International

RBS to cut 3,700 jobs

ROYAL Bank of Scotland, rescued by the British government in the wake of the global financial crisis, said on Monday that it planned to axe about 3,700 jobs across its retail operations in Britain.
‘RBS has begun a process of consultation with staff in the UK regarding a restructuring of its Retail Banking division that will [...]

Companies in Asia ramping up workforce amid economic downturn

SINGAPORE: Companies in Asia are ramping up their workforce planning activities in response to the current economic downturn, according to a survey by global consulting firm Watson Wyatt.
The survey, released Wednesday, showed that more than seven out of every 10 companies in the region believe that workforce planning has become more important amid the current [...]

Citigroup plan to have pay rise of up to 50% this year

Troubled banking giant Citigroup Inc. intends to raise its employees’ base salaries by as much as 50% this year to offset smaller annual bonuses, the New York Times reported Tuesday, citing people with direct knowledge of the plan. The change would mean that most Citigroup employees will make as much money as they did in [...]

Goldman Sachs on pace for record bonuses

NEW YORK (Reuters) – Goldman Sachs Group Inc is on pace to make record bonus payouts after a robust first half, the Guardian newspaper reported on Sunday.
Goldman staff in London were briefed on the outlook and told they could look forward to the bonus hikes if the company registers its most profitable year ever, the [...]

Micron Semiconductor Asia to lay off 10% of employees?

We are receiving reports that Micron Seminconductor Asia announced today the lay offs of 10% of its employees, this follows rumours that have been spread around for the past few months about retrenchment.
If you are working at Micron or have any more information, don’t hesitate to contact us.

Celestica Inc. shuts down factory in Philippines, 1000 jobs lost

MANILA – CANADIAN electronics firm Celestica Inc is shutting down its factory in the central Philippines, with the loss of about 1,000 jobs, the government said on Friday.
The company, which manufactures telecommunications equipment at the plant on Mactan island, just off the central island of Cebu, has informed the Mactan Economic Zone of its plans [...]

Toyota targets $1.46b cost cut

TOKYO – JAPAN’S Toyota Motor aims to cut the cost of producing its compact cars by a billion dollars a year as their demand is likely to grow amid the global recession, a report said on Sunday.
The world’s top automaker plans to use common platforms and parts for the bulk of its compact cars by [...]

US loses just 345,000 jobs in May, raising hopes

WASHINGTON – Employers throttled back on layoffs in May and cut the fewest jobs in any month since the financial crisis erupted last fall — raising the brightest hope yet that an economic recovery will take hold later this year.
But with companies still reluctant to hire, the nation’s jobless rate rose to a quarter-century high [...]

Double-digit layoffs expected at Amex here

AMERICAN Express will retrench a small number of people from its Singapore office as part of the group’s global retrenchment exercise which will see 4,000 jobs lost or 6 per cent of its total workforce.
A source said the number of people laid off in Singapore will be in double digits but not as high as [...]

Shell to cut up to 10,000 jobs in worldwide restructuring

More than 10,000 jobs at Royal Dutch Shell are under threat as Peter Voser, the oil giant’s new chief executive, announced a radical shake-up of the company.
In a series of moves designed to slash billions of dollars from Shell’s cost base and sharpen its focus in an era of low oil prices, the company said [...]