Merck - 13,000 , HSBC - 10,000 , RIM - 2,000. Serious Layoff Problem

[OverDone]

Source: WSJ

Merck reported a second-quarter profit increase in line with analysts’ expectations, affirmed its revenue guidance for the full year and said it would cut as many as 13,000 additional jobs by the end of 2015



Read more: http://blogs.wsj.com/health/2011/07/29/a-m-vitals-mercks-2nd-quarter-profit-rises-announces-more-layoffs/

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Has anyone been paying attention, to the now serious unemployment problem we have here. Just recently we have had a huge up spike in listing. Here are some links below

http://www.dailyjobcuts.com


http://blogs.wsj.com/health/2011/07/29/a-m-vitals-mercks-2nd-quarter-profit-rises-announces-more-layoffs/
http://abcnews.go.com/Business/wireStory?id=14177984
http://finance.yahoo.com/news/HSBC-may-cut-more-than-10000-rb-2415207465.html


And theses are just some of the large ones.

[Coyote_Bandit]

1. Ummmm......

Nobody in a position to do anything about it give a flip about unemployed people.

If you were long-rterm unemployed you'd be well aware of that.

[Autumn]

2. Has anyone been paying attention? I'm going to go with

no. Certainly not any elected or appointed officials.

[andym]

3. merck and rim are just losers in capitalism

they made mistakes in their business and are now paying. It's unfortunate that their workers are the victims of their mistakes.

[Moostache]

5. If that's true, if $2.08 B in PROFIT is "losing"....

then I must be the all-time greatest "winner" in the world! We're talking Charlie Sheen-esque...

Please, Merck is not any kind of loser in this, their EMPLOYEES are! The "investor class" is in need of a SERIOUS haircut and this kind of broad-sword cutting of jobs is going to bring that about a lot sooner than the powers that be are ready for or can imagine.

[andym]

18. They have profit NOW, sure, but Merck IS losing the game

They screwed up their drug pipeline. So they have good profit now, but their profit will be much less in the near future unless they get very lucky. Their blockbuster drug Singulair expires in 2012. Their workers suffer, because of bad executive decisions.

RIM has been killed by Apple's and Google's smartphones.

[greymattermom]

21. maybe telcagepant will save them

[closeupready]

7. Yeah. Too bad they aren't banks.

nt

[andym]

19. No bailouts for Big Pharma

just mergers.....

[leveymg]

4. HSBC is the Chinese pulling out of US retail banking and mortgages.

Cutting their losses, while the cutting is good.

[Sen. Walter Sobchak]

16. HSBC is British

and founded during colonial times,

[leveymg]

17. HongKong-Shanghai Bank Company, HSBC is no more British today than is Hong Kong.

It's Chinese and Saudi controlled and a near-dominant banking presence in major cities throughout the EuroZone. It's retail banking and mortgage operations in the U.S. haven't done so well, and have been carved back with more cuts coming.

Saudi billionaire buys second largest share: http://www.guardian.co.uk/business/2007/apr/17/frontpagenews

In May this year, HSBC's execs announced that if the UK government pursues plans to intensify regulation and taxation of the bank, HSBC will move back its headquarters back to HongKong.

The banking giant, which moved its base from Hong Kong to the UK after buying the Midland Bank in 1992, paid £1.2billion in taxes last year.

HSBC revealed that major shareholders have been quizzing the board on why it chooses to remain in London in light of the £2.5billion bank levy and a recent tightening of regulation.

I

Read more: http://www.dailymail.co.uk/news/article-1363488/Go-easy-banks-leave-UK-threatens-HSBC.html#ixzz1TXv3bPg3

[xchrom]

6. recommend

[rox63]

8. Boston Scientific just announced it's laying 1,200

http://www.boston.com/business/healthcare/articles/2011/07/29/boston_scientific_to_lay_off_1200_plus/

[svpadgham]

12. Well, it is the oldest profession on Earth.

Sorry, your typo is funny.

[rox63]

14. Oops, didn't see it until it was too late to edit

:blush:

[OhioChick]

9. Cisco To Cut Workforce By 11,500 Employees

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=4925878

IBM tries offshoring yet more jobs

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x617104

[KamaAina]

10. I'm hearing a mere 6,500 at Cisco

:sarcasm:

Needless to say, this is front-page news here in SiliValley.

[OverDone]

11. Go Overseas with no action

And to allow theses companies to expand overseas and still do business in US, is totally insane

[high density]

13. We can't spend money because we don't have good paying jobs

And companies won't create jobs because people aren't spending money.

Corporate America will never internally develop the long term outlook that is needed to fix this problem.

[FreeStateDemocrat]

15. Does anyone know how many of these lost jobs are actually in the US and not off-shore?

[MisterP]

20. Borders, 10,000

[OverDone]

22. HSBC - 30,000

Just turned on the TV this morning and CNBC said HSBC going to cut 30,000 over the next few years.
Thought I would keep all this major news in one category.

Here the link, says profits rise , 30,000 layoffs

http://www.cnbc.com/id/43941320

[chaperonio]

23. Private sector jobs are stronger than public jobs

If private jobs begin to falter the economy is in deep doodie indeed.