P&G announces plans to cut 9,600 more jobs
Procter & Gamble plans to cut about 9,600 jobs worldwide, or about 9 percent of its work force, as it tries to become more competitive and accelerate its sales and earnings growth.
A.G. Lafley (above) , president and chief operating officer of Procter & Gamble Co., announced the plans Thursday.
About 40 percent of the job cuts will be in the United States.
Combined with reductions announced earlier in P&G's reorganization but not yet made, the cuts will total 17,400 out of a worldwide work force of 110,000.
The company expects the job-cutting program to cost $1.4 billion after taxes, with most of that expense coming during the company's fiscal year that begins July 1.
Savings from the reduction should total at least $600 million a year after taxes by fiscal 2003-04, the companysaid.
Brokerage
Charles Schwab plans to cut up to 3,400 jobs
Securities brokerage firm Charles Schwab Corp. plans to cut as many as 3,400 jobs, or about 13 percent of its work force, because of tough conditions in financial markets.
The company, which is the nation's biggest online broker, said Thursday that while its new assets and accounts are "holding up," it is feeling pressure on its first quarter revenues and profitability.
The company expects the restructuring to save it $40 million to $45 million in pretax operating expenses beginning in the third quarter of this year.
Schwab also announced that it expects to report operating income in the first quarter of about 8 cents per share, down from 23 cents a share a year ago, and revenue of about $1.2 billion, down from $1.7 billion a year ago.
Fast food
McDonald's unveils Mighty Kids Meal
McDonald's is introducing a new product for children who are just a tad too old for Happy Meals.
Mighty Kids Meals, targeting 8- to 10-year-olds, will be rolled out nationwide March 30 and become a permanent part of McDonald's menu, the fast-food giant said Thursday.
The meals will feature the same toys as Happy Meals but more food, including a double hamburger, double cheeseburger or six-piece Chicken McNuggets as the main entree.
They also will be served in what McDonald's described as "a more mature-looking brown paper bag."
Retailer
Barnes & Noble reports fourth-quarter loss
Book and electronics retailer Barnes & Noble Inc. bruised by weak holiday sales, reported a loss for its fiscal fourth quarter, but its results excluding a one-time charge matched Wall Street expectations.
The company said Thursday that it would earn $1.61 per share in 2001 a decline from the $1.71 it originally projected because of a convertible bond offering that will dilute its annual earnings per share.
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