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Citigroup CEO Jane Fraser got a 6% pay bump for her performance in 2023, a year the bank's profits dropped 38% and Fraser began a dramatic restructuring that will result in an estimated 20,000 job cuts. The board awarded her total compensation of $26 million, ... The $26 million for Fraser was the lowest among CEO rivals at JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley, who received between $29 million and $37 million. Bank of America's Brian Moynihan was the only CEO among this group to experience a compensation decline. ... Fraser had a lot...

Google has laid off over a thousand employees across various departments since January 10th. CEO Sundar Pichai’s message is to brace for more cuts. “We have ambitious goals and will be investing in our big priorities this year,” Pichai told all Google employees on Wednesday in an internal memo that was shared with me. “The reality is that to create the capacity for this investment, we have to make tough choices.” So far, those “tough choices” have included layoffs and reorganizations in Google’s hardware, ad sales, search, shopping, maps, policy, core engineering, and YouTube teams. “These role eliminations are not...

National Public Radio announced this week that it will cut roughly 10% of its workforce as the station struggles to cope with falling revenues. CEO John Lansing announced the cuts in a memo that The Hill obtained, indicating that the firm is in dire financial straits. "We had created a plan to address a $20M sponsorship revenue falloff for FY23 but we are now projecting at least a $30M shortfall. The cuts we have already made to our budget will not be enough," he said. "Unlike the financial challenges we faced during the worst of the pandemic, we project increasing...

Ford Motor Co said on Monday it will eliminate about 10% of its global salaried workforce, cutting about 7,000 jobs by the end of August as part of its larger restructuring in a move that will save the No. 2 automaker $600 million annually. Ford Chief Executive Officer Jim Hackett said in an email to employees that the cuts include both voluntary buyouts and layoffs, and a spokesman added it freezes open positions as well. About 2,300 of the affected people are employed in the United States, the spokesman said. “To succeed in our competitive industry, and position Ford to...

ESPN says it is eliminating 150 studio and production employees as the sports broadcasting giant continues to shift its focus to a more digital future. [Snip] ESPN has lost about 10 million subscribers during the past six years, based on estimates by Nielsen Media Research.

The $15 minimum wage hike in California has sent financially troubled UC Berkeley into decision making mode, and "the people who clean buildings, who work in food services or health clinics,” says Todd Stenhouse, will be the ones without a job. Stenhouse, a spokesman for the American Federation of StateChancellor, also said “There’s a very clear need for those front-line services. But the question is whether there really is a need to hemorrhage resources on executives.” Nicholas Dirks sent a memo to employees Monday informing them of the job reductions and said they will amount to “a modest reduction of...

The Boeing Co. is reportedly taking steps to eliminate 10 percent of its workforce in Washington state. The Seattle Times reports the aerospace giant has already taken steps to eliminate 4,000 jobs by June and is aiming for about a 10 percent overall cut — which would mean about 8,000 positions in Washington. …

Employers in 31 U.S. states cut jobs last month as weak economic growth weighed on hiring and a slowdown in oil and gas drilling caused big job losses in some states. The Labor Department said Tuesday that unemployment rates rose or were unchanged in 27 states and fell in 23 states. Eighteen states gained jobs, while employment was unchanged in Idaho.

A month ago we asked if, perchance, the BLS had simply forgotten to add any of the job losses in the energy sector in January, when it reported a drop of just 1900 jobs in the entire Oil and Gas Extraction space, compared to 18K actual announcements, and 21,300 job cuts in the sector as reported by Challenger. Moments ago, the latest Challenger data is out, and we really hope the BLS finally reads it because things in the energy sector are getting worse by the day, if only for its well-paid workers. According to Challenger, the February total...

There’s blood on the Street. In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up. And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history. But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and...

Cochise County and our surrounding region could be losing up to 2,700 jobs unless we change leadership in Congress. The Department of the Army was forced by the Budget Control Act to draft a proposal for massive budget cuts — including a maximum cut of 2,700 positions at Fort Huachuca plus potential cuts in contractors. If these cuts go through, they will have a disastrous impact on our community. Fort Huachuca is the largest employer in Cochise County and a key part of the Sierra Vista economy. The Fort has the biggest economic impact of any base in the state,...

