Chicago : Argonne National Laboratory plans layoffs

Argonne National Laboratory plans to eliminate 50 jobs starting in January, after a voluntary buyout program announced in October fell short.

An internal memo from the lab said more than 70 employees accepted Argonne's labwide voluntary separation program. But the lab was aiming to reduce its 3,456-person staff by about 3.5 percent, or 120 positions.

“Due to the slow economic recovery and ongoing debates over federal spending, Argonne National Laboratory is anticipating reduced budgets for the laboratory for at least the next two fiscal years,” the lab said in a statement last month. “Despite ongoing efforts to contain costs and limit spending, our budget constraints make it necessary for us to reduce our workforce."

Earlier this year, an attempt to restore about $50 million in funding cuts for Argonne, which is near Lemont, and Fermi National Accelerator Laboratory in Batavia did not come close to winning approval in the U.S. House.

“The savings made possible by the voluntary separation program have eased some of the budget constrictions we are facing this fiscal year,” said the Dec. 3 memo from Eric Isaacs, the lab's director, who recently was named provost of the University of Chicago, which runs Argonne under contract with the U.S. Department of Energy. “However, we are still grappling with the impacts of the slow economic recovery and the continuing congressional debates over the federal budget. As a result, we anticipate significant reductions in our federal funding over the next two years. In response, the laboratory plans to eliminate another 50 positions through an involuntary separation program, to begin in January.”

Argonne gets about 90 percent of its $800 million operating budget from the federal government.
“This is a difficult process, and I know that the next few months will be very challenging for many people,” the memo continued. “I want to assure you that we are exploring all available options to contain spending and increase efficiency. We believe these staff reductions are crucial to our ability to stay within our budgets while still pursuing our research mission and delivering groundbreaking science.”

Even if the budget deal currently pending in Congress eases the pressure on federal spending cuts next year, "there's still a huge amount of uncertainty" about how much funding Argonne will receive, said Mark Peters, the lab’s assistant director for lab programs. "All the budget deal does is make the cuts a little less."
The lab is making a strategic decision to position itself for the future, he added, assuming budgets will continue to be tight. At the same time, "it’s important that we continue to talk about the fact that scientific research needs to be a priority."

Tribune Co. to slash 700 jobs

Tribune Co. is cutting 700 newspapers employees, or about 8 percent of its publishing workforce, as the Chicago-based media company restructures to centralize certain functions for the papers.

Tribune, which owns eight major dailies including the Chicago Tribune and Los Angeles Times, will streamline advertising, marketing, manufacturing, distribution, human resources and digital strategy for its newspapers instead of having all of those functions for various publications spread across the country. Its making the move as it prepares to spin off the publishing division and focus on expanding its broadcast operations.

"Creating these critical efficiencies and ensuring the long-term strength of our mastheads will, unfortunately, result in the selective reduction of our publishing staff," Tribune CEO Peter Liguori said in a memo today.
Tribune had 8,487 full-time employees in its publishing division and 2,598 employees in its broadcast division, as of June 30, the company has said in financial documents.

Barclays plans to cut 1,700 jobs across the UK

Barclays is to cut 1,700 jobs from across its branch network in the UK, the bank has announced.

The cuts come as it scales back the number of branches across the country.

Barclays said in a statement that the way people accessed banking services was changing rapidly, with more using smart phones and other technology.

The bank has launched a voluntary redundancy scheme and said staff would be "fully consulted" and "have access to the support... they require."

Barclays has 1,577 branches employing 33,600 staff.

The Unite union, which represents some bank staff, said customer service could suffer as result of the cuts and said Barclays was making a "colossal mistake" .

'Service'

The jobs going are equivalent to one staff member per branch, Barclays said, and will involve a host of frontline roles including cashiers, personal bankers, operational specialists, and branch and assistant managers.

They will be rolled out through 2014.

Unite's national officer, Dominic Hook, said: "These employees deliver high levels of service that customers of the bank benefit from.

"Such a massive reduction will be very detrimental to the bank and will also be hugely challenging for the staff remaining."

The union said it would have "urgent" discussions with Barclays in an attempt to put forward alternative proposals.

Unite said it had already successfully argued with Barclays for training grants for staff leaving Barclays, and compensation for those who volunteer to reduce working hours.

Last week it was announced that around 600 jobs would be lost as a result of the closure of centres at Coventry and Dartford.

