Timesizing® Associates - HOMEPAGE

Downsizings, July, 2003
[Commentary] ©2003 Phil Hyde, The Timesizing Wire, Box 117, Harvard Square, Cambridge MA 02238 USA (617) 623-8080

7/31/2003   6 downsizings, totaling 17,944 jobcuts + unspecified, reported in Wall St Journal & NY Times -

  1. Pillowtex to shut plants, sell assets - Collapse of textile maker, battered by cheap imports, to cut thousands of jobs, by Dan Morse, WSJ, A3.
    [Compare VF Jeanswear, #4 yesterday, and re cheap imports, 7/30/2003 #3.]
    ...The sheet- and towel-maker, based in Kannapolis NC [will] terminate approximately 6,450 positions, leaving 1,200 workers in distribution and to help administer the company during bankruptcy [1/03/2002] proceedings....

  2. Siemens AG, Dow Jones via WSJ, A7 (//NYT W1).
    ...will cut 2,300 jobs at its mobile-communications division, as the unit struggles to recover from a market slump...equivalent to 8% of the unit's 28,600-member workforce...500 will be in Germany.... CEO Heinrich von Pierer...has announced 35,000 jobcuts during the past two years as he tries to boost profitability at the conglomerate....
    [You can't boost your profitability for long by downsizing your own best customers = your own employees. Let's see if we caught all 35,000: 8/03/2002 #1 5000, 7/30/2002 215, 5/23/2002 #1 2000, 1/24/2002 #1 up to 20,000. Noop, that just gets us up to 5000+215+2000+20000= 27,215, meaning we still have 35000-27215= 7,785 jobcuts left to count now. We'll assume the current 2300 cuts are included in the "von Pierer has (now) announced 35000" - but we could be wrong - they could be additional. But if the total workforce before the current 2300 cuts was 28,600, then 7,785 cuts is 7785/(28600-2300+7785)= 7785/34085= 23% of the pre-this-cut total.]

  3. May Department Stores, Dow Jones via WSJ, A7.
    ...will divest its of 32 underperforming Lord & Taylor stores [and] a Famous-Barr store in Des Moines IA and a Jones Store location in Omaha NB.
    [We're going to interpret "divestiture" as a euphemism for "closure" because of the severance and retirement language that follows -]
    About 3,700 employees will be affected by all the divestitures. The St. Louis company will provided severance pay and enhanced retirement to eligible workers.
    [We're also going to count all 3700 despite the next seriously damaged sentence -]
    The number of employees May wasn't available. [sic]
    [Our last big May downsizing was on 6/26/2003 #2: 1500 sales mgmt & support, no mention of "divestitures."]

  4. Sun Microsystems Inc., Dow Jones via WSJ, A7.
    ...said it signed a definitive agreement to buy software company CenterRun Inc.... Sun, Santa Clara CA intends to bring on board most of the 30 CenterRun employees....
    [Let's estimate "most" as 25, giving us 30-25= estimated 5 layoffs.]

  5. Singapore Airlines, Dow Jones via WSJ, A7.
    ...slashed a third of its capacity and cut 600 jobs, the most layoffs in its history..\..in the wake of the outbreak of SARS....
    [Probably referring to the 182 below on 7/22 #2, plus the 414 from 6/20/2003 414, with the 206 trainee cuts on 4/12/2003 #2 and the unspecified cuts on 3/21/2003 #8 ignored. But 182+414= only 596, so we still have 6000-596= 4 more cuts to count.]

  6. Matsushita Electric Industrial Co., Dow Jones via WSJ, A7.
    ...increased operating profit 27% to ¥20B during the quarter by slashing personnel and research costs as well as boosting sales of hit products like cellphones, big-screen plasma TV sets and DVD recorders....
    [We're going to take a wild guess that they slashed personnel costs by downsizing instead of timesizing or paysizing and list unspecified jobcuts.]

