UBS to layoff 8,700 after $1.7B Loss in Q1 of 09
As if banking industry was already not facing enough of tough times, another major financial crisis has put lives and living of thousands in dole drum. USB AG Switzerland’s largest bank is facing huge losses and released details which show that it expects a first quarter loss of 1.75 Billion Dollars. It released its statement on Wednesday before the commencement of annual shareholders meeting. UBS is planning on drastically shrinking its investment banking sector (where most of the losses were reported), by cutting thousands of jobs as it abandons parts of its debt and commodity businesses. 
In order to recover, UBS AG is also expected to cut a around 8700 jobs by the end of next year, due to the first quarter loss of almost 2 billion Swiss francs ($1.75 billion). The bank has been hit hard by subprime-related losses, says it will fine-tune its organizational size to the fluctuating market conditions and cut back on levels of business.
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Google to Lay Off 200 more
Google Inc. the search engine giant has announced a few hours ago that it is cutting down its sales and marketing team by approximately 200 employees. Google has said that they over invested in some areas in preparation for some growth trends they were expecting and hired too many people into overlapping jobs.
Earlier this year, in January, Google cut down 100 recruitment jobs, and said about 40 people would be laid off in February, when it cut short its radio advertising efforts.
“When companies grow that quickly it’s almost impossible to get everything right,” Google Senior Vice President of Global Sales and Business Development Omid Kordestani said on Thursday in an announcement posted on Google’s blog.
The Mountain View, CA-based company has nearly 21,000 employees, but it does not disclose how many employees work in the sales and marketing departments.
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HSBC Announces 1200 Job Cuts in UK; More to Follow
The economic recession that has gripped the globe is making its mark almost everywhere these days. The news that one hears almost every day now about layoffs in one large group or the other has almost become routine now.
HSBC is Europe’s biggest bank, employing 58,000 people in Britain alone; and 312,000 people across the world. Just today, HSBC has announced 1200 job cuts in Britain, citing that the operating conditions for the economy hit banking industry are “extremely challenging” and the near future doesn’t promise any reprieve either.
According to union representatives, the effect of this announcement would result in 2900 job losses in all. Though a spokesman from HSBC has said that 1200 people are being told that that their jobs might be at risk. This number of course does not include the already vacant position or those being left vacant due to natural attrition or employees leaving at the end of contractual periods.
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