Earlier this month Barclays said it would close four branches and move staff and banking services to nearby Asda stores.

Lockheed Martin slashes 4,000 jobs

NEW YORK — Lockheed Martin said Thursday that it is cutting 4,000 jobs due to a slowdown in business due to less U.S. government spending on defense.

The defense contractor also said it was closing and consolidating several of its U.S. facilities in an effort to increase the efficiency of its operations and make its products more affordable.

"In the face of government budget cuts and an increasingly complex global security landscape, these actions are necessary for the future of out business," CEO Marillyn Hewson said in a statement.

Defense contractors have been hurt by across-the-board budget cuts, known as sequestration.

By mid-2015, Lockheed plans to close plants in Newtown, Pa.; Akron, Ohio; and Goodyear, Ariz. Those closings will result in 2,000 job losses. The other 2,000 positions being eliminated will be focused in the company's Information Systems & Global Solutions, Mission System and Training, and Space Systems businesses.

This is not the first wave of job cuts for Lockheed. Since 2008, in an effort to better align costs with revenue, the company has slashed its workforce by 30,000, from 146,000 employees to 116,000. The latest plant closing will bring the number of square feet taken out of production to 2.5 million since 2008, the company said.

As part of the consolidation, some Lockheed employees will be moved to other company locations.

Lockheed Martin had net sales of $47.2 billion in 2012. It stock is up nearly 50% this year.

Thomson Reuters to Cut 3,000 Jobs

Market data products and systems vendor Thomson Reuters will be cutting 3,000 jobs, mostly from its Financial and Risk division, according to an internal memo that emerged at the same time as the company’s reporting of third quarter results.

The financial results include a $350 million charge that will facilitate the layoffs for a division that had positive sales in the third quarter for the first time in over two years, say company officials. Yet the layoffs are in line with the company’s ongoing efforts to transform and simplify its offerings and operations.

The company, with 60,000 employees across 100 countries, foresees “ample opportunities to simplify” operations, strengthen its value proposition and drive organic growth, says Jim Smith, president and CEO of Thomson Reuters, during a results presentation with analysts. “We remain confident in the overall trajectory of the company,” he says.

Overall, revenues from the company’s ongoing businesses grew 2% (before currency) from the prior-year period to $3.1 billion, reflecting a tough market for Thomson Reuters’ offerings. Stephane Bello, chief financial officer for Thomson Reuters, adds that despite difficult market conditions caused by the Great Recession, the company has “turned the corner in our finance business.”

Franciscan Alliance cutting 925 jobs

Franciscan Alliance, which last month cut more than 100 jobs at its two south suburban hospitals, is laying off 275 employees and cutting 650 other full-time positions across Indiana, the health system said yesterday.
In September, Mishawaka, Ind.-based Franciscan said it would cut about 125 positions at two of its 13 hospitals, Franciscan St. James-Olympia Fields and Franciscan St. James-Chicago Heights. Those reductions came four months after Franciscan said it was seeking a buyer to take over the two struggling hospitals.

The latest in the series of restructurings will reduce Franciscan's workforce by 1.4 percent, according to the Associated Press. The workforce reductions will come through a combination of retirements, other attrition and reduced hours, AP reported.

The Catholic health care system cited economic pressures, including reduced reimbursements, new payer models, the federal health care overhaul and shifts from inpatient to outpatient care.
“Franciscan Alliance has not been immune to such pressures and has found it necessary to align staffing levels to reflect lower patient volumes and reduced industrywide reimbursements brought on by reforms associated with the Affordable Care Act,” Kevin Leahy, Franciscan's president and CEO, said in a news release.

“Recent trends and the new law are challenging health care providers to manage the continuum of care for patients more efficiently and effectively to ensure the same quality outcomes at reduced reimbursement levels,” Mr. Leahy said. “Our challenge is to staff our campuses in line with the reduced inpatient volumes that are a byproduct of recent health care trends and the new law.”

$500 MILLION IN COST CUTS
Franciscan said it must cut its costs by 15 to 20 percent, or as much as $500 million, over the next three years to remain viable.

Franciscan's remaining 19,000 employees will see cuts in benefits next year, including no salary increases for management, the elimination of a 1.5 percent employer match of their 403(b) retirement savings program, and higher employee contributions for health insurance, the system said. Employees not vested in the pension plan by Jan. 1 will get a new defined-benefit pension program.

