Timesizing® Associates - HOMEPAGE
Downsizings, Nov. 16-29, 2002
[Commentary] ©2002 Phil Hyde, The Timesizing Wire, Box 117, Harvard Square, Cambridge MA 02238 USA (617) 623-8080
11/28/2002 5 Thanksgiving downsizings, totaling 2,015 jobcuts + unspecified, reported in NYT (no WSJ on Thanxgiv) -
11/27/2002 6 downsizings, totaling 4,796 jobcuts + unspecified, reported in WSJ & NYT -
- Sweden: Saab to cut jobs, AP via NYT, W1.
...The Swedish unit of GM \plans\ to eliminate 1,300 jobs, or 14% of its workforce, in an effort to cut costs and return to profitability. ...The cuts [will] be made at its car operations near its HQ in Trollhattan [we are not making this up], which is 224 miles southwest of Stockholm. The cuts are part of a larger plan that includes management changes and the streamlining of engineering and marketing operations. Saab employs 9,200 people over all. Saab's sales have been weak, falling 3.4% in Western Europe during 2002.
[It's always been a mystery to us how a car named homonymously with English "sob" would sell at all, but maybe it means something good in trollese.]
Since GM acquired a stake in Saab in 1990, the automaker has posted profits just twice. GM bought Saab outright in 2000.
[GM is either stupid or on its familiar cynical course to shut down competition. (What was that old quote about "as GM goes, so goes the US"? - clearly the commitment to competition is either lip service of just for the other guy.) GM bought up all the steam locomotive parts plants in the 1950s and shut them down (just as steam was getting really efficient and non-polluting) just so it could sell more of its stinky diesel locos, trucks and buses. But it has to move chameleon-slowly in shutting down Saab so it doesn't freak out the Swedes, and maybe the Euros in general.]
- Amdocs, a billing service, to cut 400 from work force, AP via NYT, C3.
...as part of an effort to reduce costs and improve productivity.... The world's largest provider of customer relationship management, billing and order management systesms to the communications industry...has 9,000 workers \and\ is based in St. Louis. ...The cuts [will] come at several locations around the world....
- Credence Systems cuts 225 jobs, Bloomberg via NYT, C4.
...Make[r of] semiconductor-testing equipment has...reported a wider Q4 loss [and] also closed operations in Switzerland and Germany as part of a reorg. The company [had] said in August that it would cut [only] 150 jobs, or 11% of its workforce, to lower costs....
[Mercifully, missed that premature announcement.
- Turbacex will close New York plant and cut 90 workers, Bloomberg via NYT, C3.
...because of falling demand for stainless steel tubes in the U.S...as manufacturing faltered and construction slowed in the U.S. and Europe. \The\ manufacturer of steel pipes...will close the unit, Altx Inc., before the end of the year, laying off...6% of Tubacex's staff. ...The company...is based in Llodio, Spain....
- Williams Cos. plans to trim jobs at gas pipelines, Bloomberg via NYT, C3.
...its 3 largest natural gas pipelines..\..seeking to stay solvent amid the collapse of its trading business.... The planned dismissals are in addition to the 7% reduction the company has already made among workers at 3 susbidiaries: Transcontinental Gas Pipe Line, Northwest Pipeline, and Texas Gas Transmission, according to regulatory filings. Losses at the trading unit are forcing Williams to...squeeze cost savings out of its businesses, analysts said.
[Which in turn will make for more losses at its trading unit = the death spiral of downsizing the workforce which, surprise surprise, also downsizes the consumer base. Unspecified jobcuts.]
11/26/2002 3 downsizings, totaling 900 jobcuts + unspecified, reported in WSJ & NYT -
- US Airways acts to prove viability - Carrier makes deeper cuts as it seeks federal backing needed to exit Chapter 11, by Susan Carey, WSJ, A3.