7/30/2003   3 general stories, & 6 counted downsizings, totaling 50,530 jobcuts, reported in Wall St Journal & NY Times (not counting state- & economy-wide:
  1. Switzerland: ABB records another loss, by Alison Langley, NYT, W1.
    Burdened by capital losses from divestments [selling off to divest is supposed to make money for you!] and further decreases in profits from divisions it is trying to sell, ABB [erstwhile Asea Brown Bovery], the Swiss engineering firm, posted its 4th consecutive quarterly loss.... As part of an overhaul, ABB has slashed its workforce nearly in half, to 100,000, and intends to continue finetuning its costs, said Juergen Dormann, the CEO and chairman.
    ["Slashing its workforce nearly in half" is "finetuning"?! Juergen's got a pretty black sense of humor. Wal, let's see. Back on 4/30/2003 #3, we left ABB's workforce, we thought, at 138,838 total positions in vanishing ink. We evidently missed some, and must now count a hefty 138838-100000= 38,838 more jobcuts, or 38838/138838= a 28% downsizing. And the current declining balance is 100,000 cowering villeins.]

  2. Phone firm swings to a Q2 profit amid gains in wireless unit, Dow Jones via WSJ, B8.
    Verizon Communications Inc...the largest U.S. phone company by revenue...said Verizon Wireless added 1.2m net retail customers for a total of 34.6m. CFO Doreen Toben said Verizon needs to cut costs amounting to between 4,000 and 5,000 jobs in the 2nd half of the year.
    [There they go again, cutting jobs while in profit, thus guaranteeing No Recovery.]
    Those may come through a combination of layoffs, voluntary reductions such as buyout packages and early retirement, and attrition. [NY-based] Verizon has 221,000 employees. The company's shares fell....
    [Serves 'em right.]

  3. Providian Financial to close El Paso call center and lay off 232 workers, Bloomberg via NYT, C3.
    ...to cut costs..\.. The move comes after..\..the 7th-largest credit-card issuer in the U.S...which is based in San Francisco, sold almost half its credit-card portfolio and reduced its staff by 47% last year....
    [Well our 11/15/2001 #11 story pegs the original total workforce at 13,000 and we already counted 700 planned that Nov, 800 mentioned on 1/04/2002 #1 and 1300 mentioned on 7/31/2002 #1, which only comes to 700+150+1300= 2,150, a mere 2150/13000= 17%.   47% of 13000 would be 6,110, leaving a total of 13000-6110= 6,890 gaunt survivors. So somewhere we missed 6110-2150= 3960 layoffs last year which we'll count now in addition to the current 232 cuts, for a grand total of 3960+232= 4,192 jobcuts, or 4192/(6890+3960)= 4192/10850= 39% of the pre-these-exact-cuts total. And our new declining balance is 6890-232= 6,658 total workforce.]

  4. VF Jeanswear to lay off 1,800 and close plants, Bloomberg via NYT, C3.
    ...The maker of Wrangler jeans plans to lay off...about 8% of its workforce.... The company, a unit of the VF Corp., said yesterday that 366 workers would lose their jobs in September when the company closes a sewing plant in Windsor NC. Another 526 employees will lose their jobs at a plant in Wilson NC. Executives said they would lay off 663 workers in Seminole OK and shut down a plant in Ada OK that employs 246 people. VF Jeanswear now has 12 plants in the U.S. and 20 outside the country.
    [Including Mauritius?? - whence we have a timesizing article today, 7/30/2003 #3.]

  5. Component maker to cut 400 jobs, Bloomberg via NYT, C2.
    ...as a result of its purchase of Allen Telecom. The Andrew Corp.. a maker of wireless network components...now has about 7,300 employees..\.. Andrew acquired Allen this month for $750m in stock....
    [Again the lethal takeover-downsizing connection.]

  6. Milacron plans job cuts and reports $91m loss, Bloomberg via NYT, C3.
    ...A maker of plastics-molding equipment [will] cut about 300 jobs in North America and Europe and suspend payment of a quarterly dividend in a plan to save about $20m annually....