The Indianapolis Business Journal reported Franciscan's 13 hospitals in Indiana and Illinois pulled in revenue of $2.5 billion in 2012, generating a net gain of $110 million, excluding a special accounting charge. However, its operating profit margin decreased to 4.5 percent from 5.2 percent the previous year. Franciscan ranks second in revenue among Indiana-based hospital systems, behind IU Health.
Indianapolis-based IU Health cut 935 positions, or 2.6 percent of its workforce, on Oct. 1. Indianapolis-based St. Vincent Health announced in June it was laying off about 865 workers, or 5 percent of its workforce.
Franciscan operates hospitals in Crown Point, Michigan City, Crawfordsville, Lafayette, Carmel, Indianapolis, Mooresville, Hammond, Dyer and Munster.

MillerCoors to fire 200 companywide

MillerCoors announced Monday that it is firing 200 workers and eliminating another 160 positions that are unfilled. The cuts represent 6 percent of its salaried workforce and 2 percent of its overall workforce.

The Chicago-based company said it believes the moves will "allow more financial flexibility to help the company meet long-term investment requirements in its brands and breweries while at the same time achieve its operating margin and profitability goals."

Alcatel-Lucent to announce cut of 15,000 jobs

PARIS — Alcatel-Lucent SA will slash 15,000 jobs, people familiar with the matter said, the latest step in the telecommunications-equipment maker’s plan to reshape itself as a smaller company focused on a handful of core businesses.

The money-losing company plans to announce Tuesday that it will cut the jobs, largely in older technologies such as second- and third-generation wireless equipment, the people said. The company also plans to add roughly 5,000 new jobs in growth areas, such as Internet-routing, one of the people added. The announcements will be part of a morning union meeting.

In total, the cuts will involve roughly 15% of the company’s worldwide workforce, with Germany the hardest hit and France touched significantly as well, one of the people said. Another person familiar with the matter said the company could cut 900 jobs in France, with an additional 900 to be shifted elsewhere in the company or to subcontractors.

Alcatel-Lucent FR:ALU +0.38%    ALU +0.52%   had 72,344 employees as of Dec. 31, including 9,483 in France, according to a securities filing.

Chicago : JPMorgan to cut 145 mortgage employees

JPMorgan Chase & Co. will lay off 145 mortgage employees in its Chicago and Downers Grove offices. The layoffs begin Nov. 22, spokeswoman Christine Holevas said. She had no further comment.

JPMorgan's cuts were disclosed in a monthly state report in which the bank said "restructuring" was the reason for the layoffs. Large banks with significant mortgage operations in recent months have been laying off employees all over the country. Borrower demand to refinance mortgages has dramatically declined due to higher interest rates since the early summer.

Merck cuts 8,500 more jobs

US pharmaceutical giant Merck has announced it will cut 8,500 further jobs in an attempt to cut $2.5bn (£1.5bn) from its costs by 2015.

The company's shares rose 2.35% to $48.73 in New York trading after it announced the cuts.

The new losses, combined with 7,500 job cuts announced in 2011 and 2012, amount in total to 20% of its workforce.

Merck said it will be shifting its focus to areas it sees as high growth, such as cancer treatment.

'Difficult decisions'
It is also pulling products in late-stage trials it estimates will not be so successful, and licensing other products to alternative companies.

The New Jersey-based company anticipates its costs will be reduced by $1bn at the end of 2014, from cutting marketing, administrative, research and development operations.

Kenneth Frazier, chief executive at Merck, said: "While these actions are essential to ensure that Merck can continue to fulfil its mission into the future, they are nevertheless difficult decisions because they affect our dedicated and talented colleagues.

"We appreciate the contributions of all our employees, and we will support them during this time of transformation."

Merck will also be selling property in New Jersey to help save costs.

Alex Arfaei, analyst at BMO Capital Markets, said he was concerned Merck was putting too much faith in a handful of experimental drugs.

He said these include a new type of cancer drug that boosts the immune system, a treatment for Alzheimer's disease, improved versions of its cervical cancer vaccine and its treatment for hepatitis C.

"Overall, today's announcement makes us more cautious about the potential of Merck's pipeline" of experimental drugs, Mr Arfaei said.

Siemens cuts 15000 jobs in six billion euro savings drive

Germany engineering company Siemens says it will cut up to 15,000 jobs worldwide by the end of 2014.

German news agency dpa reported Sunday that the company wants to cut 5,000 jobs in Germany and another 10,000 jobs abroad.