...As it pushes to prove its viability to a federal loan-guarantee panel...the nation's 7th-largest carrier..\..announced another big round of layoffs...cover[ing] about 2,500 employees, or about 7% of its already diminished workforce. It also...will seek work-rule and benefit changes [no further elaboration given - ed.] from remaining employees to complete its cost-cutting initiatives..\.. Without the loan backing the government has conditionally approved, US Airways won't be able to emerge from bankruptcy-court protection next spring....
The [layoffs], which will occur during the next 3 months, affect most job categories and include the immediate closure of a maintenance base in Tampa, Fla., and the Jan. 10 shutdown of a reservations center in Orlando, Fla.... Before 9/11/01, US Airways had 49,000 employees. It initially laid off 11,000. Since seeking protection from its creditors, it cut an additional 2,500, not including the latest group. Despite the new layoffs, US Airways said it is committed to keeping its mainline fleet at the current level of 279 aircraft....
[CEOs have yet to grasp the simple fact that more work done by fewer employees means smaller markets for the work that does get done.]
US Airways' pilots agree to cuts, 12/12/2002 WSJ, A7.
...Currently, there are 1,356 pilots on furlough at US Airways, and 471 more are slated to leave the payroll by April.
- Staff to be cut 5% at Canadian National Railway [CNR], by Christopher Chipello, WSJ, B2.
MONTREAL - ...The railway, whose network extends across Canada and through the U.S. Midwest to the Gulf of Mexico..\..will cut 1,146 jobs.... The jobcuts, which are permanent...will be spread throughout the company and will include management. About 30% of the cuts will be achieved through attrition and retirement, 45% through early retirement and 25% from layoffs.... Since being privatized in 1995, CNR has transformed itself into one of North America's most efficient RRs..\.. Paul Tellier, CNR's president and CEO...said the workforce reductions were made possible in part by technology investments that streamlined administrative functions and by operating improvements that enabled it to cut the number of locomotives and railcars it uses..\..
[Again, where now are those who yap about "technology creates more jobs than it destroys"??!]
CNR, Montreal, employs about 24,000 people. About 1/3 are in the U.S. where the company acquired the Illinois Central [ICR] and Wisconsin Central [WCR] RRs in recent years.... Recent collective bargaining agreements at WCR and ICR based on an hourly pay system - a break from the rail industry's traditional mileage- and rule-based system - contribute to productivity gains, Mr. Tellier said.
[Again, not even Canadian CEOs have yet grasped the depressing implications of rising productivity and falling employment, despite the Ford-Reuther Paradox: Henry Ford, "Let's see you unionize these robots." Walter Reuther, "Let's see you sell them cars." And in a situation of labor redundancy, labor has a severe disadvantage in collective bargaining. North American, indeed global, CEOs are still totally clueless about the timesizing imperative. They either switch from downsizing their workforces and their markets and start timesizing = trimming hours for all instead of jobs for a few, and a few more, and a few more - or they will have, as indeed many believe they already have, a permanent state of depression, requiring ever more media happytalk and cultural valium to conceal - witness USA's 5.4m "disabled" (see 9/01-02/2002 #2), 2.1m imprisoned, countless homeless, and repeatedly watered-down unemployment rate....]
- HealthSouth to cut 1,000 jobs, WSJ, B3.
BIRMINGHAM, Ala. - ...The operator of rehab hospitals and clinics \will\ cut as much as 2% of its workforce nationally...of its roughly 51,000 employees, to lower costs.... The cuts will occur over the next few months...and will primarily involve nonclinical administrative and support personnel.
[Some additional factoids from the NY Times version -]
HealthSouth to cut up to 2 percent of its work force, AP via NYT, C4.
...The largest U.S. provider of outpatient surgery, diagnostic imaging and rehab services...has about 1,800 locations in all 50 states and Puerto Rico, Britain, Australia, Saudi Arabia and Canada.
- Sandvik A.B., NYT, C4.
...Stockholm, an engineering company, [will] close a mining equipment plant in Bluefield, W.Va., next year and eliminate 150 jobs there.
- Visteon will sell its automotive glass business, Bloomberg via NYT, C4.
