Nokia cuts 250 jobs in Illinois

Nokia Networks, which makes telecom gear for wireless phone service providers, is laying off several hundred workers in the Chicago area.

A total of 500 workers could be laid off by year-end, as cutbacks and consolidation continue to erode Chicago’s once-dominant base of wireless-networking hardware talent.

The company told 250 workers in Naperville on Sept. 7 that they were losing their jobs. It expects to lay off another 250 by year-end, according to a source familiar with the layoffs.

Nokia acknowledged it’s eliminating jobs but declined to say how many. “Following the acquisition of Alcatel-Lucent in 2016, Nokia announced a global synergy and transformation program that runs until the end of 2018, and as part of that program we have, indeed, reduced headcount in Illinois,” a spokesman said.

Through a series of acquisitions over the past several years, Nokia ended up with the assets and employees of Motorola, Alcatel and Lucent Technologies, the big employers that once made Chicago one of the world’s largest centers for wireless-networking equipment. Motorola’s wireless-equipment business, based in Arlington Heights, was sold to Nokia Siemens in 2011 for $975 million as part of the breakup of Motorola. Two years later, Nokia bought out Siemens from the joint venture. It then bought Alcatel-Lucent in 2016. Nokia consolidated workers at the former Alcatel-Lucent headquarters in Naperville, where it employed about 1,800 workers two years ago.

Alcatel bought Lucent Technologies, which had a large Lisle campus, in 2006. A decade ago, Alcatel-Lucent had about 4,000 employees in the western suburbs. In 2001, the two companies employed more than 10,000 workers combined.

Lloyds Banking Group to cut 4,500 technology jobs

Financial services provider Lloyds has announced plans to cut 4,500 technology jobs.

According to news reports, the move brings the total number of redundancies made at the bank since the beginning of 2009 to 20,000 .

From these latest cuts, 1,750 are thought to be positions outside of the UK while 1,600 workers on permanent contracts as well as a further 1,150 in temporary positions will be affected by the announcement.

Cath Speight, Unite national officer, said: “It is an absolute disgrace that Lloyds Banking Group, which is being kept alive by the taxpayer, is cutting more jobs and moving these jobs out of the UK.

“It is now time for the government step in and demand answers on behalf of taxpayers and staff. The announcement of 4,500 job cuts today (Wednesday 13th October) lets down its staff, customers and taxpayers with no acknowledgement of Lloyds Banking Group’s social responsibilities.”

The job cuts are thought to be being made as part of its three-year integration plan with HBOS.

Lloyds, which is currently 41 per cent owned by the UK taxpayer following its reliance upon fiscal stimulus during the global credit crisis, said it was mitigating the impact on permanent staff by aiming cuts within its contractor workforce.

Job-loss pace slower than expected

The U.S. economy shed 54,000 nonfarm jobs in August, the Labor Department reported Friday, a much slower decline than economists anticipated as the health-care and temporary-staffing industries led a 67,000 expansion in private-sector employment. Though the employment report broadly painted a picture of sputtering economic growth, the payrolls decline in August wasn't as steep as the 105,000 payroll subtraction expected by economists surveyed by MarketWatch and eroded market fears of a double-dip recession.

Legg Mason to cut 250 jobs in Baltimore; posts 4Q profit Read more: Legg Mason to cut 250 jobs in Baltimore; posts 4Q profit - Baltimore Business Jou

Employees were informed about the new round of job cuts on Monday and Fetting said he spoke with Gov. Martin O’Malley, Baltimore Mayor Stephanie Rawlings Blake and Baltimore County Executive Jim Smith.

“It is always saddening to hear that one of our major employers is shedding jobs in this difficult economic environment,” Rawlings-Blake spokesman Ryan O'Doherty said.

David Iannucci, director of the Baltimore County Department of Economic Development, said: “It is always disappointing to lose any jobs, especially from a financial services leader like Legg Mason.”

The financial services sector is one of the county’s targeted industries, he said.

However, “the good news is when it comes to the recession the county is doing better than most in digging its way out of it,” he said. “We will work immediately to offer them services and ease their transition,” Iannucci said.

Shaun Adamec, a spokesman for Gov. Martin O'Malley, said despite the layoffs Baltimore's financial services industry remains strong and pointed to Morgan Stanley's (NYSE: MS) expansion into Harbor Point and a profitable first quarter for T. Rowe Price Group Inc. (NASDAQ: TROW).

Lloyds to Cut 5,000 Jobs

LONDON -- Lloyds Banking Group PLC said Tuesday it plans to cut 5,000 jobs at its group operations, insurance and retail divisions to help eliminate overlap following its acquisition of HBOS earlier this year.

The move means Lloyds is on track in meeting its target of £1.5 billion ($2.51 billion) in cost savings from merging HBOS and Lloyds, a spokesman said.

It adds to worsening unemployment in the U.K. financial services industry and comes just a week after HSBC Holdings PLC said it will cut 1,700 jobs in the U.K.