A Siemens spokesman, whose name was not given, told dpa that the cutbacks will not necessarily mean that all the workers will lose their jobs, since some could be transferred to other departments.

Siemens could not immediately be reached for comment.

The Munich-based company has around 370,000 employees and makes a wide range of industrial machinery, including trains, power generators and transmission equipment, and medical scanners.

Chicago : Navistar to cut hundreds of jobs

Navistar International Corp. will cut a few hundred jobs, plus 140 contractors, by early September, the company announced today.

The Lisle-based heavy-duty truck and engine maker said the cuts will be companywide, but mainly in North America. Navistar said it's still evaluating which departments the cuts will affect.

Over the past year, the company said, it's been looking to reduce its cost structure. "This is a continuation of that," said Elissa Maurer, a spokeswoman for Navistar. "Unfortunately, it is not an easy decision, but it's something that is necessary."

Navistar's recent troubles stem largely from its bungled three-year, $700 million effort to develop new technology for large diesel engines that could meet federal emissions standards.

Navistar held 28 percent of the U.S. and Canadian heavy-truck market in 2010, narrowly trailing leader Freightliner, a division of Daimler A.G. By the first quarter of 2013, the number was down to 14 percent, the company reported in April.

Navistar abandoned its alternative engine technology late last year and began installing 15-liter engines built by Cummins Inc. The Environmental Protection Agency recently certified its 13-liter engine, which, like Cummins, uses industry-standard technology to reduce emissions.

Recently Navistar announced plans to save $175 million by selling assets, closing plants and reducing its workforce, which it did by 2,100 employees in 2012. In a recent call with investors and analysts, company executives said it was on track to meet or exceed the $175 million goal.

Chicago : Citadel cutting 25 to 30 jobs

Citadel Securities is cutting 25 to 30 jobs, including senior managing director Matt Cushman, as it consolidates the technology and support teams linked to its automated trading operations, a person familiar with the situation said on Wednesday.

Citadel spokeswoman Katie Spring confirmed the cuts were taking place. Citadel Securities is a unit of Citadel LLC, which also runs a market-making business and one of the world's largest hedge funds.

The cuts amount to up to 10 percent of the workforce of Citadel Securities and will happen mostly in New York, but also in Chicago and Palo Alto, Calif., the person said.

Citadel identified overlapping positions supporting its retail and institutional trading business during its annual business review at the beginning of the year, the person said.

Cushman was a high-profile hire from Knight Capital Group, along with Jamil Nazarali, in 2011.

Despite the restructuring of the unit, Ken Griffin, Citadel's chief executive, does not plan on pulling back from the trading business, the person emphasized.

"If anything Ken wants us push more into that space."

JPMorgan to cut 17000 jobs over 2 years to cut 17000 jobs over 2 years

J.P. Morgan Chase stepped up the pace of bank cost cutting, setting plans to eliminate 17,000 jobs by the end of next year and reduce expenses by at least $1 billion annually.

The move announced Tuesday by the New York company, the nation's most profitable bank in 2012 and the biggest U.S. lender by assets, will reduce its staff by 6.5% in one of the most aggressive reductions to date amid widespread financial-industry cutbacks.

J.P. Morgan is considered among the healthiest of the big U.S. banks, but the cuts show that even it isn't immune to the struggle that is dragging down results at financial companies of all stripes—particularly the effect of low interest rates on profits from lending and investing.

The cuts figure to make J.P. Morgan by staffing the smallest among its peers, a group that also includes Bank of America Corp., BAC +0.91%Citigroup Inc. C +0.34%and Wells Fargo WFC -0.11%& Co. The largest, Bank of America, employed 267,190 people at year-end, while J.P. Morgan employed 258,965.

For 2012, J.P. Morgan reported net income of $21.3 billion, up 12% from a year ago and a company record. But revenue was flat at $99.9 billion, amid a slow U.S. economy that has crimped loan growth and a mixed market environment that has squeezed banking and trading profits. Meanwhile, costs inched up 3%. The results were announced Tuesday by Chief Executive James Dimon and other executives during an investor day presentation at the bank's Manhattan headquarters.

Chief Financial Officer Marianne Lake said a key measure of lending profitability, net interest income, is expected to remain flat this year, although she expects strong loan demand from businesses.