...after restoring profit at the unit by cutting jobs [and markets - ed.] and costs..\.. The world's 3rd-largest maker of autoparts...based in Dearborn, Mich., was spun off from Ford in 2000 and gets about 80% of its sales from Ford.
- Sony to close plant in Indonesia, WSJ, B3.
Sony Corp...will close its lone manufacturing plant in Indonesia as part of the Japanese company's regional restructuring.... The plant produced audio equipment..\..
"With the current severe business climate, we came to the conclusion that the (Indonesian) factory wasn't required," said Gerald Cavanaugh, a Sony spokesman in Tokyo....
[What was that we've been reading about "recovery"???]
The company has cut the number of its factories worldwide to 54 from 70 since March 1999. Analysts said Sony's latest decision underscores the growing trend among foreign companies to cut back their manufacturing operations in Indonesia in favor of countries such as China and Vietnam....
[Shades of Mexico, now losing jobs to China....]
11/23-25/2002 2 downsizings, totaling 975 jobcuts, reported in WSJ & NYT
- Germany: DaimlerChrysler [DC] cuts, Dow Jones/AP via NYT, W1.
DC [is] talking to worker representatives about cutting almost 800 jobs, or a tenth of the workforce, at a commercial vehicle plant in Mannheim, Germany. The move would affect only the plant's cable activities, which have high production costs....
- BP Solar to cut jobs and will stop making thin cells, Reuters via NYT, 4.
...A unit of the BP Group..\..will cut as many as 260 jobs in the U.S. in an effort to keep its solar panel sales growing at an annual rate of 30%.... BP Solar [will] no longer make thin-film solar cells, a main solar technology.... BP announced last year that it would be creating 600 solar jobs at a plant in Madrid, where it will make crystalline solar cells. But the company will close its Toano, Va., thin-film plant, if it does not find a buyer by the end of the year, with a loss of up to 160 jobs.
[Can't count those yet.]
In Fairfield, Calif., 100 solar cell mfg jobs will be lost as the company converts the operation to warehouse and distribution uses.
- Citizens Communications will cut jobs, Bloomberg via NYT, C7.
...A telephone and Internet service provider [will] cut jobs. ...It [will] save $15-16m in Q4 expenses by cutting 8% of the jobs in its communications business....
[Unspecified jobs cut.]
(not counting 90,000 post-9/11/01 economywide joblosses according to "New York is unraveling...," by Steven Malanga, 11/25 WSJ, A14, which states, "...A devastating attack...blew a hole in its 2nd largest business district, killed more than 3,000 people, and vaporized 90,000 jobs.") -
11/22/2002 3 downsizings, totaling 5,925 jobcuts, reported in WSJ & NYT -
- 11/23 Broadcom cuts work force by 16%, Bloomberg via NYT, B2.
IRVINE, Calif. - ...Make[r of] chips for office networks \yester\day laid off more than 500 workers...and consolidate units to reduce costs amid slumping sales of some lines of computer chips.... The company had 3,067 employees at the end of September. This is Broadcom's first round of jobcuts for more than a year.... The hardest hit were employees from 3 acquired companies: Silicon Spice and NewPort Communications, which designed chips for big telecoms networks, and the security-chip developed BlueSteel Networks.... Layoffs at those groups amounted to 60-80% of the staff.... Broadcom bought the 3 companies in 2000 for stock valued at a total of $2.56B.
[Again, the depression-inducing takeover-downsizing connection.]
- 11/23 Wyeth vaccine move to affect 800 jobs, Bloomberg via NYT, B14.
...to stop making an influenza vaccine.... Wyeth will eliminate positions and reassign workers....
[Assuming a 50/50 split here, eliminations will be around 400.]
The company said last week that it had cut 75 jobs in the corporate and consumer divisions at its Madison WI headquarters.
[Not seen last week, this figure we include now, giving a total of 400+75= 475 jobcuts.]
Wyeth said earlier this month that it would stop making FluShield because of excess supply in the U.S.
