There was an article in Bloomberg a couple of days ago about about Merk slashing 15k jobs.
Obamanomics is striking all over the place.
Say, didn’t the folks who opposed the bank reform bill warn of this?
” . . . will cut back on retail operations in some parts of the world and instead focus on fast growing markets in Mexico and Turkey.”
More investment in Mexico and Turkey. What could possibly go wrong with that?
The budget arguments in Washington are raising concern about future industry shifts, too, as lawmakers try to squeeze savings and revenue from the drug companies.
Two weeks ago, the industry trade group Pharmaceutical Research and Manufacturers of America warned that proposed cuts by President Obama to drug reimbursements in Medicare Part D would have “a devastating effect on American jobs.”
And medical device makers say they will cut jobs unless Congress reverses a new 2.3 percent device tax imposed by the health care overhaul that takes effect in 2013.
The employment reductions have followed a wave of company mergers producing overlapping responsibilities, as well as more outsourcing of research and trimming of sales forces.
Merck, based in Whitehouse Station, N.J., said it was meeting its target of cutting 20,000 jobs by the end of this year after its $41 billion purchase of Schering-Plough in November 2009. From that merger through 2015, the company said, restructuring will save more than $4 billion a year in combined operational costs.
“The environment we operate in is changing rapidly and dramatically, and these steps will help us more efficiently serve customers and patients around the world,” Kenneth C. Frazier, president and chief executive, said in a statement.
Mr. Frazier, in an earnings call with analysts, said Merck would cut 13 percent of its employees, the top end of an estimate in the statement saying 12 to 13 percent. The jobs are cut from a base as measured Dec. 31, 2009, the statement said, a time that Merck employed 100,000 people, according to its annual report. The company now employs 91,000.
The new round of cuts, Mr. Frazier said in the analyst call, would “come disproportionately from the elimination of nonrevenue-generating positions such as administrative and headquarters personnel, consolidation of office facilities and ongoing sale or closure of manufacturing sites, including Animal Health facilities.”
Jami Rubin, analyst with Goldman Sachs, said the cuts were “very good news” for investors. Merck announced second-quarter sales of $12.1 billion, up 7 percent over last year’s quarter, and profits of $2.9 billion, up 9 percent, largely in line with estimates. Merck stock fell by more than 2 percent on Friday, closing at $34.13 amid a market sell-off caused by disappointing economic and political news from Washington.
http://prescriptions.blogs.nytimes.com/2011/07/29/merck-plans-more-job-cuts/
Worse still is the DeathCare provision which taxes home sales above $500k at 3.8%.
“No tax in this act is to be considered a tax.”
Cisco’s 6,500 Job Cuts Could Hurt Push for Offshore Tax Holiday
Jul 21, 2011 11:24 AM CT
RIM CALLS 2,000 JOB CUTS ‘PRUDENT AND NECESSARY’
July 25, 2011
Research in Motion, the embattled BlackBerry maker, on Monday announced that it was cutting 2,000 jobs, reflecting about 10 percent of its workforce.
The Canada-based company plans to notify affected employees in North America and certain other countries this week, and the company noted all impacted employees will receive severance packages and outpace
http://www.channelpartnersonline.com/news/2011/07/rim-calls-2000-job-cuts-prudent-and-necessary.aspx
He’s been working hard to destroy this country and its getting results. He is a very successful President when you look at it that way.
Union worries about job losses in NStar merger
07/08/2011 10:34 AM
By Erin Ailworth, Globe Staff
Following the Federal Energy Regulatory Commission’s approval of a proposed merger between Boston’s NStar and Connecticut-based Northeast Utilities, the president of a local utility workers union said he is concerned about the jobs that would be lost if the companies combine.
The utilities have said the merger, which still needs state approval, would allow them to cut nearly 350 administrative jobs over five years, mostly through attrition. But on Monday, an NStar executive told utility regulators that at least some of those lost jobs could be union positions, said David Leonardi, president of the Utility Workers Union of America Local 369, which represents roughly 1,850 NStar employees.
Local 369, headquartered in Braintree, is an intervenor, or interested party, in the state Department of Public Utility’s review of the merger.
2012 is coming, VOTE the Obama BUM OUT!
Reading all these headlines.
I think ALL the Dems and rinos are freaked out.
Their future is very dim.
a Chicom owned bank.....
good riddance.
In fact, right now I see a lot less people at bank lines at my local Bank of America branch office; but the lines at the BoA ATM machines are getting longer and longer.
I believe HSBC is Buffalo’s largest private employer. Its office tower anchors downtown and let’s not forget HSBC Arena. This does not bode well.
I found this in the local liberal rag, which BTW, had some scathing editorials about obama. They hate him, to their credit. Our conservative family was rather shocked by that, but it is encouraging.
Anyway, these Upstate NY branches are being sold to First Niagara.
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HSBC to sell upstate New York retail bank branches
Wow.
Hopefully, this was “unexpected”.
Wish it were possible to strip them of their citizenship.
HSBC...as venerable a joint as ever was but why so little mention of who they are.
Hong Kong Shanghai Banking Corporation
There was a time when I was a lad they were my world bank...everywhere basically.
And very courteous and pampering.
I see they ducked the Chi Coms and moved the goodies to London in 1992.
Cool headquarters they had on HKI.
Now I live entirely with small local and state banks but cutting a deal...trying to..with BBT right now...the big guys have better rates and terms ..they are sitting on cash..ours...be nice if they would share it