Lloyds Banking Group is planning a major restructuring of its workforce, adding 2,000 jobs as it refocuses its operations on digital technology. Britains biggest high street lender will cut 6,000 jobs but create another 8,000 as part of a 3bn reorganisation over the course of the next two years. The job losses will be spread…
Verizon Communications Inc.s new chief executive is restructuring the carriers business lines, including its massive wireless business, in one of the first major organizational changes under his leadership. Hans Vestberg is reorganizing the companys divisions by the types of consumers served, rather than by the type of service provided, the company said Monday. The customers…
US-based department store chain Sears Holdings has sought court approval to sell its Sears Home Improvement business (SHIP) through a stalking horse asset purchase agreement with Service.com for approximately$60m in cash. The sale process will be conducted under Section 363 of the US Bankruptcy Code and has received approval from the companys restructuring committee featuring…
Slowing demand for mortgages is weighing on the banking industrys revenue. Westpac expects housing credit growth to ease to 4% next year. CEO Brian Hartzer says this is putting additional pressure on banks to focus on costs. Westpac, announcing a flat profit result of $8 billion over the full year, says slowing demand for housing…
Have the flames creeping around Marks & Spencer abated or are they close to consuming the stalwart of the high street? During the summer, the chains chairman, Archie Norman, said the business was on a burning platform and that its future depended on whether it was able to change and develop. This week will bring…
HOFFMAN ESTATES, Ill., Nov. 3, 2018 /PRNewswire/ –Sears Holdings Corporation (“Holdings” or the “Company”) (OTC Pink: SHLDQ) today announced that it has sought court approval of a “stalking horse” asset purchase agreement with Service.com to acquire the Sears Home Improvement business (“SHIP”) in a sale process under Section 363 of the U.S. Bankruptcy Code. SHIP,…
The restructuring work atBT has started to deliver early gains after the UK telecoms company said that full-year profit would be at the higher end of its forecast range. Shares in the company surged 10 per cent to 265.35p, their highest level in almost six months, as investors welcomed a better operational performance and a…
MOORESTOWN, N.J.–(BUSINESS WIRE)–Destination Maternity Corporation (NASDAQ:DEST) (the Company) announced today a restructuring of the Companys corporate product and sourcing teams as part of its efforts to reduce costs following ongoing rationalization of the Companys overall product mix and improvements in inventory efficiency. These efforts are expected to yield net cost savings of approximately $1.2 million…
TOKYO — Kawasaki Heavy Industriesplans torestructure rolling-stock operations amid heavy losses, exploring such options as quitting the business andteaming up with other companies. While the overseas rail market looks promising, the company has been waging fierce competition for orders with rivalsthat have grown in scalethrough consolidation. Japanese peers like Hitachi are likewise struggling abroad amid…
(Reuters) – General Electric Co (GE.N) slashed its quarterly dividend to a penny a share, promised to restructure its power unit and said it faced a deeper accounting probe as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate. GE said the U.S. Securities and Exchange Commission and Department of…