First American Cutting 1,300 Jobs

[OhioChick]

Source: AP

Sept. 4, 2007, 8:13AM

SANTA ANA, Calif. — First American Corp., a business information provider, said Tuesday it will cut 1,300 full-time jobs during the third quarter, following 600 layoffs in the second quarter.

The combined job cuts are expected to save the company $108 million annually. In all, 1,400 jobs will be eliminated in the title insurance and services segment.

The company also said it will cut certain executive perks and benefits, resulting in annual savings of about $16 million including $12 million in the title insurance and services segment.

First American plans to discuss the job cuts when it delivers a presentation at the Keefe, Bruyette & Woods insurance conference Tuesday.



Read more: http://www.chron.com/disp/story.mpl/ap/fn/5105432.html

[ChairmanAgnostic]

1. and what of their jet planes, that

their top execs love to fly in?
or their profit sharing, stock options, and bonusi?

[Kittycat]

2. Are you kidding me? When I worked at Nextel

We had to downsize (or eliminate through attrition) nearly 40% of our staff. Meanwhile, the asshole COO at the time was flying around for annual sales conferences in each district. And because of flight regulations, he sent the jet BACK and FORTH to carry his braveheart sword ALONE. They have no sense of reality beyond their own selfish needs.

[toopers]

3. Funny you mention that . . .

When my boss asked me for ideas to cut costs I sent him an article out of Money magazine which identified how much our company was spending annually to fly our board members around the country on personal trips. The boss did forward it on, but I do not think it changed anything.