Cessna Aircraft Lay off Job Cut: Cessna Aircraft fires 500

The financial turmoil is taking a toll on all the sectors of the world. The latest one to add to the list of lay off or Job Cuts is the Las Vegas Sands company, which is reported to have laid off 500 workers.

Which location will the Cessna Aircraft Lay off Job Cut take place?
Cessna Aircraft is reported to lay off people at Wichita Citation Columbus plant. The company will also lay off 165 employees at its Bend, Ore., plant. The cuts will come through involuntary and voluntary layoffs.

What will be the process of Cessna Aircraft Lay off Job Cut?
It is learnt that there was an email sent to the employees by the Vice President of the company in which it was mentioned that the lay off would start in next few weeks.

Will the employees be given any notice period for Cessna Aircraft Lay off Job Cut
The employees would be given a 60 day notice period before they are asked to leave.

Which department will be hurt the most due to Cessna Aircraft Lay off Job Cut
Apart from the regular employees at the above mentoned plants and locations, Contract labor could also be cut.

As per the news, Cessna is the second general aviation company in Wichita to announce layoffs this month. Hawker Beechcraft cut 5 percent of its work force on Friday -- about 490 people-- as it lowered production targets for 2009, a result of the credit crunch and a turbulent economy.

Let's hope that alternative jobs are available to the affected employees of Cessna Aircraft Lay off Job Cut.

Las Vegas Sands Lay off Job Cut: Las Vegas Sands fires thousands

The financial turmoil is taking a toll on all the sectors of the world. The latest one to add to the list of lay off or Job Cuts is the Las Vegas Sands company, which is reported to have laid off thousands of workers.

What are the primary reasons of Las Vegas Sands Lay off Job Cut?
The company is said to have suspended the operations and some of its projects in China. No Project, no work, no workers required so go for Las Vegas Sands Lay off Job Cut.

Where would the Las Vegas Sands Lay off Job Cut be made?
The jobs will primarily be lost in the chinese area or in Macau.

Which units or business division will see the Las Vegas Sands Lay off Job Cut
Majority of the job cuts will be in the construction jobs, as many as 11,000. It is reported that new construction work in Portugese territory is put of hold which is worth 12 billion dollars.

What is happening to the stock price after the Las Vegas Sands Lay off Job Cut was announced?
On Tuesday, shares of Sands (LVS:las vegas sands corp company) went down by around 35% after the company said it would halt new construction in Macau to preserve cash while trying to raise money for other projects underway in Singapore and Pennsylvania. It also said it would make a public offering of 182 million shares of stock without shareholder approval.

Let's hope that alternative jobs are available to the affected employees of Las Vegas Sands Lay off Job Cut.

UTMB Lay off University of Texas Lay off Job Cut: UTMB fires 3800

The news cannot be any furhter bad for the employees of UTMB University of Texas Medical Branch. It has decided to fire 3800 people from their jobs or go for Job Cuts.
It was already under pressure to recover from the devastations of Hurricane Ike.

What are the primary reasons for the UTMB University of Texas Medical Branch layoffs?
Primarily, the expenses and no money. Also, due to hurricane Ike.
As per the news, The UT Board of Regents said it was forced to make the job cuts because the teaching hospital was running out of money.

Hurricane Ike losses are reported to be to the tune of $710 million to UTMB when it hit the island in September and officials have said that only about $100 million of the damage is covered by insurance.

When will the UTMB University of Texas Medical Branch layoffs actually take place?
The layoffs are expected to happen sometimes in January, meaning that it will not be a good start of the new year for many employees.


Which department employees will be affected by the UTMB University of Texas Medical Branch layoffs?
As per the news, it is not yet decided which employees will be affected by this lay offs.
Dr. Kenneth Shine, interim chancellor of the UT system, expected most of the jobs cut would be from the hospital. Shine was optimistic that most of those laid off would find work at other health care institutions.
A few faculty members may also be laid off.

What is the current strength of the the UTMB University of Texas Medical Branch layoffs?
UTMB currently has around 12,000 employees.

Let's hope that alternative jobs are available to the affected employees of UTMB University of Texas Medical Lay off.