[Strange. Seems we always have a hard time getting flu shots.]
The company also discontinued its Pnu-Immune pneumonia shots to focus on Prevnar, a newer pneumonia vaccine.... Wyeth's stock fell....
11/21/2002 7 downsizings, totaling 6,911 jobcuts + unspecified, reported in WSJ & NYT -
- Pennsylvania: Mayor plans to cut jobs, AP via NYT, A21.
Facing Philadelphia's worst fiscal crisis in more than a decade, Mayor John Street said he planned to cut 2,500 jobs, or 10% of the municipal work force, over the next several years. Mayor Street said the cuts would be achieved through attrition and layoffs to help close a budget deficit that will reach an estimated $856m in 2008. The mayor said he would also consider privatizing jobs, selling assets and cutting programs to deal with the shortfall.
[How about just raising taxes on the people with all the money?]
- Morgan Stanley staff will be cut by 2,200, WSJ, A6.
...worldwide in its latest round of cost-cutting measures, a person familiar with the matter said. The latest layoffs, which include previously reported plans to cut at least 275 jobs in various departments [see yesterday #5 below], would reduce the firm's workforce by 3.8%.
[So now, we get to count 2200-275= 1,925 jobcuts.]
Most of the jobcuts are taking place this week, with a large portion being made on the retail-brokerage side.... About 100 positions will be cut in Asia. The move comes amid a global downturn in stock markets and sluggish market activity in investment banking, particularly in mergers and acquisitions. Morgan Stanley had 57,799 employees at the end of August, down 7.8% from a peak of 62,679 at the end of 2000....
- Boeing expects job cuts in 2003, WSJ, A8.
Boeing Co.'s satellite-making unit, which has cut about 1,500 jobs this year [2002, presumably referring to 10/31/2002 #4], projects eliminating the same number [1,500] in 2003, or nearly 20% of its Southern California workforce. Citing an "unprecedented downturn" in commercial orders, Boeing officials told employees that about 500 layoffs will be effective in mid-January....
11/20/2002 4 downsizings, totaling 4,900 jobcuts + unspecified, reported in WSJ & NYT
(not counting regional story, "Nuns deliver hope to destitute towns in Mississippi delta," by Peter Kilborn, NYT, front page, which states, "Sister Deanna Randall at the Montessori school founded by nuns in Jonestown, Miss., a town struggling with unemployment and poverty [photo caption]..\.. Men without jobs dig under the hoods of old Pontiacs, trying to make them run again....") -
- UAL machinists near pact for cuts of $1.5B, by Susan Carey, WSJ, A3.
...Separately, Boeing Co.'s commercial-airplane division expects to cut 5,000 jobs in 2003. The reductions come on top of nearly 30,000 cuts the Chicago-based aerospace company has made since 9/11/01. Alan Mulally, CEO of the commercial-plane division, told employees that half of the cuts would come through attrition and the remainder through layoffs....
- E.D.S. seeks to buy Alstrom, Reuters via NYT, C6.
The computer company Electronic Data Systems...also said it would move about 700 jobs to a new, cheaper location in India.
[We'll count these as 700 lost jobs until we get the upsizing announcement.]
- Black & Decker to close Maryland plant and move jobs, Bloomberg via NYT, C4.
...The maker of power tools will...cut 1,300 jobs in the state by 2004 to reduce costs. Power-tool assemblyl and manufacturing will move from Easton, Md., to Fayetteville, NC, and to Reynosa, Mexico. About 750 fulltime and 550 temporary jobs will be eliminated in Maryland. Black & Decker plans to take 2,400 jobs from regions with higher wages and replace them with 1,900 elsewhere in the U.S. and in other countries. The company, based in Toeson, Md., said increased competition led to the decision.
[The 'race to the bottom' goes on. 2400-1900= 500 jobs lost.]
- UBS closing trading floor it acquired from Enron - Unit that had 630 workers in Houston will now have 70 in Stamford, Conn., by David Barboza, NYT, C4.
