Stellantis announces more layoffs in Ohio

Stellantis on Thursday announced another round of temporary layoffs in Ohio, which it is says is due to the UAW strike.

The company, in a news release, said the impact of the strike at the company's Toledo Assembly Complex would lead to an additional 100 layoffs at the Toledo Machining Plant in Perrysburg, Ohio, effective Monday, bringing the number of workers on layoff there to 170.

"The facility supplies components for the Jeep Wrangler, Jeep Wrangler 4xe and Jeep Gladiator and has reached maximum inventory level. Across its facilities in three states, the company now has 1,520 employees on temporary layoff. Stellantis continues to closely monitor the impact of the UAW strike action on our manufacturing operations," according to a news release supplied by company spokesperson Ann Marie Fortunate.

Nokia to cut up to 14,000 jobs after 69% profit plunge

• Nokia said it would cut up to 14,000 jobs as part of a cost cutting plan following third quarter earnings that plunged.
• The Finnish telecommunications giant said that it will reduce its cost base and increase operation efficiency to “address the challenging market environment.”

• The substantial layoffs come after Nokia reported third-quarter net sales declined 20% year-on-year to 4.98 billion euros. Profit over the period plunged by 69% year-on-year to 133 million euros.

Nokia FI:NOKIA set plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. The telecom equipment maker said it’s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia’s profit dropped by 69% to 133 million euros, or 2 cents a share, as revenue fell 20% to 4.98 billion euros. Analysts polled by Visible Alpha forecast earnings of 395 million euros on revenue of 5.66 billion euros. Nokia said it’s tracking toward the lower end of its net sales range for 2023 and toward the mid-point of its comparable operating margin range.

 

Ford Motor announces 600 job cuts related to UAW strike

(Reuters) - Ford Motor has announced layoffs of 600 workers at its Michigan assembly plant, related to the United Auto Workers (UAW) union strike, CNBC reported on Friday.

 

 At Ford's Michigan Assembly Plant in Wayne, Michigan, dozens of UAW members were picketing the factory's main entrance on Friday, and many rued changes to their contract and work rules over the past 15 years that especially cut new "Tier II" hires at lower wages and reduced benefits.

Citigroup reorganizes businesses, cuts jobs as bank is mired in stock slump

While some rivals have been eliminating jobs amid a slump in Wall Street activity, Citigroup staff levels have grown as the firm complies with regulators’ demands to improve risk controls. The bank had 240,000 workers as of June, 4% higher than a year earlier.

CEO Jane Fraser addressed the coming job cuts in a memo to staff.

“We’ll be saying goodbye to some very talented and hard-working colleagues who have made important contributions to our firm,” Fraser said.