Bank of America is accelerating plans to cut costs by laying off workers. According to the Wall Street Journal, the bank has set a target of cutting 16,000 jobs by the end of this year — about 6 percent of the bank's workforce.
Between disgruntled union workers and thousands of layoffs, yet more American Airlines flights are being cancelled or delayed. Should travelers avoid the bankrupt carrier?
The big defense contractors — including Lockheed Martin and Pratt & Whitney — say they may have to send out mass layoff notices to their employees in a few months. That's because they're worried that hundreds of billions of dollars in expected cuts to the Pentagon's budget will have a big effect on them.
Several big American companies — General Electric, Schlumberger, Microsoft — reported weak earnings and quarterly losses today. The question is, are we due for another round of major layoffs?