[So how much did they waste on that? All we're told is that the soon-to-be-vacated building cost a bundle -]
...Today, construction workers are still putting the finishing touches on the $200m building, which was recently bought by a NY investment group. The UBS employees are expected to move out of the building in the next few months..\.. The trading operation, which had about 630 employees when UBS acquired it in Feb., is expected to be reduced to fewer than 100 employees, all of whom will be moved to the company's office in Stamford, Conn., according to executives briefed on the situation.... In August, UBS laid off 150 employees in Houston, or about 25% of its workforce [see 8/19/2002 #2]. About 480 employees are left in the new 40-storey glass skyscraper that Enron built in its last days. As few as 70 employees could be moved to Connecticut.
[And the rest presumably laid off. So now we get to count those last 480-70= 410 layoffs. The WSJ version is a lot fudgier - "UBS to move energy-trading unit, cut jobs," WSJ, A8. The WSJ also has some fudge, but in a p.C15 addendum to this p. C4 article -]
Volatility continues to ease; Rounds of layoffs shake CBOE, by Kopin Tan, WSJ, C15.
...The Chicago Board Options Exchange's [CBOT's] market volatility index...register[ed] its first close below the 30 level since June 28.... Meanwhile, Morgan Stanley...ha[s] begun laying off floor brokers at the CBOE....
[So we have 410 jobcuts in Houston + unspecified cuts in Chicago.]
- Morgan Stanley to cut 275 jobs, fracturing its image of stability, by Susanne Craig, WSJ, C4.
[That image is already fractured - they cut 680-750 just last week (see 11/12 #3 below). Susanne even mentions it later.]
In the latest retrenchment on Wall Street...the cuts are spread across several areas at the large securities firm.
This week's layoffs follow cuts in the NY firm's brokerage ranks earlier this month, when Morgan laid off 5% of its staff, or about 680 people.... The financial-services firm had 57,799 employees at the end of August, down 7.8% from a peak of 62,679 at the end of 2000....
- They include 5% of Morgan's sales-and-trading staff, or 75 people;
- 11% in research, or 100 people;
- less than 5% in investment banking, or 50 people; and
- 50 people in its bond division.
The securities industry has dismissed 32,287 employees, or 8.8% of the combined workforce, since the end of 2000, according to the Securities Industry Assoc., a trade group....
[As before, the NYT has a different figure, this time lower -]
Morgan Stanley to lay off 200 workers, NYT, C2.
- Work force to be reduced 12% in move to reach profitability, WSJ, D3.
Aspect Medical Systems Inc...is eliminating the jobs of 12% of its 220 employees to cut operating expenses and achieve profitabiliity. The Newton, Mass., maker of anesthesia-monitoring systems...had a 3rd-quarter net loss of $3.4m...on revenue of $10m....
[12% of 220 is 26 jobcuts.]
- Volatility continues to ease; Rounds of layoffs shake CBOE, by Kopin Tan, WSJ, C15.
...The Chicago Board Options Exchange's [CBOT's] market volatility index fell...to 28.66 to register its first close below the 30 level since June 28. Since it exceeded the 50 level Oct. 10, this barometer of investor fear has declined 43%....
Meanwhile,...Credit Suisse Group's Pershing unit ha[s] begun laying off floor brokers at the CBOE, the largest US options exchange. ...People familiar with the matter said the firm...probably will outsource the Chicago floor-brokerage functions, the way other firms have begun to do in an effort to trim their operations and cut expenses.
The pullback is seen by observers as another disheartening blow for floor-based options exchanges in general and the CBOE in particular. "Market conditions have caused us all to cut costs and seek more electronic execution of our orders," said one person at a brokerage firm....
[Another blow for those who claim that "technology creates more jobs than it destroys."]
