suspended its expansion programme, adding that it will also cut flights because of a slowdown in demand.
The additional layy offs would be across all categories and departments, Executive Director Saroj Datta told reporters in a televised press conference.
Earlier in the day, Jet said it has brought down 800 flight attendants and suspended its expansion programme, adding that it will also cut flights because of a slowdown in demand.
The additional layy offs would be across all categories and departments, Executive Director Saroj Datta told reporters in a televised press conference.
Spirit AeroSystems reducing staff - Boeing
Spirit AeroSystems might have to resort to more drastic measures to account for its reduced workload if a strike at Boeing continues into next month.
Most employees at Spirit have been on a three-day work schedule since the Machinists union went on strike Sept. 6, idling Boeing plants in Wichita and the Pacific Northwest. Spirit employs about 10,500 people in Wichita.
But Spirit president and chief executive Jeff Turner said in a memo to employees Wednesday that the company must look at other alternatives beyond a shortened workweek for employees supporting Boeing production programs should the strike last much past October.
"These alternatives, in the worst case, include the possibility of broad shutdowns and temporary layoffs, possibly as early as November," Turner said in the memo. "Hopefully, this alternative can be avoided."
Turner called the situation fluid and said Spirit is looking at all its options. He said the company will discuss those options with local union leaders.
"A shutdown is clearly not our preference but may be necessary in the weeks ahead if the strike continues," he said.
A shutdown and temporary layoffs could have a detrimental impact on the Wichita economy, a Wichita State University professor said.
Conservatively, Wichita could take a $5 million a week economic hit if most employees are temporarily laid off at Spirit, said John Wong, interim director of WSU's Hugo Wall School of Urban and Public Affairs.
The figure doesn't include the impact Spirit vendors may feel as well, he said.
It also would affect retailers and other businesses in Wichita, especially if it lingers into the holiday shopping season.
"With the loss of potentially millions of dollars of spending, it obviously looks dismal," Wong said.
Boeing Machinists went on strike after rejecting the company's contract offer by an overwhelming margin. About 27,000 Machinists, including 750 at Boeing Wichita, walked off the job.
Most employees at Spirit have been on a three-day work schedule since the Machinists union went on strike Sept. 6, idling Boeing plants in Wichita and the Pacific Northwest. Spirit employs about 10,500 people in Wichita.
But Spirit president and chief executive Jeff Turner said in a memo to employees Wednesday that the company must look at other alternatives beyond a shortened workweek for employees supporting Boeing production programs should the strike last much past October.
"These alternatives, in the worst case, include the possibility of broad shutdowns and temporary layoffs, possibly as early as November," Turner said in the memo. "Hopefully, this alternative can be avoided."
Turner called the situation fluid and said Spirit is looking at all its options. He said the company will discuss those options with local union leaders.
"A shutdown is clearly not our preference but may be necessary in the weeks ahead if the strike continues," he said.
A shutdown and temporary layoffs could have a detrimental impact on the Wichita economy, a Wichita State University professor said.
Conservatively, Wichita could take a $5 million a week economic hit if most employees are temporarily laid off at Spirit, said John Wong, interim director of WSU's Hugo Wall School of Urban and Public Affairs.
The figure doesn't include the impact Spirit vendors may feel as well, he said.
It also would affect retailers and other businesses in Wichita, especially if it lingers into the holiday shopping season.
"With the loss of potentially millions of dollars of spending, it obviously looks dismal," Wong said.
Boeing Machinists went on strike after rejecting the company's contract offer by an overwhelming margin. About 27,000 Machinists, including 750 at Boeing Wichita, walked off the job.
LAY off in Chicago-based publishing and entertainment company
Playboy Enterprises Inc. said that cost-cutting measures will include laying off 55 people at the Chicago-based publishing and entertainment company. In a letter to employees, Chairman and Chief Executive Christie Hefner said that because of the economy's deterioration, it is "unavoidable that we reduce our cost structure to reflect current economic realities."Hefner's letter spells out a number of cost-cutting moves, including consolidating certain facilities and reducing travel outlays and overtime. Of 80 jobs to be cut, 25 are unfilled, she said.As of Feb. 29, Playboy reported it had 789 full-time employees.
Kingfisher and Jet sacking
Jet Retrenches 1900, Kingfisher To EmulateJet Airways announced sacking of total of 1900 staff. Both Kingfisher and Jet, India's biggest private carriers, are contemplating to lay off more employees as part of their strategy tosynergize resources and cut costs. Besides, both of them are also sending back 15 narrow bodied aircrafts to the leasing companies after the end of the leasing period later this year and in 2009.
Owing to the funds' crunch, Air India is set to get Rs 1000-1500 crore to meet its requirements, plus about Rs 1000 crore for working capital, from government, announced Civil Aviation minister Praful Patel in Hyderabad. The central government is mulling lowering tax rates and operating charges to help airlines hurt by rising ATF costs and huge losses. According to IATA (International Air Transport Association), India is one the most expensive places to buy jet fuel.
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