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The bank said that it did not expect any large cost cuts, but added that it might make additional layoffs in the domestic business because there would not be significant revenue gains in the market.
For example, one spokesman said his bank's fast-growing India support operations are not an outsourcing facility, but a "center of excellence"; another argued that large cost cuts at his bank's New York and London headquarters were really "re-engineering" so the bank should not be included in such an article.
"[In this economy], this sector is even more attractive because of the possibilities for large cost cuts," says Laura Sachar, partner at StarVest Ventures in New York.
He addressed union leaders along with creditors and pension trustees when he forecast large cost cuts and a possible bankruptcy filing in a large-group meeting two weeks ago.
Similar(56)
That means to justify the deal — not to mention paying even more now that Cadbury has rejected it — Kraft needs larger cost cuts.
Smucker's largest cost cut fell on its Folgers Gourmet selection, which was dropped by 35 cents per 10.0 to 12.0 ounce container, a 7.8% decline.
Some analysts expressed doubts that UBS could find an outside candidate willing to take on the challenges at the bank, which is facing large job and cost cuts and needs to restore investor confidence after the trading loss.
[C6.] Ford Profit More Than Doubles Ford Motor said its first-quarter earnings more than doubled, in large part because of cost cuts and favorable pricing trends.
The Ford Motor Company said on Wednesday that its first-quarter earnings more than doubled, in large part because of cost cuts and favorable pricing trends.
It expects to have a charge for the cost cuts larger than the $20 million it had expected.
Executives at the airline, the world's largest, worry that labor cost cuts under discussion with unions may not be enough to return the carrier to profitability, one of the bankers said yesterday.
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