7/29/2003   2 economywide stories & 1 counted downsizing, totaling unspecified jobcuts, reported in Wall St Journal & NY Times
(not counting economywide -
  1. BMC to cut jobs, Bloomberg via NYT, NYT, C4.
    BMC Software, whose programs manage mainframe and server computers, [will] cut 13% of its staff [because] it had its first loss in 5 quarters as customers canceled purchases....
    [We learned on 3/06/2003 #2 that BMC Software's total workforce was 6,800, of which 13% would be 884 jobcuts. BMC Software should not be confused with BMC Industries, which had jobcuts on 6/28/2003 #1.]
7/26-28/2003   3 economywide stories & 1 counted downsizing, totaling 250 jobcuts, reported in Wall St Journal & NY Times
(not counting economywide -
  1. 7/26 Goldman Sachs Group Inc., NYT, B4.
    ...New York [will] move as many as 250 administrative and technology jobs to Bangalore, India, by next year to cut costs.

7/25/2003   3 downsizings, totaling 2,300 jobcuts, reported in Wall St Journal & NY Times
(not counting economywide "Wendy's International Inc.," Dow Jones via WSJ, A10, which states, "The company said rising unemployment, low consumer confidence and high gasoline prices hurt business.") -
  1. JDS Uniphase Corp., Dow Jones via WSJ, A10.
    ...The San Jose CA maker of fiber optic parts...reported a much narrower loss for its fiscal Q4 amid a sharp drop in expenses.... The company's global employment, about 5,500 employees at the end of Q4, was down from 6,400 at the end of Q3 and below its peak of 29,000 in early 2001.
    [Well, we counted the 29,000 down to 7,000 on 1/24/2003 #1, so now we need to count 7000-5500= 1,500 jobcuts, or 1500/7000= 21% of total surviving pre-cut workforce.]

  2. Spiegel Inc., NYT, C3.
    ...Downers Grove IL, the bankrupt owner of the Eddie Bauer clothing store chain [will] close a customer contact center in Rapid City SD and a distribution center in Newport News VA, eliminating about 640 jobs.

  3. A.T. Cross Co., NYT, C3.
    ...Lincoln RI, maker of Cross pens [will] eliminate about 160 jobs, or 19% of its total workforce, by early next year as part of a plan to reduce annual costs by as much as $12m.

7/24/2003   3 downsizings, totaling 7,101 jobcuts, reported in Wall St Journal & NY Times
(not counting 38 regional-source cuts in "Radcliffe College gets cut down to size," by Alex Beam, Boston Globe, D1) -
  1. Kodak reports lower profits and may cut 6,000 workers - More than half the layoffs will be in Rochester, by Claudia Deutsch, NYT, C7.
    [Bad headline mood clash - subjunctive/conditional "may cut" vs. indicative "layoffs will be."]
    The Eastman Kodak Co., still grappling with ways to bring its costs in line with its shrinking film revenue, said yesterday that it would eliminate [= indicative mood in indirect discourse easily mistaken for subjunctive] as many as 6,000 jobs...which would reduce the workforce by up to 9%....

  2. Charles Schwab net rises 29% on trade rebound, expense cuts, by Gaston Ceron, Dow Jones via WSJ, C9.
    ...Schwab's...fulltime payroll fell to 16,100 employees at the end of Q2 from 16,500 in Q1 and 19,100 in 2Q02. Schwab finance chief Christopher Dodds said the reduction was due to employee attrition and reduced levels of temporary staff....
    [Hmm, 19100-16100= 3000 total cuts from 2Q02 to 2Q03, and we've only counted 900 (9/18/2002 #2) and 1000 (8/07/2002 #2), so we still need to count 3000-(900+1000)= 1,100 additional jobcuts.]

  3. Wal-Mart Stores Inc., NYT, C4.
    ...Bentonville, Ark., the world's largest retailer, said that David Ferguson, the company's president and CEO in Europe, had retired and that the position would be eliminated.
    [1 job eliminated, near the top for a change.]

