How do you know the Fed is justified in hiking again, the economy is recovering, and the market are zooming higher? One hint is the just announced thousands in layoffs in both the energy and tech sector, among which are Shell, which announced it would layoff 2,200 jobs; Microsoft reporting it would cut 1,850; and Intel terminating up to 350 jobs in Germany.
The details:
Shell Cuts 2,200 More Jobs, Bringing Total Losses to 12,500
- Co. to make additional 2,200 job cuts by end of 2016, according to e-mailed statement.
- Brings total number of staff and direct contractor roles leaving Shell from start of 2015 to the end of 2016 to at least 12,500
- Will reduce size of the organization supporting U.K. and Ireland upstream business by ~475 people
- “These are tough times for our industry and we have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn,” Paul Goodfellow, Shell’s vice president for U.K. & Ireland, says in statement
Microsoft Unveils as Many as 1,850 Job Cuts, Phone Unit Charge, Microsoft to take $950m impairment and restructuring charge.
- Charge includes $200m for severance payments: statement
- CEO Satya Nadella pares back the company’s ambitions in smartphones
- About 1,350 jobs will be cut in Finland, base of the handset business co. acquired from Nokia in 2014
- Further details to be released with 4Q earnings in July
Intel to Cut 300-350 Jobs in Germany, WirtschaftsWoche Says
- No forced redundancies are planned, WirtschaftsWoche says, citing unidentified co. employees.
- Job-cut program to be in place by end of June
- Co. also to close site in Ulm
- Co. employs about 3,500 staff in Germany
- Note April 20: Intel to Cut 12,000 Jobs, Forecast Misses Amid PC Blight
Source: Bloomberg
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