UK loses more jobs during the second quarter of 2007 than any other European country - 1 August 2007

The UK tops a European list for the number of job losses during the second quarter of 2007. A quarterly report published by the European Restructuring Monitor (ERM) found that 72,051 job cuts were announced in Europe from 1 April and 30 June 2007 as a result of 335 company restructuring cases.
The UK leads the way, followed by Poland, Italy, The Netherlands and Germany, which all contribute 67% towards the total.


AstraZeneca announces a further 4,600 job cuts - 26/7/2007
AstraZeneca has announced a further 4,600 job cuts as part of its ongoing restructuring programme, giving a total job loss figure at the pharmaceutical firm to 7,600.

Cadbury job cuts - 700 staff to go - 4/10/2007
Cadbury Schweppes is to close one of its chocolate factories and cut 700 jobs as it transfers work to Poland in an attempt to save costs. Further job losses in offices around London are expected to be announced under plans to separate the beverages business from the confectionery arm. About 500 redundancies will come from closing its Keynsham factory near Bristol

AOL to Cut Global Work Force by 20 Pct
NEW YORK (AP) AOL is reducing its global work force by 2,000 employees, or 20 percent, as it continues a transition from Internet access provider to online advertising company.

BBC confirms 2,500 job cuts - 18/10/2007
BBC is to axe 2,500 jobs and sell Television Centre in London, it was confirmed today. News, TV production and factual programmes will be hardest hit by the cuts.

Loss of City jobs means London housing prices will be coming down.


City to cut thousands of jobs in '07-'08 - Reuters 8/10/2007

By Olesya Dmitracova

LONDON (Reuters) - Thousands of London's financial professionals will lose their jobs over the next year as a result of the credit crunch, with many likely to face a jobless Christmas, experts say.

There will be 6,500 fewer professionals in the City of London financial hub in 2008 than this year, according to a report by the Centre for Economics and Business Research (CEBR) due to be released on Monday.

About 2,000 City jobs will be slashed by Christmas off a record high of 349,100 registered this month, said the centre's senior economist Jonathan Said.

"What we are likely to see as we enter 2008 is a reduction of almost one for every two jobs added this year," one of the CEBR report's authors Sarah Bloomfield said in a statement.

"It will feel worse than it actually is because the City has become used to adding jobs at breakneck speed."

Private equity, mergers and acquisitions, hedge funds and structured finance units will shed the largest number of jobs, the centre said.

Swiss bank UBS AG said this week it would axe 1,500 jobs in its investment bank whose major centres are in London and New York. Credit Suisse also said it would let go of 170 employees in its investment banking unit.

"Clearly, there are going to be more job cuts, especially from the likes of Citi where we can expect the highest," said Shaun Springer, chief executive of London-based recruitment firm Napier Scott, in reference to Citigroup.

The largest U.S. bank by market value said on Monday it was expecting a fall of about 60 percent in third-quarter earnings.

VOLATILITY

But recruiters say the City will not suffer layoffs on a scale seen in the previous period of market volatility. According to CEBR, more than 15,000 financial jobs were lost in London between 2001 and 2002.

"I don't think there is going to be a massive wave of job cuts," Springer said.

"The banks did that back in 2001 and 2002, and in 2003 they found themselves desperately short not only of the skilled staff necessary to effect expansion but similarly short of graduate juniors because they didn't take any of those either."

Rather, headcount will be reduced steadily over the year.

"Five percent get culled every year anyway. Whether they are going to be replaced, I doubt. Whether hiring is going to be as frenetic in 2008 as it was in 2005, '06 and '07, I doubt. There's always natural wastage also, will that be replaced? Perhaps not," Springer said.

The consequences of the cutbacks will vary.

On the one hand, "there'll be greater talent on the market for a short period of time and that might potentially ease certain organisations' war for talent," said Robert Thesiger, chief operating officer of recruitment firm Imprint.

But on the other hand, the banking industry risks losing some of its experienced workforce for good.

During the last market meltdown, Springer said, many City professionals were forced to move out and never returned.

"They didn't sit kicking their heels waiting for the recruitment market to recover. They went and did something else."

(Additional reporting by William Kemble-Diaz)

good...hope the city bastards lose their homes especially tossers at goldman sucks

Wolseley to slash jobs - MoneyAM

Wolseley said sales trends and outlook are uncertain while announcing a fall of about 12% in trading profit.

The building materials giant blamed the slowing US housing market.

Low consumer confidence following uncertainty relating to liquidity in global financial markets and the weakness of the dollar also contributed to the decline.

The company expects business conditions in a number of its markets to become more challenging over the next few months.

Wolselely also plans to cut another 1,300 jobs in the second quarter in North America, further to the 1,700 jobs already cut, to achieve combined annual savings of 60m.

CEO, Chip Hornsby, said the group continued to take 'decisive action' in the more challenging business conditions, and added that, whilst keeping a tight control on costs, it will continue to invest to create competitive advantage.

'We remain confident that with our size, scale and financial strength, we will emerge from this slowdown as a stronger competitor with an excellent platform for future growth.'

Maestro....and hoodless and city equities and countless others..I choose my own shares now rather than throw money down the drain with their so called recommendations that tank or fold completely !