KFC is cutting jobs as part of a reorganization, the company said Friday. In a statement, KFC said they have eliminated positions at the corporate office and in the field and increased investment in other functions. "We made the difficult but necessary decision to reorganize KFC to maximize efficiencies and better reflect our current business needs," said Karen Sherman with KFC public relations, in a release.

SAN FRANCISCO (Reuters) - Texas Instruments Inc plans to cut 1,100 jobs in the United States, Japan and India, or about 3 percent of its global workforce, in a corporate restructuring to save $130 million by the end of 2014. The U.S. chipmaker, which in 2012 announced it would lay off 1,700 people as it wound down its mobile processor business, said on Tuesday it wanted to reduce expenses in its embedded-processing division and in Japan. "Technology markets mature from time to time and you have to rebalance where you spend your money," Chief Financial Officer Kevin March said in...

The Brayton Point Power Station, the largest coal-fired power plant in New England, is shutting down amid a prolonged slump in energy prices that is forcing power operators nationally to rejigger their budgets and seek out more affordable production strategies. The closure will result in 240 job losses at the Somerset, Mass.-based facility. Its owner, an affiliate of New Jersey-based private equity firm Energy Capital Partners, said in a statement that steps would be taken to mitigate the effects of the job cuts for Brayton Point’s former workers....

Vanderbilt University Medical Center plans to cut its workforce by more than 1,000 employees within the next two years, The Tennessean reports, citing people familiar with the center's plans. Some of the cuts are expected to come by offering early retirement options. Vanderbilt University Medical Center is targeting $250 million in budget savings over the same time period, or about 8 percent of current expenses, according to The Tennessean. "It is clear that we must embark on a comprehensive effort that is immediate, achievable, proactive and ensures success over a multiyear period, while the health care and biomedical science economies...

J.P. Morgan Chase & Co. (NYSE: JPM) announced it will cut 4,000 part-time jobs and another 13,000 contract positions in its mortgage business. The bank blamed weaknesses in the mortgage market and new federal regulation for the action. Other banks face similar problems, so cuts across the industry are likely not over. Some of the big cuts in the industry already have happened. Bank of America Corp. (NYSE: BAC) announced in September 2011 it would eliminate 30,000 jobs between then and 2015. The savings, the bank said, would total $5 billion. Rumors are persistent that other large U.S. financial firms...

The Wall Street Journal of Feb. 27 tells the story in its own headlines. On page C1, the story was, "JPMorgan Pulls Belt Tight," while on C3 the headline read, "Wall Street's Bonus Pool Hits $20 Billion." If that doesn't describe this crazy false recovery we are allegedly undergoing, nothing does. Of course, the picky can point out that JPMorgan Chase is tightening its belt on its banking side and the Wall Street bonus increases are paid to traders, investment bankers and other employees of securities firms. But to the average Joe, it's hard to understand, if the JPMorgan Chase...

Duke Energy will close two of its oldest coal-fired power plants, Riverbend west of Charlotte and Buck in Rowan County in April, two years ahead of schedule. Both plants date to the 1920s and had been planned for retirement in 2015. They’re among a wave of older, smaller coal plants closing down rather than investing in new pollution controls to meet federal environmental regulations. The plants had been little used in recent years as larger, more efficient plants came online and falling natural gas prices shifted generation to gas. ....

Washington (CNN) -- The Pentagon has begun laying off 46,000 contract and temporary civilian employees in an effort to cut back on military spending, the No. 2 Pentagon official said on Friday. Full time civilian employees, which number in the hundreds of thousands, also will be furloughed for one day a week for 22 weeks, Deputy Defense Secretary Ash Carter said in an interview with wire service reporters. His comments were confirmed by a Pentagon spokesman.

Last week was a bleak one at Thomson Reuters, the financial news and wire service giant. According to sources, as many as 3,000 people were let go, out of approximately 50,000 employees around the globe. Most of the layoffs came from the financial sector—the sales, training and analysts’ divisions—but some were on the editorial side. “Yes, I can confirm there have been layoffs across Thomson Reuters today, including editorial,” Barb Burg, vice president and global head of communications at Reuters, told Talking Biz News last week. “Similar to efforts across the company, the Reuters organization is focusing attention on our...