workforce

Social networking company MySpace is laying off almost half of its workforce in a move to restructure the business before it can be sold. The restructuring affects 47% of the staff or 500 employees and comes some weeks after speculations appeared in the media.

According to the source close to News Corp the media giant is not involved in sales talks. Still, mounting losses of MySpace should contribute to the decision to sell it to private equity companies or Yahoo-likes.

Yahoo will lay off another 600 employees as early as today according to the reports from the sources familiar with the case.

The cuts thus represent about 4-5% of the company’s workforce which came to be 14,100 at the end of September according to Yahoo's website.

Earlier this month the technology blog AllThingsD reported that Yahoo planned to cut 650 employees, and the New York Times newspaper reported on Monday that the cuts could take place as soon as Tuesday.
 

On Monday the Chairman of Federal Reserve Ben Bernanke has addressed banks and regulators urging them to Monday to seek for the opportunities to provide credits to small businesses to let them create jobs. According to him small businesses can help to improve the situation with unemployment which lowered to 9.5% in June compared to 9.7% in May. However it is still difficult to get those loans due to conditions.  

 According to some sources over ¼ of the personnel at the Singapore office of private bank RBS Coutts have resigned from the company and joined Swiss rival BSI. Meantime, RBS Coutts, part of Royal Bank of Scotland Group Plc, reported on Tuesday that "a little over 70 people" had left the bank.

A few moths earlier Hanspeter Brunner, former co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit, decided to resign from the wealth manager. Both are joining BSI and some staff will join them.