7/23/2003   1 downsizing, totaling 2,136 jobcuts, reported in Wall St Journal & NY Times
(not counting sectoral "WellPoint Health Networks Inc.," WSJ, A8, which states, "Medical membership at the Thousand Oaks CA company [in Q2] declined by 73,000 from Q1 as there were layoffs at companies for which WellPoint provides insurance." And also, "HCA Inc.," WSJ, A8, which states, "The Nashville TN hospital chain...said volume is being hurt by general economic softness, higher unemployment levels in key markets, and increases in patient co-payments and deductibles." The incessant rippling effect continues despite the heedless happytalk.) -
  1. Siebel Systems plans to cut staff about 10%, posts drop in net, by David Bank, WSJ, B5 (//NYT C7).
    ...Seeking to increase profits in the face of continued weakness IT spending...the San Mateo CA software maker [will] reduce its workforce by 490 employees to about 5,000 employees - down from about 8,300 employees as recently as 2001 \-\ consolidate product lines,... consolidate or close some QA and engineering facilities \and\ move some operations offshore....
    [Hmm, 8300-5000= 3,300 jobcuts altogether, of which we've only counted 1,164 on 7/18/2002, so now we get to count 3300-1164= 2,136 jobcuts, or 2136/(8300-1164)= 2136/7136= a 30% downsizing.]
    Operating-profit margins in Q2 were below 2%. \The\ restructuring plan is intended to produce...margins of 15%, even if revenue remains flat [dream on!]. ..\..Makers of software apps for managing business functions [have] been hit hard by cutbacks in capital spending by businesses....
7/22/2003   3 downsizings, totaling 710 jobcuts, reported in Wall St Journal & NY Times
economywide, "The jungle," by Kemba Dunham, WSJ, B8, which states, "These days, more and more workers are returning to companies they have previously left, mostly because of a layoff" - yeah sure - and also, "IBM explores shift of some jobs [& consumers!] overseas," by Steven Greenhouse, NYT, C1, which states, "Two senior IBM officials [said] that IBM needed to accelerate its efforts to move white-collar, often high-paying jobs overseas even though that might create a backlash among politicians and its own employees.... IBM's top employee relations executives said that 3m service jobs were expected to shift to foreign workers by 2015 and that IBM should move some of its jobs now done in the U.S., including software design jobs, to India and other countries. 'Our competitors are doing it and we have to do it,' Tom Lynch, IBM's director for global employee relations, said.... In decades past, millions of American manufacturing jobs moved overseas, but in recent years the movement has also shifted to the service sector, with everything from low-end call-center jobs to high-paying computer-chip-design jobs migrating to China, India, the Philippines, Russia and other countries.") -
  1. Pinnoak Resources, NYT, C3.
    ...Pineville WV, which bought 2 coalmines last month from US Steel, [will] lay off 353 out of the 982 workers at the mines.
    [353/982= 36%.]

  2. Singapore: Airline layoffs, Bloomberg via NYT, W1.
    Singapore Airlines [will] lay off 182 pilots and cabin crew members because demand has not recovered enough to fill flights after the outbreak of the SARS virus. This would be the airline's second round of job cuts in 2 months. The airline, which employed about 30,000 people, also laid off 414 workers last month (6/20/2003).

  3. Chemical company chief quits and layoffs are planned, AP via NYT, C3.
    ...Millennium Chemicals...warned of a widening loss and [will] cut about 175 jobs... 5.8% of its 3,000-person workforce in an effort to save $20m a year..\.. It also [will] suspend its dividend and move its HQ from Red Bank NJ to Hunt Valley MD....

7/19-21/2003   3 downsizings, totaling 4,250 jobcuts, reported in Wall St Journal & NY Times
(not counting economywide -
  1. 7/21 Slump in car sales in Brazil brings with it 4,000 job cuts, Dow Jones via WSJ, B6.
    ...Volkswagen AG [will] eliminate...16% of its 24,800-member workforce due to weak sales and excess capacity at its 5 Brazilian factories. ...The jobcuts announcement came less than a week after VW announced plans to invest $6.8B in new factories in China..\.. Brazilian car sales have slipped 8% during the first half of 2003. VW was Brazil's 3d-largest automaker behind GM and Fiat during the period.... VW sold 382,071 cars last year in Brazil...14% of the company's worldwide car sales..\..giving it a 26% share of the domestic market..\.. Many of the workers set to lose their jobs will have the opportunity to transfer to a new firm being created by the company....