Volvo Lay off Job Cut: Volvo laid off fires 1000 employees

It was last month in October when there were reports about Volvo lay off & job cuts and the same has continued.
Bad news is coming from all sectors of the inductry. In last few days, there was the bad news about the General Motors GM Lay off Job Cut and then it was the DHL Lay off Job Cut and today, the truck and bus maker Volvo of Sweden has declared a huge lay off or job cut of nearly 1000 employees primarily based in Sweden as well in in the USA.


Where will the Volvo Lay off Job Cut primarily happen?
The primary locations of Volvo Job Cut would be Sweden and partially USA. Around 900 workers in Sweden and 65 in Hagerstown, Md. would loose their jobs. Few consultants in Sweden will also lose their jobs.

How many employees will be laid off in the Volvo Lay off Job Cut
A total of around 1000 emplyees of Volvo would be laid off.

What are the reasons for the Volvo Lay off Job Cut
The same reasons - as quoted by all companies going for lay offs - Global financial turmoil, reduction in demand , etc. etc.

Which business units will be affected by the Volvo Lay off Job Cut
The unit making engines, gear boxes and rear axles for trucks.

Let's hope that alternative jobs are available to the affected employees of Volvo Lay off.

DHL Lay off Job Cut: DHL Fires 9500 employees

Bad news is coming from all sectors of the inductry. Till yesterday, there was the bad news about the General Motors GM Lay off Job Cut and today, the courier and shipping company DHL has declared a huge lay off or job cut of 9500 employees all across the globe. News

As per the news, Struggling shipper DHL declared that it has decided to close its 300-employee West Coast hub in Riverside County. This move will mean 9,500 job cuts throughout the nation and closing most of its DHL Express service centers. DHL has been the preferred partner of many corporates and its shut down of such operations will force these corporates to look for alternative partners.

Why is the DHL lay off or job cut happening?
Market conditions - DHL is said to face tremendous competition form UPS or United Parcel Service and FedEx. Then there were bad financial results and losses due to the ongoing recession in the US economy.

DHL's expertise lies in international shipping and this is what they are banking on for the near future.

What all businesses and units will be closed by DHL?
Due to the losses expected to amount to $1.5 billion for its U.S. operations this year, DHL plans to close 18 U.S. airport hubs and shut all but about 100 of its 412 U.S. service centers. The company projected that daily U.S. package volume would drop to about 100,000 from between 1.2 million and 1.5 million.

"One of the principal reasons for that high unemployment rate has been the collapse of the residential home construction industry," Husing said.

"The whole business of cargo distribution has really slowed down, and when there is less of that, it really affects the express-shipping industry," Husing said.

Laid-off employees will also find it hard to find jobs at DHL's toughest competitors, UPS and FedEx, analysts said.

Let's hope that alternative jobs are available to the affected employees of DHL Lay off.

Satyam Lay off Job Cut: Satyam Fires 100 Hyderabad employees

It was in September when the news of Satyam layoff first came in, but yesterday, Satyam went ahead and made another round of lay-offs from its base city of Hyderabad. Satyam fired 100 employees citing reasons which are the usual ones like - "behavioural issues", "poor performance" in an performance assessment. Not only that, they went way too ahead and cited reason like - "delay in filling appraisal forms" and even "poor dressing" at work - appears to be a lot weird reasoning.

It is learnt from the news reported that it was a forced resignation - affected employees were given just 2 hours time to decide to resign or services to be terminated.

Probably, people took inspiration from the Jet Airways employees lay off who went berserk after jet airways announced lay offs. Those who were laid off alleged that the company chose to put the blame on them as against owning up for the financial crunch it seems to be facing. They point out that ratings of most employees this year in its "Smart" appraisal exercise (with S as highest rating and T lowest) have dropped with many figuring in the bottom R and T slots.

Though the management at Satyam continues to justify the lay offs mentioning that they are all based on performance and behaviours.

As reported by TOI, sources say the firm is undertaking fresh background checks of all its employees to find "valid" reasons for firing. Besides, project leaders were asked to suggest at least two names from their teams who could be eased out of the firm. But it was the manner in which the news was broken that left many shaken.

"Despite having an impeccable work record I was shown the door. And to do this I was given just two hours," says a senior software engineer.

Another employee of three years with a "S" rating under his belt had to quit under similar circumstances. The techie was first asked to take an assessment test within 30 minutes. He was then told his performance was poor and that he had to leave. "Why would the company insist on a test that my managers in the past had described as only a formality," he asked. His demand to declare the test result went unheeded, he added.