The staff reductions come as the biggest financial firms, many of which grew during the financial crisis by acquiring faltering rivals, accelerate a crackdown on costs. The four largest U.S. banks cut 29,793 jobs last year, according to company filings.

"The industry has elevated costs because of the recession and the financial crisis," said RBC Capital Markets banking analyst Gerard Cassidy. With the crisis mostly past, the big banks "don't need those people anymore."

J.P. Morgan said it would reduce its global staff by a net 4,000 jobs this year and 13,000 next, primarily in the consumer bank and the unit that handles home loans. The majority of J.P. Morgan's cuts in 2013 and 2014 will come from its 45,000-person mortgage group. Kevin Watters, the head of the bank's mortgage operations, said reductions are planned mostly among employees dealing with defaults, which have come down, and among employees related to home lending as volume declines. Mortgages remain "a core product" for J.P. Morgan, Mr. Watters said, and the bank is planning to increase its market share.

Danone to cut 900 jobs

Danone has announced that it will shed 900 jobs across 26 countries and undertake a significant restructure in response to what the company believes is a lasting downturn in the European economy and consumer trends that have led to a significant decline in its sales in the region.

The company had earlier reported that, while worldwide sales were up 5.4% on a like-for-like basis in 2012, European sales were down 3%, with operating income down 10%.

The cost saving program also calls for three major changes. The first is a reduction by approximately half of management units, achieved by combining teams from several countries into multi-country units. Danone will continue to do business in the same number of countries and maintain a division-based structure to make best use of features specific to each business line.

Second is the combination within subsidiaries of several management functions that currently operate separately.

The last sees Danone focusing each level of management (corporate, division, region, etc.) on missions and projects that have a direct impact on business growth. This will also involve simplifying key management processes.

The company believes that this model will boost responsiveness and speed up decision-making, and will also generate savings on general and administrative costs that will contribute to the cost-reduction plan.

Job losses – which will occur over a two year period - will, said the company, emphasise internal mobility and voluntary departures.

“2012 was an important year for Danone in many respects,” said chairman and CEO Franck Riboud. “Important in that we achieved some major milestones: our sales exceeded the €20 billion mark for the first time, reflecting our ability to bring health through food to an ever-increasing number of people. And for the first time, too, our cash-flow topped €2 billion—double the 2008 figure. Finally, even as our Group grew rapidly from 2008 to 2012, our CO2 emissions held steady. Which means a 35% reduction in the carbon intensity of our business.”

“Most of these achievements were due to our operations outside Europe,” he continued, “which now generate 60% of our total sales and reported profitable growth averaging over 10% in 2012. We must make every effort to pursue lasting expansion in these markets.”

“But 2012 also saw some of our business in Europe come under pressure from a severe deterioration in overall consumer demand, which led to a 3% decline in our revenues in this region and a decline of over 10% in our operating income. Clearly this situation is not sustainable, and we will overcome it. In December we set a €200 million target for savings and announced that we intended to launch a plan to adapt our organization. Today we are initiating discussions with our Works Councils over the plan’s main measures, which are designed to win back our competitive edge and achieve greater efficiency in Europe. We will also continue to revamp the product ranges offered by our business lines.”

“So 2013 will be a year of transition, with vigorous development in business in our growth markets and a drive to strengthen operations in Europe,” concluded Riboud. “A year aimed at returning our activities as a whole to strong, profitable growth by 2014.”

Evercore Partners is hiring

Boutique investment bank Evercore Partners had a record-setting 2012, setting the firm up to add talent in the coming year while larger rivals cut staff.

The New York-based advisory firm shocked Wall Street by doubling to $195.5 million its investment banking revenue in the fourth quarter of 2012, compared to the previous year’s Q4, and earning advisory fees from 169 clients, up from 127 in the same quarter a year ago. Evercore saw its profit for the year jump 265% from 2011.

Unlike other U.S. investment banks that booked strong end-of-year results, Evercore will invest its newfound cash in employee compensation and fresh talent. The firm plans to hand out larger bonuses and continue to add to its headcount, which rose from 357 in 2011 to 391 at the end of last year, according to Financial News.

“In 2013 we see a number of opportunities to add senior managing directors and we expect to add additional talent during the year,” Ralph Schlosstein, president and chief executive officer of Evercore, said on an analyst call.

Evercore declined to provide additional comment on their hiring plans. The firm doesn’t advertise specific positions on its website, but is accepting applications for interns, analysts, associates and experienced hires within its investment banking division in the U.S. and in Europe.