  2. 7/21 Vicor Corp., Dow Jones via WSJ, B6.
    ...will eliminate the jobs of about 250 employees, or about 17% of its workforce, because of excess of manufacturing capacity.
    [Excess capacity, excess capacity - 2 stories in a row and a prime feature of the Great Depression.]
    Vicor, an Andover MA maker of power systems for the telecom market said the affected employees are factory workers....
    [Tying in nicely with the next tale of doom -]

  3. 7/21 Laid-off factory workers find jobs are drying up for good - It's not just a slowdown - Structural changes strand many with basic skills, by Clare Ansberry, WSJ, front page.
    BUTLER, Pa. - ...Trinity Industries Inc. [which makes] parts for RR cars...started laying off workers in 2000 and a year ago, in a bid for efficiency, shut down the Butler factory....
    [Saw nothing about this last year so, unspecified jobs cut. We did have stories on 0010 (200 cuts), 0103B (?? cuts), and 0112B (?? cuts).]
    Other plants around Butler also have closed, including one that fabricated steel and another that made vinyl siding. Hundreds of manufacturing workers have been left without jobs and their options for similar work have narrowed significantly in this city of 15,000, an hour north of Pittsburgh....

7/18/2003   1 downsizing, totaling 5,000 jobcuts, reported in Wall St Journal & NY Times
(not counting economywide "Health insurer's net rises 35% through restructuring efforts," Dow Jones via WSJ, B4, which states, "Membership in UnitedHealth's employer health plans remained flat...was corporate layoffs offset new enrollment.", and "ECB [European Central Bank] says fear of layoffs may slow EU's recovery," by Thomas Sims, WSJ, A7) -
7/17/2003   1 downsizing, totaling 550 jobcuts, reported in Wall St Journal & NY Times -
7/16/2003   1 downsizing, totaling 9 jobcuts, reported in Wall St Journal & NY Times
(not counting industrywide "Searching for an operator," by Jane Spencer, WSJ, D2, which states, "With the new federal "Do Not Call List"...companies are grousing that it will be tougher for them to reach you. One irony: It is getting more difficult for you to reach them too. Live operators increasingly are an endangered species on customer-service phone lines as the services become a target of corporate cost-cutting \and\ more companies automate their phones [blurb D1].... In the past year, dozens of Fortune 500 companies have closed US call centers.") -
  1. Honeywell International Inc., NYT, C4.
    ...Morristown NJ, a manufacturer of general aviation products [will] close its plant in Lawrence KA and transfer 95% of the 189 workers to a new, bigger plant in Olathe KA.
    [So, 5% won't be transferred = 5% of 189= 9 jobcuts.]
7/12-14/2003   5 downsizings, totaling 31,800 lost jobs + unspecified, reported in Wall St Journal & NY Times
(not counting -
  1. 7/12 Czech Republic: Army to be halved, Reuters via NYT, A6.
    ...in a budgetary consolidation. ...The army [will] cut 30,000 jobs by 2008....

  2. 7/14 The United Nations' latest problem to solve is a union war at its headquarters, by Barringer & Schneider, NYT, A16.
    ...Workforce reductions and job security have become significant issues as well. The number of workers has been reduced by more than 1,000 over the last few years, since [US] members of Congress...complain[ed] that the UN's payroll was too large....

  3. 7/12 The Netherlands: Insurer cuts jobs, AP via NYT, B3 (//WSJ, B4).
    The Aegon insurance company [will] cut 10-15% of its Dutch workforce, or up to 450 jobs, in the face of weak financial markets.... The latest round of cuts [will] come over the next 3 years....