A senior associate who was laid off last week said the pink slip came as a shocker. With six years work experience in known IT firms, he was handling a project in Satyam, two phases of which were already over with his work spilling over to late evenings. One such evening last week he was summoned by HR officials who asked him to meet them
the next day. "I was told, either you leave or we terminateyour service," he says, adding that the reason cited for his removal was his failure in filling the appraisal form on time.

S V Krishnan, Global head of HR, Satyam Computer Services, said, "As part of our appraisal process we identify around 5 to 10 per cent of our associates in the Performance Improvement category and put them through a structured Performance Improvement Program. Our experience reflects that about half of this group exits the system either voluntarily or involuntarily, while the others make credible progress internally. We have concluded our appraisal process a few weeks back, and believe we are witnessing similar trends like in the past."

Latest: Satyam salary freeze rumors after Raju admits fraud

So where are those individuals who believed that the IT boom is here to stay, or those who believed that there will always be new technology and innovations so IT engineers will never loose the jobs or those who believed that Indian Companies never lay off anyone.
Let's hope that alternative jobs are available to the affected employees of Satyam Lay off.

General Motors GM Lay off Job Cut: General Motors Fires 3600 employees

After firing around 1200 employees in October, GM is again going for the big one.
The news has just been broken by Herald Tribune - it is reported that US Automobile Giant General Motors GM or GM has reportedly laid off or fired around 3600 emplyees indefinitely.

General Motors Corporation says that about 3,600 workers will be laid off indefinitely beginning early next year as the automaker slows down production at 10 of its assembly plants. The main reason quoted by the company is that market is going down, hence the demand has gone down and hence the production will be reduced. Less production or Prodcution Cut would mean less requirement for the employees and hence the GM job cut. IHT.

GM spokesman Anthony Sapienza said Friday the production line "re-rates," as they are called, help reduce inventory and adjust to shrinking market demand.

When will the General Motors GM Lay off Job Cut start?
The General Motors GM Lay off Job Cut will start on January 12, 2009, which will mean that New Year will not be good for these 3600 employees of General motors.

Which plants will be affected in this General Motors GM Lay off Job Cut?
It will affect Michigan plants in Hamtramck and Lansing; Wentzville, Missouri; and Oshawa, Ontario.

More slowdowns will begin Jan. 20 at factories in Bowling Green, Kentucky.; Lordstown, Ohio; and Spring Hill, Tennessee.

Re-rates also will start Feb. 2 in Oakland County's Orion Township in Michigan and Kansas City, Kansas, and Feb. 9 at a second Lansing plant.

Jaguar Land Rover Lay off Job Cut: Jaguar Land Rover Fires employees

Just some hours back it was General Motors GM which went for a massive lay off, followed by Schaeffler Germany Lay off Job Cut and now it is the turn of Jaguar Land Rover to fire employees or go for Jaguar Land Rover Job Cut or Jaguar Land Rover Lay offs.

The Jaguar Land Rover is now owned by India's Tata Motors and this deal was completed only a few months back.

How many employees will be fired from Jaguar Land Rover Lay off?
As per the reports arouond 200 employees will be fired

Which plants in UK will see the Jaguar Land Rover Lay off
The Jaguar Land Rover Job Cuts will happen at the plants in Birmingham, Solihull and on Merseyside.

There are around 15000 Jaguar Land Rover employees in Britain alone. Though the company said it would seek to shed the staff through voluntary redundancies.

As per the news from Telegraph, The credit crisis has seen new car sales in the UK tumble by more than a fifth compared to this time last year, but Jaguar insisted that its job losses were unrelated to the current economic gloom.

Jaguar Land Rover has announced a range of measures in recent weeks in an effort to limit over-production, including four-day weeks and temporary closures of some plants.
Official figures released this week showed that the total number of unemployed people in the UK has risen to 1.79 million, the highest since March 1998. Some analysts have predicted that 2 million people could be out of work by Christmas, with the jobless total expected to pass 2.5 million next year.
The Office for National Statistic figures also showed that a total of 147,000 people were made redundant in the three months to August.
The Government has made available an extra £100 million for re-training workers, in anticipation that the likely imminent recession will see a jump in job losses.
Glass-maker Waterford Crystal announced that 280 staff at its plant in Waterford in the Republic of Ireland are to be made redundant

Let's hope that alternative jobs are available to the affected employees of Jaguar Land Rover Lay off.

