Most Read: Business

DJIA
-0.22%
S&P 500
-0.20%
NASDAQ
0.14%
 Last Update: 01:59 PM 08/23/2014

World Markets from      

 

Other Market Data from      

 

Key Rates from      

 
Political Economy
Posted at 01:25 PM ET, 07/25/2011

Research in Motion lays off 10 percent of staff


Research In Motion (RIM) said July 25 that it will cut about 2,000 jobs, or 11 percent of it workforce, and the severance payout is not included in its second-quarter and full-year outlook. (BOBBY YIP/REUTERS)
Research in Motion announced that it will lay off 2,000 employees, the Associated Press reported Monday. The cuts account for approximately 10 percent of its 19,000-person workforce. The company said its severance payout will not be included in the company’s Sept. 15 second-quarter earnings call.

RIM also announced Monday morning that its chief operating officer, Don Morrison, will retire. Thorsten Heins will take on his duties as part of an expanded role of COO, product and sales. Jim Rowan will become COO, operations.

The layoffs come after a series of bad news events for RIM, which has seen its phone sales decline against Apple and Google and faced criticism over its co-CEO leadership structure.

But RIM is not the only company to see high-volume, high-profile layoffs recently. In March, Nokia announced that it would lay off 4,000 workers from its company. Only last week, Cisco announced that, as part of its restructuring plan, it would slash about 9 percent of its workforce — 6,500 jobs — in an effort to cut $1 billion from its budget as it faces competition from HP and Juniper Networks.

And last Tuesday, Lockheed Martin announced plans to trim about 6,500 jobs from its payrolls in a voluntary layoff program that will come before the company moves to involuntary cuts, The Washington Post reported.

Initial jobless claims rose across the country during the third week of July, turning a two-week trend that showed the claims fall. Layoffs rose to their highest levels in nine months in May, the Labor Department said. The current unemployment rate is 9.2 percent, and unemployment rates rose in 28 states and the District in June.

By  |  01:25 PM ET, 07/25/2011

Tags:  Unemployment

 
Read what others are saying
     

    © 2011 The Washington Post Company