  4. 7/12 Blacks lose better jobs faster as middle-class work drops, by Louis Uchitelle, NYT, front page.
    ...In Indianapolis, for example, Autoliv, a Swedish manufacturer of seat belts, is closing a plant and laying off 350 workers, more than 75% of them black....

  5. 7/12 Franklin Covey Co., NYT, B4.
    ...Salt Lake City, which publishes planners and holds seminars to help people improve their productivity, will close about 40 stores and cut an unspecified number of jobs.

7/10/2003   2 downsizings, totaling 250 lost jobs, reported in Wall St Journal & NY Times -
  1. Delta pilots' union files grievance over furloughs, by Edward Wong, NYT, C3.
    ...a grievance against management for putting 250 pilots on furlough in the last 3 months.... Delta laid off 1,060 pilots after the terrorist attacks of Sept/2001 by invoking a "force majeure" clause \said\ Mike Pinho, a spokesman for the Air Line Pilots Assoc.... The company used the same clause in the most recent round of layoffs....
    [presumably referring to the 250 "furloughs," which we would regard as layoffs anyway because they are apparently of indefinite duration.]

  2. BPO Solvay Polyethylene North America to close Texas plant, AP via NYT, C3.
    ...to replace it with cheaper production from a new factory...in Cedar Bayou, also in Texas. \The Houston-based\ plastics maker that is a joint venture of BP of Britain and Solvay of Belgium...will halt production...in Deer Park...as of the end of July....
    [Unspecifed lost jobs.]

7/09/2003   1 downsizing, totaling 500 lost jobs, reported in Wall St Journal & NY Times
(not counting industrywide "U.S. pact lifts South Africa car exports - Multinationals benefited the most - Jobs were also cut, by Nicole Itano, NYT, W1, W7, which states, "Jobs in automobile and auto-component manufacturing fell by 16,200 between 1995 and 2001.") - 7/08/2003   3 downsizings, totaling 1,665 lost jobs + unspecified, reported in Wall St Journal & NY Times -
(not counting economywide "Landing a job in a bad market - Shifts in recruiting business offer applicants some new options as unemployment rises," by Kris Maher, WSJ, D1, and "Frustrated laid-off workers take risk of entrepreneurship - Finding a client is easier than finding a job [oh yeah?], says the founder of a publicity firm," by Kemba Dunham, WSJ, B10) -
  1. The Dutch way of firing - Even with flexible labor laws, the Netherlands feels global chill, by Dan Bilefsky, WSJ, A14.
    When PinkRoccade NV wanted to lay off 700 workers last year to cut costs, the IT services company had to get creative. A Dutch agreement between management and labor adopted in the 1980s...waived the requirement \for\ companies to consult frequently with unions and justify layoffs by negotiating with a workers' council...if companies laid off fewer than 20 workers.
    So PinkRoccade started laying off employees in groups of 19. It spread the groups [of layoffees] across the Netherlands to get around another labor rule that didn't allow layoffs of more than 19 in any one region of the country. If the number of desired layoffs exceeded the limit for one region, the company reclassified workers based on where they lived rather than where they worked. And to avoid laying off too many talented young programmers as part of a "last in, first out" policy, PinkRoccade reassigned some of them to divisions where the layoff quota had already been met....

  2. The Netherlands: Baby food cuts, by Gregory Crouch, WSJ, W1.
    The struggling Dutch owner of GNC vitamin stores, Royal Numico, said it would take an 88m-euro charge ($101.1m) to compensate for closing 7 baby nutrition plants in Europe and the loss of an estimated 525 jobs.... Numico...is struggling to recover from poor investments that have left it heavily in debt.
    [And the WSJ version -]
    Numico NV, WSJ, A8.

  3. Drugstore operator offers buyout to all managers, Bloomberg via AOLNews.
    Longs Drug Stores Corp., which operates in the West and Hawaii, said it offered buyouts to all its store managers as the company seeks to trim its workforce by about 2% to centralize operations. Employees have until July 21 to accept a buyout and will leave between Aug. 1 and Sept. 2.
    [2% of 22,000 is 440 jobcuts in the plan.]
    Longs, based in Walnut Creek CA has about 22,000 workers. In May, the company [said] unemployment in California and customer worries about the economy were hurting sales. The managers will be replaced with executives the company currently employs, he said.