Barclays to Cut 3,700 Jobs

LONDON—Barclays on Tuesday said it would slash several thousand jobs as part of a three-year effort to rebuild the bank's tattered reputation and ready it for a tougher regulatory environment.

Under Chief Executive Antony Jenkins' new plan for the lender, around 3,700 jobs will go, mostly in its investment bank, as it aims to slice around 9% from its £18.5 billion cost base by 2015.

Barclays will focus future investment on its U.K., U.S. and African operations. Meanwhile, the bank's loss-making European retail operations will prioritize targeting wealthy customers. The bank's powerful investment bank, which historically has accounted for more than half of profits, will be "repositioned" in Europe and Asia, where the division has less traction with clients than in the U.K. and U.S. Some 1,600 jobs have already been cut, mostly in Barclays European and Asian equities teams.

Since his arrival in August, following a management clear-out sparked by allegations of rate rigging, Mr. Jenkins has pledged to rebuild a bank with a lower risk appetite and better relations with regulators.

Barclays Capital Cuts Up to 10% of U.S. Staff Days Before Bonus

Barclays cut between 5% and 10% of its capital markets, advisory and other investment banking units in the U.S. yesterday, just days before bonuses are scheduled to be announced.

The cuts ran the gamut in terms of seniority, affecting first-year associates through director level. The source had no knowledge of anyone on the managing director level being cut.

Barclays declined to comment.

In an unusual and somewhat brutal move, the eliminations included first-year investment bankers, said the source. Normally graduates who join Barclays in investment banking keep their jobs for a minimum of two years to “assess whether they like the job and perform before they are considered to be put under the chopping block,” the source said. “Now banks evaluate people as soon as they walk in the door.”

The cuts come just before bonuses are due to be announced on Friday, according to a source in the bank, and those laid off won’t be eligible to be paid bonuses. That will save Barclays millions of dollars.

“If there is a fully discretionary provision, there is really no recourse for the employee,” said Joanne Seltzer, a partner in the New York City office of Jackson Lewis LLP. Seltzer wasn’t specifically commenting on Barclays cuts.

As is the practice at many banks governed by U.S. employment laws, Barclays made its job cuts with efficiency. “They call your desk, you go to your manager’s office, he says you’re being let go. You can’t talk to anyone, and they tell you that if everything doesn’t go to plan, security is standing by,” the source said.

“It’s like an execution.”

The firm will also lay off an additional 275 investment banking employees in May as part of its strategic review, according to Bloomberg Businessweek. The May cuts are based on economics, according to the company.

Illinois : Companies warn of nearly 1,200 layoffs

Nine companies announced they may shed nearly 1,200 jobs in coming months.

The total comes in the state's January Worker Adjustment and Retraining Notification Act, or Warn report. Some of the moves had been disclosed previously, including those by Sun-Times Media LLC and Best Buy Co.

The biggest possible job losses in the report are at Lyon Workspace Products LLC in southwest suburban Montgomery. The Aurora-based industrial workspace manufacturer, which makes products including steel lockers and storage racks, may lay off as many as 456 workers after filing for Chapter 11 bankruptcy protection last month, saying it wants to sell itself while continuing to operate. A company representative did not immediately return a call for comment.

Elsewhere, Sun-Times Media, publisher of the Chicago Sun-Times and other suburban papers, warned that 274 jobs in north suburban Glenview, south suburban Tinley Park and west suburban Aurora may be eliminated as the company consolidates suburban operations in its River North headquarters.

The number of jobs cut depends on how many suburban workers agree by Feb. 25 to move to the headquarters, Ted Rilea, the company's vice president of labor relations and human resources, told Crain's.
Other layoffs:

• Walgreen Co., the Deerfield-based drugstore chain, will shed 65 warehouse employees in west suburban Berkeley.
• Kmart, part of Hoffman Estates-based Sears Holdings Corp., will lay off 98 workers when it closes a store in Naperville in late March or early April. More than a year ago, Sears Holdings announced it would close up to 120 underperforming Sears and Kmart locations.
• Georgia-Pacific Corrugated LLC said it would shed 108 jobs from its Chicago manufacturing site. The company is a division of Atlanta-based Georgia-Pacific, one of the world's largest manufacturers of tissue, packaging and paper.
• Cincinnati-based grocery store chain Kroger Co. will shed 65 jobs as it closes a store in downstate DuQuoin.
• Cardinal Health, the Dublin, Ohio-based health care services giant, will lose 63 jobs as it closes a medical equipment wholesale facility in Lake County's McGaw Park. Cardinal said last week that it would cut some 650 jobs in the north suburban Waukegan areaand put most of the MGaw Park property up for sale.
• Richfield, Minn.-based Best Buy will eliminate 58 jobs as it closes its store near Westfield Old Orchard shopping center in north suburban Skokie.