Schaeffler Germany Lay off Job Cut: Schaeffler Fires employees

Just some hours back it was General Motors GM which went for a massive lay off and now it is the turn of Germany based Schaeffler to fire employees.

Yesterday Schaeffler (Official Site), which is the the second large company in the Germany automobile sector, decided to lay off temporary workers

The same reasons of industry slowdown, were cited by the Schaeffler Management. However, these developments have given sufficient pointers that the the labour market in Europe's biggest economy is having serious problems and may be on the verge of a decline.

As per the news reported, Car-parts maker Schaeffler said it felt "a marked slowdown in the deliveries to carmakers in recent months" and would therefore "significantly" reduce its temporary staff.

There are around 4,000 contract workers worldwide in Schaeffler. Apart from that, there are around 66,000 permanent employees world wide for Schaeffler. In a similar move, German truck and diesel engine group MAN said this week it would cut production and reduce its temporary workforce.

The slowdown at Schaeffler comes after the company took on €16.1bn ($21.6bn) in debt to finance a takeover of Continental.

Let's hope that alternative jobs are available to the affected employees of Schaeffler.

General Motors GM Lay off Job Cut: General Motors GM Fires 1200 employees

Its time now for General Motors GM to annouce General Motors GM Lay offs or General Motors GM Job Cuts. As per the news reported, General Motors Corp. will lay off around 1,600 hourly workers.

Which plant employees will be affected by General Motors GM Layoffs
The General Motors GM Lay offs will happen at assembly plants in Detroit, Pontiac and Wilmington, Del.,

What is the primary reason for General Motors GM Job Cuts, as mentioned by the company?
Market Conditions is the buzzword for all companies firing employees and GM is no exception to that. It is citing decreasing demand for trucks, large cars and luxury cars for the General Motors GM Job Cuts. GM spokeswoman Sherrie Childers Arb said the layoffs in Detroit and Pontiac are the result of planned line-speed reductions. The action at Wilmington, she said, is the result of plans to reduce production from two shifts to one.

How many employee will be laid off from General Motors GM, as per the plants?
The company will lay off 500 workers at its Detroit Hamtramck Assembly plant on December 23, 2008 due to reduced demand for the Buick Lucerne and Cadillac DTS.

GM Spokesman Tony Sapienza said the Detroit Hamtramck layoffs are effective January 12.

It will lay off 700 workers at GM’s Pontiac truck assembly, where it assembles the Chevrolet Silverado and GMC Sierra pickups beginning February 1.

Then, there will be another 400 workers laid off at its Wilmington, Del. assembly plant beginning December 8. The Wilmington plant assembles the Saturn Sky, Pontiac Solstice and Opel GT roadsters.

Other developments for GM showing bad business prospects are that it plans to close its Janesville plant on December 23 — more than a year before originally scheduled — and new plans to close its Grand Rapids stamping plant by December of next year. Earlier this month, the company announced plans to accelerate the closure of its Moraine, Ohio, assembly plant by more than a year. That plant will also close on December 23.

Let's hope that alternative jobs are available to the affected employees of GM.

Cadbury Lay off Job Cut: Cadbury Fires 580 employees

Cadbury which is listed on the NYSE or NewYork Stock Exchange, came out with the results today and also brought bad news for its employees. It mentioned that it will go for Cadbury Lay off or Cadbury job Cut and will fire a total of 580 employees in different offices across the globe. Official Site of Cadbury.

Though the Third-quarter sales slowed from a 7pc rise in the first half, but beat analysts' forecasts for a 5pc gain.

As like any other company firing employees, Cadbury has attempted to justify the job cuts as a part of a plan announced in 2007 to reduce staff levels by 15pc in order to boost profit margins to the "mid-teens" by 2011.

As per the news, there will be around 250 job cuts by Cadbury . It appears that nobody at any level will be spared. The Cadbury Lay off will include senior managers, because Cadbury is getting rid of its regional structure. Cadbury will have seven business units which report directly to chief executive Todd Stitzer, instead of reporting to regional heads for Europe, the Americas, Asia Pacific and 'BIMA', or Britain, Ireland, Middle East and Africa.
Then there are other 330 job cuts which will be done by Cadbury in the Australian Units, where Cadbury plans to reduce the range of products it makes and reorganise its supply chain. They are still wondering whether to keep or sell its drinks business in the country, after getting rid of its US and European soft-drinks units.
Let's hope that alternative jobs are available to the affected employees of Cadbury.