7/05/2003   1 downsizing, totaling unspecified lost jobs, reported in Wall St Journal & NY Times - 7/03/2003   3 downsizings, totaling 4,900 lost jobs + unspecified, reported in Wall St Journal &/or NY Times - "a few here, a few there & pretty soon you're talkin' serious jobcuts" (not counting economywide "World watch -...Briefly," WSJ, A7, which states, "China lost nearly 10 million urban jobs as migrant workers fled from the outbreak of SARS...a report by the China Academy for Social Sciences state-thinktank said.") -
  1. Baxter International to close 26 plasma centers and lay off 2,500 [5%], AP via NYT, C4, (WSJ, A1>B4).
    ...medical products maker...based in Deerfield IL..\..to improve profitability....

  2. Bank to cut 1,400 jobs in U.K., cites economic environment, Dow Jones via WSJ, B5.
    HSBC Holdings PLC, one of Europe's largest banks...from its head office...London....

  3. France: Manufacturer cuts jobs, AP via NYT, W1.
    ...electrical equipment maker Schneider Electric...1,000 jobs in France...4.5% of its workforce there [of] 22,000...market weakness in developed countries and the strength of the euro....

7/02/2003   3 downsizings, totaling 4,100 lost jobs + unspecified, reported in Wall St Journal &/or NY Times -
  1. American Airlines lays off 3,100 flight attendants, by Edward Wong, NYT, C6.
    ...More than 1,700 of the attendants used to work for Trans World Airlines, which AMR, the parent of American, bought 2 years ago....
    [Again the lethal takeover-downsizing connection. CEOs just can't seem to connect the dots, but then, neither can the CEO-strangled Bush administration -]
    The D.C. fantasy: Having it all, feeling no pain, by Gerald Seib, WSJ, A4.
    [Seib tries to blame Congress, but it's Bush who, while cutting taxes, is flushing them down the Pentagon.]

  2. AT&T Wireless cost-cut plan to eliminate 1,000 jobs this year, by Jesse Drucker [any relation to Peter?], WSJ, B3.
    ...or about 3% of the company's total. ...Hasn't publicly announced..\..
    Those cuts follow a net reduction in the company's workforce of about 2,000 last year....

  3. Black & Decker to buy lock and hardware units, Bloomberg via NYT, C6.
    ...In April, Black & Decker said it intended to save about $100m after cutting jobs and closing factories....
    [News to us. Unspecified jobcuts.]

7/01/2003   3 downsizings, totaling 3,380 lost jobs, reported in Wall St Journal &/or NY Times -
  1. Reduced production in Mexico blamed on weak export sales, Dow Jones via WSJ, B5.
    Volkswagen AG will reduce production at its Mexico plant by 23% starting in August, which will result in about 2,000 layoffs....

  2. Waste Management to cut jobs for second time in 2003, AP via NYT, C6.
    Cf. WSJ, JB5.
    ...plans to lay off 800 people....

  3. LSI Logic Corp., WSJ, B5.
    ...In April, the company announced it would cut 580 jobs, or 11% of its global workforce.
    [Cf. NYT, C8.]

Click here for downsizing stories in -
May/2003 (+Jun.1-2).
Jan. 16-31/2002.
Jan. 1-15/2002.
Dec. 16-31/2001.
Earlier 2001 downsizings accessible via links at bottom of Dec.16-31/2001 page.
Earlier Y2000 downsizings accessible via links at bottom of Dec.16-31/2000 page.
Earlier 1999 months accessible via links at bottom of Dec/1999 page.
Earlier months accessible via links at bottom of Dec/98 page.

For more details, our laypersons' guide to our great economic future Timesizing, Not Downsizing is available at bookstores in Harvard Square, Cambridge, Mass. or from *Amazon.com online.

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