This week’s news in brief
CSFB cuts 2,000 jobs
Credit Suisse First Boston is to cut 2,000 jobs worldwide as part of a $1bn
cost-cutting exercise. The investment bank is to cut 7 per cent of its 27,500
worldwide staff as part of it bid to cut operating costs by $1bn by the end of
next year. The company is not prepared to announce how many jobs will be lost
in the UK.
Airline industry loss
The airline industry has axed 200,000 jobs following the terrorist attacks
in New York, according to a leading industry agency. The International Air
Transport Association estimates the industry will suffer a $7bn loss worldwide
as passenger numbers fall and insurance premiums rise.
Manufacturing staff at Rolls-Royce are being put on a three-day week
following a slump in sales as a result of the US terrorist attack. Nearly a
third of the 2,500 workforce at the Crewe plant will move to the new hours
after a 60 per cent drop in the US market for luxury cars. The company is
planning to end the three-day week in January.