Illinois: Tellabs will cut 300 jobs

Naperville, Illinois-based Tellabs Inc. said Friday it will cut about 300 jobs after it posted a $23 million loss in the fourth quarter.

CEO Dan Kelly said on a conference call that the company plans to cut expenses, including via the job cuts. The company, which has about 2,600 employees worldwide, would not specify where the job cuts would be.

Tellabs' fourth-quarter revenue was $242 million, compared with $317 million in the year-ago quarter. It also posted a net loss of $23 million, or 6 cents per share, in the fourth quarter, compared with a net loss of $5 million, or 1 cent per share, in the same period in 2011.

Overall, 2012 revenue was $1,05 billion, compared to $1.28 billion in 2011.

Illinois: Cardinal Health cutting 650 jobs in Waukegan

Health care manufacturing and distribution giant Cardinal Health Inc. is moving production out of north suburban Waukegan, a move that will cost some 650 local jobs. 

Dublin, Ohio-based Cardinal Health disclosed Wednesday that it also would sell property in Waukegan, but the company will keep some operations there. Cardinal expects to incur a loss on the property sale, according to a filing with the Securities and Exchange Commission. Cardinal will sell seven of the nine buildings at McGaw Park and consolidate Waukegan employees into the remaining two, a Cardinal Health spokeswoman said.

Cardinal's decision will leave about 700 employees in Waukegan, most of them professional jobs such as marketing, customer support and IT, according to the spokeswoman.

The production of surgical kits will move to South Carolina and Mexico, she said. The company is looking to sell a mix of office and industrial property totaling about 1.2 million square feet and will keep two office buildings totaling about 267,000 square feet, an executive said. He declined to disclose an asking price. The company also is planning a reorganization in El Paso, Texas, that will result in about 80 job cuts, according to Dow Jones, which reported Cardinal's moves Wednesday.

Chicago : Sun-Times warns of layoffs

Sun-Times Media LLC, publisher of the Chicago Sun-Times and other suburban papers, has warned employees that some workers could lose their jobs as the company consolidates suburban operations in its River North headquarters.

The company told employees of the possible cuts last week in a state-required letter called a WARN notice, named after the Worker Adjustment and Retraining Notification Act, which requires disclosure whenever a company expects it may cut 50 or more workers.

Sun-Times is still deciding how many jobs may be eliminated because that depends on the number of suburban workers who agree by Feb. 25 to relocate to the headquarters, said Ted Rilea, the company's vice president of labor relations and human resources. If not enough workers make the move, the company may have to hire workers downtown, but if all of them want to move, it will have to cut employees, he said in an interview.

The company expects to complete the move by March 25, according to a note published by the Newspaper Guild, a union that represents some Sun-Times workers and is negotiating a contract with the company for about 150 employees.

The union expressed its concerns to management about the impact of the move on workers, specifically the increased costs for transportation, said Dave Roeder, a union representative and Chicago Sun-Times business reporter.

Sun-Times Media told employees last month that it planned to close its suburban offices and move news editing and production workers, including 47 editorial assistants and copy editors, to the downtown headquarters while reporters mainly would remain in the suburbs.

United Continental to cut 600 management jobs

(Reuters) — United Continental Holdings Inc. posted a bigger fourth-quarter loss on Thursday as costs rose and revenue fell, and the carrier said it expects to cut more than 600 management and administrative jobs.

The airline has been working to win back customers who turned to rivals after technology glitches hurt customer service. United made a number of changes to integrate as one carrier following its 2010 merger, including converting to a new computer reservation system.

Chairman and Chief Executive Jeff Smisek said 2012 was tough, but things were looking up. "Our operations are running smoothly  and our customer satisfaction scores are climbing," he said during a conference call.

Still, United said it was taking actions to improve financial results. The company said its officer headcount was reduced by 7 percent in December and starting next month, management and administrative staff would be cut by 6 percent.

Smisek said a portion of the cuts would come from voluntary exit programs.

