NEW YORK (Dow Jones)--Bank of America Corp. (BAC) is eliminating 1,500 jobs in its mortgage origination business and shifting another 350 jobs from creating new home loans to handling troubled existing loans, a spokesman confirmed Thursday.
Lloyds Banking Group has announced 325 back-office job cuts within its Wholesale and Group Operations divisions. The bank, which is 41 percent owned by the tax payer, said the reduction in staff is part of its ongoing integration programme with HBOS, which it acquired in late 2008.
Wal-Mart Stores Inc., the world’s largest retailer, said Chief Executive Officer Michael Duke received compensation valued at $18.7 million last year, less than a year earlier, as U.S. store sales dropped.
Since 2000, the pharmaceutical industry has cut 297,650 jobs, according to consulting firm Challenger, Gray & Christmas. For reference, that is about as many people as currently work at the three largest drug makers — Pfizer, Merck, and GlaxoSmithKline — combined.
U.S. graduate business schools are losing their iron grip on the thriving market for international M.B.A. students. At the 25 U.S. graduate-business programs that award the largest numbers of degrees to international students, applications for the 2011 fall semester declined 4%, according to a survey released Tuesday by the Council of Graduate Schools,...
The cuts are a reversal from February, when 84,600 jobs were added. The unemployment rate falls slightly to 12%. Economists say some of the job losses were probably tied to rising gas prices and the quake and tsunami in Japan.
Apple has joined the "It Gets Better" campaign with a video that features words of encouragement from its gay, lesbian, and transgendered employees. "To finally be open and honest with who I am and what I want out of life. To my surprise, it was probably one of the best things that I had ever done," one man says.