Volvo Lay off Job Cut: Volvo Cars Fires 3300 employees Sweden

As per the latest news, the Sweden based Auto giant Volvo Cars has decided to go for a massive Volvo Car lay off or Volvo Job Cut. The news came in on Wednesday and the official news said that Volvo will lay off 3300 employees. This figure of 3300 job cuts will include around 2700 in Sweden. The Volvo Job Cut is being justified citing the reasons to "meet the rapidly deteriorating market situation in the global car industry."

Apart from that, around 700 different contracts of so called Volvo consultants will also be terminated by Volvo.

In the past also, Volvo has announced job cuts this year in June. That time, it had asked around 1500 workers and 500 consultants to be fired. Including this lay off, Volvo will lay off 4,800 employees worldwide and 1,200 consultants.

Volvo Cars at the start of the year had about 24,500 employees worldwide, including 17,000 in Sweden. Most of the Swedish employees - 13,000 - are in Gothenburg, which will see a significant part of the layoffs.

There is no information available about how much savings will be achieved by Volvo due to these job cuts or lay offs. However, some analysts believe that it is not sure whether these lay offs by Volvo will be sufficient to put an end to Volvo's financial troubles. With the world going into deep financial crisis, a global car giant like Volvo is bound to be impacted.

Volvo posted a first-half loss of $247 million.
Let's hope that alternative jobs are available to the affected employees of Volvo.

Whirlpool Lay off Job Cut: Whirlpool Fires 440 employees

As per the latest news, the American no. 1 Refrigration company Whirlpool has decided to go for a massive Whirlpool Lay off or Whirlpool Job Cut.

It is learnt that Whirlpool will lay off 440 employees at an Amana refrigerator plant. The Whirlpool Job Cuts are said to be justified due to a reduction in demand.

The Whirlpool Company has offered a combination of voluntary and involuntary layoffs which will mean that 60 people will loose their jobs by Monday. The rest of the layoffs will take effect before October 20, 2008.

"Like any manufacturing facility, we do have to flex and adjust to market demands and market conditions," Whirlpool spokeswoman Jill Saletta said. "It’s just general market conditions."

The announcement comes slightly more than two years after Whirlpool recived a $5 million forgiveable loan as part of an $11.2 million expansion of the Amana plant. Company officials announced thaen that they planned to add more than 400 jobs at the Amana plant and boost employment to roughly 2,900 by the end of 2008.

It was not immediately clear whether Whirlpool will have to payback any money as a result of the cuts.
Hope to see some alternative jobs being available to the affected employees of Whirlpool.

United Airlines Lay off Job Cut: United Airlines Fires 414 employees

The turmoil is spreading its wings to all the sectors it seems. United Airlines has recently informed that it is set to go for a major layoff, the second round of United Airlines layoff job cut. The United Airlines has told the mechanics union at San Francisco International Airport that it will lay off as many as 414 workers beginning December 7, 2008. The United Airlines Lay off is being said to be a part of its efforts to go for cost cutting measures.

In the United Airlines Lay off workers will be asked to leave as a second round of layoffs announced this year. The first round ended Friday, during which time 137 workers were asked to leave.

As per the news, United Airlines said in a statement released Tuesday: "As we reduce the size of our fleet and take actions companywide to enable United to compete in this challenging economic environment, we must take the difficult but necessary step to reduce the number of people we have to run our business."

How will the employees of United Airlines be asked to leave after the United Airlines Lay off Job Cut?
A seniority system is in place and the United workers with the least time of service are the first to be laid off. Many of the workers had been assigned the Boeing 737, but United is grounding the older fleet and so that work is going away. They also need to honour the state law that 60 days' notice be given of layoffs, United said in a letter to an official of the California Employment Development Department dated Sept. 29 that 414 employees at the maintenance facility will be laid off Dec. 7 or within two weeks beginning that date. The letter, obtained by The Chronicle, said United cannot predict whether these layoffs will be temporary or permanent.

Ford Lay off Job Cut: Ford Fires 792 in USA & 204 in Germany

There comes another bad news for the employees in the automobile sector. The Automobile giant Ford has decided to go for a layoff. Ford Layoffs or Ford Job Cuts will happen both in Home Country of Germany as well as in USA.