United Continental has more than 85,000 employees.

The world's largest carrier said its quarterly net loss widened to $620 million, or $1.87 a share, from $138 million, or 42 cents a share, a year earlier.

It took charges of $430 million in the quarter, with much of that tied to paying off pension obligations and costs for systems integration and training and severance.

Excluding items, United said the 2012 quarterly loss was 58 cents a share, compared with a 61-cent loss expected by analysts on average, according to Thomson Reuters I/B/E/S.

Revenue fell 2.5 percent to $8.7 billion. Passenger revenue per available seat mile, a measure of pricing power and how full planes are, rose 0.6 percent in the quarter.

Operating costs rose 3.2 percent. Although fuel costs edged down 0.3 percent, expenses for salaries and maintenance materials were 4 percent and 9.2 percent higher, respectively.

Superstorm Sandy, which barreled through the U.S. Northeast in late October, reduced revenue by about $140 million and profit by about $85 million in the fourth quarter. The storm caused shutdowns at major New York area airports, including New Jersey's Newark Liberty International, where United operates a major hub.

Shares of United were up 2.3 percent to $25.57 in afternoon trading.

American Express to cut 5,400 jobs or 8.5% of staff

LOS ANGELES (AP) — American Express said Thursday that it will slash about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.

The job cuts will be partly offset by jobs that the company expects to add this year.

American Express said the jobs eliminated will span employee seniority levels and divisions worldwide, but will primarily involve positions that do not directly generate revenue for the company.

All told, the company anticipates that staffing levels will end up between 4 and 6 percent lower this year than in 2012. The company currently has 63,500 employees.

"Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth," said CEO Kenneth Chenault.

Shares slipped 29 cents to $60.50 in after-hours trading. They ended regular trading up 53 cents at $60.79.

American Express said it will book an after-tax charge of $287 million due to the restructuring. It's also recording $212 million in expenses related to reward points for its cardholders and roughly $95 million in customer reimbursements and other costs.

The combined charges will reduce American Express' fourth-quarter net income by 46% from a year earlier.

The company projects net income of $637 million, or 56 cents per share, compared with net income of $1.2 billion, or $1.01 per share, in the same quarter of 2011.

Excluding one-time items, fourth-quarter 2012 earnings amount to $1.2 billion, or $1.09 per share, ahead of analysts' consensus forecast of $1.06 per share, according to FactSet.

Revenue rose 5% to $8.1 billion. Analysts expected $8.01 billion.

The company is scheduled to report full results next Thursday.

Overall American Express has done well after the recession, as upscale shoppers have spent freely. That's because Amex cardholders are in general about a third more affluent than other credit card holders.

Through the first nine months of 2012, revenue grew 5 percent, while net income rose 3%.

Spending by cardholders jumped 8 percent in the fourth quarter, despite some softening early in the period due to Superstorm Sandy, the company said.

Chenault noted that, since the recession, American Express has been consistently gaining market share.

Despite that success, he said the company must embrace new technologies, become more efficient and position itself to invest in growth opportunities in a marketplace that's increasingly becoming defined by consumers' use of the Internet and mobile technology.

To that end, American Express' restructuring plan calls for overhauling its travel business to cut costs and invest in ways to cater to a growing volume of customers turning to online and automated tools to make their travel arrangements.

"One outcome of this ongoing shift to online is that we can serve a growing customer base with lower staffing levels," Chenault said during a call with analysts.

The company also will reconfigure its cardholder servicing and collections operations to focus more on online and mobile, rather than telephone and mail.

"The overall restructuring program will put us in a better position as we seek to deliver strong results for shareholders and to maintain marketing and promotion investments at about 9 percent of revenues," Chenault said.

Morgan Stanley Job Cuts: Bank Plans To Slash 1,600 Jobs In Investment Banking Unit

Morgan Stanley plans to cut 1,600 jobs in its investment banking unit, roughly 6 percent of staff in that unit, with employees being informed about job losses beginning this week, a person familiar with the matter said on Wednesday.

The cuts will affect traders, salespeople and bankers in Morgan Stanley’s institutional securities business as well as support staff, the source said.

This round of job cuts comes in addition to a 6 percent reduction in the investment bank workforce in 2012, said the source, who was not authorized to speak publicly about the matter.

About half of the job cuts will occur in the United States, with the rest affecting international units, said the source, adding that all levels of staff will be affected, with an emphasis on more senior employees.