11/19/2002 2 downsizings, totaling 120 jobcuts + unspecified, reported in WSJ & NYT
(not counting economywide story, "Amid sinking workplace morale, employers turn to recognition," by Kemba Dunham, WSJ, B8, which states, "Sovereign Bank...will recognize star perform-ers ...with rewards ranging from gift cards to travel vouchers..\.. More than 4 in 10 of 391 companies in one recent survey...by WorldatWork [of] Scottsdale AZ...and the National Assoc. for Employee Recognition, [NAER] Naperville IL..\..said they were doing more to foster employee recognition.... Greg Boswell, president of NAER [and] a marketing manager at O.C. Tanner Recognition Co...in Salt Lake City [said] "Companies are...putting a renewed emphasis on recognizing employees." [However,] says Kevin Wheeler, president of Global Learning Resources Inc., a Fremont, Calif., HR strategist, "It's a pretty desperate attempt to compensate for layoffs or people feeling overworked and stressed.") -
- Xerox will take a pretax charge for layoffs in the fourth quarter, by James Bandler, WSJ, B5.
...The restructuring charge [$350-400m] will be more than three times the $100m charge Xerox had previously indicated, and involves eliminating 2,400 jobs, or 3.4% of its workforce. The announcement is the latest [in] a number of surprises from the Stamford, Conn., copier and printer company, which is struggling to regain its financial footing amid a continuing decline in revenue, as well as intensifying competition from foreign competitors and heavy debt. Xerox CEO Anne Mulcahy said the bigger-than-expected cuts were needed to keep the company competitive....
[Yeah, can't miss that big competition to the bottom! Who was it said that if women ruled the world, things would be different? Well, they rule Xerox, and are acting just as suicidally as the men. E.F. Schumacher would be amazed at how many erstwhile empire-builders seem to have taken his message to heart = "Small Is Beautiful." Too bad each cut they make cuts deeper into their own markets and their own corporate throats.]
- NCR Corp., WSJ, A6.
...will cut 1,500 jobs, or about 5% of its workforce over the next 6 months in an effort to streamline its infrastructure...amid continuing economic difficulties..\.. The cuts will affect employees at all levels...including those involved with finance, HR and IT..\.. The maker of cash registers, bank ATMs and computerized data warehouses...currently has about 30,500 employees worldwide....
[The downsizing, not timesizing, fashion of American CEOs makes a joke of serious attempts reported directly above this article ("Senate approves homeland bill with 90-9 vote") to achieve some kind of national security in the age of terrorism. Downsizing is a divisive excuse for a corporate strategy that does nothing but generate anxiety and resentment - and does so in millions of people who are a lot tougher to profile than those with Arabic names or mosque attendance.]
- Staff will be reduced by 900; More jobcuts to come in 2003, Dow Jones via WSJ, C5.
Bank of America Corp. will cut...in its technology and operations divisions before year end, with more staff reductions expected in 2003.... The Charlotte NC bank's workforce will have decreased more than 7% to 133,235 by year end from 143,824 at the end of Sept/2001. Bank of America...is one of several banks that has resorted to jobcuts amid the economic slump....
[See previous mention on 11/13/2002 #4.]
- Swiss airline plans cutbacks to trim costs, by Alison Langley, NYT, W1.
ZURICH...- Swiss International Air Lines...known as Swiss [huh?]..\..the successor to Swissair, [will] lay off 300 workers, ground 8 planes and cut some roooutes, moves that come at a time of tough competition and grim global economic prospects. ...The moves [a]re part of a larger effort to break even next year. Other steps include bolstering its technological services, where it plans to add 200 jobs, and upgrading its business-class section....
[So, 300-200= 100 net jobloss.]
11/16-18/2002 5 downsizings, totaling 1,861 jobcuts + unspecified, reported in WSJ & NYT
- Online division is set to cut advertising-sales staff by 120, WSJ, B4.
...The move will amount to about a 20% reduction in the ad sales staff, said a person familiar with the situation \at\ AOL Time Warner Inc.'s America Online division.... The division is based in New York and Dulles, Va. America Online's ad sales have plummeted this year.... This is the second round of layoffs this year at the...division....
- GM's Saab plans restructuring, by Neal Boudette & Gregory White, WSJ, D3.
