Another nine SIVs, including the two sponsored by HSBC, have announced restructuring proposals.
LONDON – Commerzbank, the second-largest lender in Germany, is planning to cut up to 6,000 jobs in a bid to increase earnings, joining other European banks that have announced restructuring plans in recent months.
REUTERS Commerzbank to Cut Up to 6,000 Jobs | Facing a sluggish economy and tougher capital requirements, Commerzbank says it will cut up to 10 percent of its work force in a bid to increase earnings, joining other European banks that have announced restructuring plans in recent months.
[C8.] EMI Restructures Music Group EMI, the music giant that dropped Mariah Carey, has announced a restructuring of its operations that would eliminate 20percentt of its work force.
There will be no recession or stagnation in Poland".The government has announced a restructuring of the state's pension funds that will involve the cancellation of a substantial amount of government debt (see Buttonwood).
It has already cut 990 jobs across Europe since August and has announced a restructuring of its French business Reseau Pro which involves the closure of 24 loss making branches and the disposal of 88 others.
[C4.] Investor Jitters for Phone Start-Ups The buyout firm Forstmann Little has announced sweeping restructuring plans in the last two weeks for both XO Communications, a telephone and Internet company, and McleodUSA, a telephone company in Cedar Rapids, Iowa.
Elsewhere BAE Systems has announced a restructuring of its business, including splitting its platform and services division into two, one taking the UK business and the other the US operations.
Pathmark Stores, the supermarket retailer that has been among the few chains willing to expand its presence in New York's low-income neighborhoods, has announced tentative restructuring plans that would avoid layoffs and continue normal operations during reorganization, company officials said yesterday.