As per the news, Ford Motor Company's Germany unit reported that curtail some production and lay off 204 part-time workers at its Saarlouis plant in western Germany in light of the current financial turmoil. There are around 6,500 people working at the Saarlouis plant, where Ford produces the Focus, C-Max and Cougar models. No information is available about how much overall production will be cut and how many cars will be produced after the production cut.

There will be no effect on the Cologne plant in the northwest Germany & it will continue production without changes.

And that's not all. The Ford lay offs or Ford Job Cuts are not limited to Germany, but also USA is getting affected. There will be a Ford lay offs or Ford Job Cuts at the Ford Motor Co.'s assembly plant on Chicago's South Side. A total of 792 employees of Ford will be fired, according to a "mass-layoff" filing the auto maker made with Illinois authorities.

Ford announced in early September that it planned to eliminate one of two shifts it operates at the 2,200-worker plant, which is located at 130th Street and Torrence Ave.

At the time, the company said it expected about 600 part-time workers to lose their jobs in connection with the dropped shift, but couldn't be specific about how many additional jobs might be lost.

In a regularly published state report on companies that plan to reduce staffing which came out this week, however, Ford lists a total of 792 jobs that will be cut when the shift ends Nov. 3.

EBay Lay off Job Cut: EBay Fires 1000 employees

The information technology or the tech domain is always vulnerable to the fallout in other sectors. Seems like the turmoil in the financial markets have taken a toll in Technology sector as well. It is reported that Online Auction site EBay has decided to lay off around 1000 workers.

This Ebay Job cut of around 1000 employees, is equvivalent to 10% reduction in the workforce. At the same time, it is reported that the EBay is going to make 3 acquisitions of an online payment business and online classified sites. Hence, it appears that the cost saved by the reduction in workforce is being used to purchase 3 additional companies, to boost the technology.

As per the news it is reported that the EBay layoff, which affects 1,000 jobs, "will help improve our operations and strengthen our ability to continue investing in growth," John Donahue, eBay Inc.'s president and CEO, told Wired.com.

Meanwhile, Donahue said Bill Me Later was acquired for $820 million to work in conjunction with eBay's payment service Pay Pal. The acquisition of Danish sites dba.dk and bilbasen.dk for $390 million will expand eBay's market in Europe.

Sony Ericsson Lay off Job Cut: Sony Ericsson Fires 450 employees

Apart from the other secotrs, the layoffs are going to hit the mobile and telecom sectors as well. Sony Ericsson has decided to go for lay off with 450 employees being fired from their jobs at Sony Ericsson .
The location where the Sony Ericsson lay off or job cut will happen is its Research Triangle Park location, the headquarters of the company’s North American operations.

Aldo Ligouri, Sony Ericsson’s head of global communications and public relations has confirmed the layoffs in the news.
The credit for layoffs is being given to company-wide changes that Sony Ericsson announced in July. At that time, the company said it would lay off 2,000 workers worldwide to adjust to tough market conditions.

There are around 750 workers in RTP, which serves as a key Sony Ericsson R&D hub. The handset maker, a joint venture between Japan’s Sony and Sweden’s Ericsson, has struggled in recent quarters. Waning demand for its high-end phones and product delays brought down profit to 6 million euros in the second quarter, down from 220 million euros a year earlier.

Sales also slumped in that quarter, to 2.82 billion euros, from 3.11 billion euros in the second quarter of 2007.

Nvidia Lay off Job Cut: NVidia Fires 360 employees

Along with the IT & Financial companies across the globe going for a massive lay off, Nvidia is the latest on to join the bandwagon. It was Wipro Layoffs followed by Satyam Layoff, then Hewlett packard HP,

Graphic Chip developer NVidia, has decided to go for a massive NVidia lay off. As per the news that has come out, NVidia plans to cut 6.5 percent of its work force, or 360 jobs. About 360 people worldwide will lose their jobs by the end of October, Nvidia said. The Santa Clara, California, company plans to offer severance, counseling and job placement services for the affected workers.

The layoffs come about a month after Nvidia took a one-time charge of $196 million against its second-quarter revenue to cover the cost of replacing bad chips used in Hewlett-Packard and Dell laptops.
Nvidia said the layoffs will allow it to continue to invest in strategic growth areas, including its CUDA (Computer Unified Device Architecture) parallel computing technology and its Tegra mobile single-chip computer. The move will also help the company become more competitive and boost its financial performance, it said in the statement.

