IBM Restructures, Cuts Estimated 13,000 Jobs

IBM Restructures, Cuts Estimated 13,000 Jobs

The multinational technology and consulting corporation IBM implemented Thursday some corporate restructuring and in the process cuts an estimated 13,000 jobs from the payroll. According to employee watchdog Alliance@IBM, workers were laid off in IBM’s offices and plants in Massachusetts, Vermont, Iowa, Arizona, North Carolina, Missouri, Oklahoma, Minnesota and New York. Determining the exact scope […]

Citigroup: Employees Responsible for $400M Fraud Will Be Held Accountable

Citigroup: Employees Responsible for $400M Fraud Will Be Held Accountable

The management of Citigroup Inc. said on Friday that employees responsible for the processing of around $400 million fraudulent loans will be held accountable and if proven guilty be charged according to company policies and even the law. This was announced by Citigroup CEO Michael Corbat in light of the recently discovered fraudulent loans extended […]

Janet Yellen: Cold Weather Contributes to Weak Economic Data

Janet Yellen: Cold Weather Contributes to Weak Economic Data

Appearing before the U.S. Senate Banking Committee hearing Thursday, Federal Reserve Chief Janet Yellen told lawmakers that a possible factor on the current weak economic data could be the recent intense winter storms. She said data about housing, jobs, industrial production and retail sales proved disappointing and commented “I think it’s clear that unseasonably cold […]

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