Facing mounting losses, General Motors Corp.'s Saab unit is planning a major restructuring, including jobcuts and a ratcheting down of the quirky luxury brand's expansion dreams.... The company hasn't determined the number of jobs to be eliminated.... Saab employs just under 10,000 workers, 8,500 of them in Sweden....
(not counting economywide stories such as "I want it now - Why did they pack the malls to do their Christmas shopping in mid-November? Early sales, fears of empty shelves and layoff worries played roles," pointer summary (to B1), 11/18 WSJ, front page, and "Sending out a stressed-out signal - Firms on notice as layoffs, other pressures cause staff burnout," by David Bushnell, 11/17 Boston Globe, G1) -
- 11/18 United Airlines says it will delay deliveries and trim more jobs, by Micheline Maynard, NYT, C2.
...Disclosing details of a business plan that it has given to the federal Air Transportation Stabilization Board, which is considering [a] federal loan guarantee [for it], United said that it expected to post an operating profit [by] 2004 and would begin repaying $1.8B in loan guarantees in 2005. The loans would be repaid by 2007.
Included in the plan is another 9,000 job cuts.... The airline also said that it expected to have reduced the number of its employees to 74,000 from about 83,000 by 2004, from more than 100,000 before 9/11/01....
[So far we've counted
[That totals 24,179, which brings their workforce down, by our count, to 100000-24179= 75,821 already, not just the 83,000 mentioned - meaning they may have hired a bit in the interim as well as fired, or somebody muffed the figures somewhere. At any rate, we're conservatively only going to count 75821-74000= 1,821 jobcuts today, because that will account for the entire distance between the 100,000 pre-9/11 employees implied on 9/19/2001 #2, and the grisly 74,000-employee goal of today. And today's count of 1,821 is 1821/75821= 2.4% of the pre-cut workforce.]
- 20,000 jobucts on 9/19/2001 #2,
- 1250 on 10/22/2002 #2,
- 229 10/24/2002 #2 (same page as previous), and
- 2700 on 11/09-11/2002 #2 (below, this page - coincidentally, United has always been only the #2 downsizer of the day till today!)
- 11/16 Washington - Democratic workers leaving, by Richard Oppel, NYT, A13.
A third of the Democratic National Committee staff is leaving, including employees who are being laid off because a new campaign-finance law is widely expected to cut the operating budget, party officials say. Some workers usually leave after an election, and those account for most of the 40 departures....
- 11/18 Market maker in Nasdaq, OTC securities shuts down, WSJ, C10.
FleetTrading...ended operations Friday and will shut down, said the company, a subsidiary of FleetBoston Financial Corp.
[Unspecified jobs lost.]
FleetTrading, a relatively small market maker, had been squeezed by regulatory crackdowns on spreads, the differences between bid and ask prices on which market makers realize their profits. It also catered mostly to retail trading clients such as online brokerage firms, which have seen a drop in trading volume since the heady days of the dot-com [bubble, not] boom....
- 11/16 Sabre Holdings plans to eliminate up to 7% of work force, Dow Jones via NYT, B4.
...The provider of travel reservations...based in Southlake, Tex..\..plan[s] to cut its workforce by 5-7% in Q4 to reduce costs as a result of the continued decline in travel and the general economic downturn since 9/11/01.... The filing did not specify...the number that would be laid off....
- 11/16 Oakwood Homes Corp., NYT, B4.
...Greensboro, NC, a maker of mobile homes...plan[s] to file for Chapter 11...and to close about 75 outlets that sold its homes.
[Unspecified laid-off employee-consumers.]
Click here for downsizing stories in -
Earlier Y2000 months accessible via links at bottom of Dec.1-15/2000 page.
Earlier 1999 months accessible via links at bottom of Dec/1999 page.
Earlier months accessible via links at bottom of Dec/98 page.
For more details, our laypersons' guide to our great economic future Timesizing, Not Downsizing is available at bookstores in Harvard Square, Cambridge, Mass. or from *Amazon.com online.
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