Nvidia will take a US$7 million to $10 million charge in the third quarter of fiscal 2009 to cover severance and other costs related to the reduction.

HP Lay off: HP job Cut: Fires 24600 employees

High on the heels of Wipro Layoffs followed by Satyam Layoff, Hewlett Packard or HP, another top IT Giant, has decided to go for a massive HP lay off. As per the news that has come out, Hewlett-Packard plans to cut 7.5 percent of its work force, or 24,600 jobs, seeking to realize savings from its recent acquisition of Electronic Data Systems, the company said on Monday. Is this the time for the IT industry to declare tough times? Already the financial sectors have send jitters to the IT industry, because the BFSI sector is considered to be the top contributor for the IT industry.

Almost 50% of these jobs will be cut in the recently acquired EDS headquarters in Palo Alto, California, USA.

HP estimated $1.8 billion in annual cost savings once the three-year cost-cutting program is completed. At the time the $13.2 billion merger of computer services provider EDS into HP was announced in May, Hewlett-Packard counted 178,000 employees on its books and EDS had 142,000 employees. HP mentioned that majority of the jobs that will be cut will be in terms of overlapping functions in EDS and HP like as in legal, accounting, information technology and human resources.

Work-force reduction plans will vary by country, based on local legal requirements and consultation with works councils and employee representatives, HP said.

The only good news for the employees is that the company will provide employees affected by this restructuring program with severance packages, counseling and job placement services.

Recently, TCS created a big uproar by deducting the salary of employees or going for a salary cut. In India, it was TCS which went for a TCS layoff following TCS salary cuts. Then it was IBM which axed 700 jobs across all over India.
In February, Tata Consultancy Services (TCS), the country’s largest IT services firm, had given pink slips to 500 non-performers. IBM, too, had asked about 700 employees in India to leave, citing non-performance. In July, Patni Computer Systems had shown the door to 400 employees. While IT companies said the move was not linked to the slowdown in the US, a key market for IT services, there was a consensus that it was time for belt-tightening.

Satyam Lay off: Satyam job Cut: Fires 4500 employees

High on the heels of Wipro Layoffs, Satyam, another top Indian IT Giant, has decided to go for a massive Satyam lay off. As per the news that has come out, it seems that Wipro has fired around more than thousand employees citing non-performance. Around 1500 Satyam employees have been put under the performance improvement plan (PIP), euphemism for employees put on watch list and asked to shape up or ship out. Apart from this, 3,000 others have not been given any increment in the last appraisal cycle, thereby indicating that their services are dispensable. That constitutes around 9% of the entire Satyam Workforce which have been put under the scanner for performance reviews. Is this the time for the Indian IT industry for consolidation?

"This 1,500 plus 3,000 equals 4,500, which indicates the total number of persons who could be eased out of the company," the source said.

On Friday, all employees received an e-mail from the company chief Ramalinga Raju warning them, especially the ones on the bench, to not bunk office and be in their best dress code, failing which they may face strict disciplinary action.

While some would be given counselling to improve their performance, others would be asked to leave.

As per the news, around 400 employees from various Satyam offices across the country were fired from the job citing reasons for non-performance. Sources also indicated that after getting the message many among the 3,000 have also started leaving jobs. But an estimate of the employees who have left is not known.

Seems like every company has got a reason in the name of "Regular Exercise" or "Based on Annual Performance Review". The fact remains the same that all these things are being done primarily for cost cutting. With severe dependency on US markets, which are seeing a big problem, the Indian IT secotr has been worst hit.
Recently, TCS created a big uproar by deducting the salary of employees or going for a salary cut. In India, it was TCS which went for a TCS layoff following TCS salary cuts. Then it was IBM which axed 700 jobs across all over India.

Latest: Satyam Salary Freeze Rumors after Raju admits fraud

In February, Tata Consultancy Services (TCS), the country’s largest IT services firm, had given pink slips to 500 non-performers. IBM, too, had asked about 700 employees in India to leave, citing non-performance. In July, Patni Computer Systems had shown the door to 400 employees. While IT companies said the move was not linked to the slowdown in the US, a key market for IT services, there was a consensus that it was time for belt-tightening.