Job cuts eat into RBC&#39;s Q4 earnings
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TORONTO - Royal Bank said Tuesday the cost of eliminating 1,660 jobs pushed its fourth-quarter earnings down 31 per cent to $518 million.
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In a shower of pink slips, U.S. employers cut jobs last month for the first time in more than four years, the starkest signal yet that the economy is grinding to a halt if it hasn't already toppled into recession.
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A rash of job cuts - more than 10,000 layoffs this week from a handful of companies â-as created some gloom on the job front. But today&#39;s release of jobs data for September was
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Kellogg Co.  reported lower  fourth-quarter earnings on Tuesday due to costs for job cuts at  a plant in England, higher prices for commodities such as corn  and wheat, and increased advertising spending.
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Cell phone maker Motorola Inc. said Wednesday it will cut another 4,000 jobs as part of a plan to improve sagging financial and operational results.
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AT&T Corp., the No. 4 U.S. telephone company, said on Thursday its fourth-quarter earnings increased due to cost-cutting through job cuts and a tax benefit from the writedown of its assets.
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Royal Bank of Canada reported a 5-per-cent drop in third-quarter profit yesterday mainly because of continued weakness in its US operations.
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Phone company Qwest Communications International Inc  on Tuesday cut its earnings outlook for the year, sending its shares down 4 percent, though its quarterly profit rose with the help of a tax benefit and cost cuts.
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Hobbled by rising expenses and lower US earnings, the Royal Bank of Canada reported that third-quarter profit fell 5 per cent. For the quarter ended July 31, net income for the biggest bank in Canada dropped
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TORONTO Â· Nortel Networks Corp. gave details of a previously announced job cut program Thursday, saying it is cutting 1,400 in the United States by next June.
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YESTERDAY Close $45.95 Change -$0.51 52-WEEK High $51.50 Low $33.73 The medical research and services company Charles River Laboratories International Inc. of Wilmington said fourth-quarter profit dropped 30 percent due in large part to a year-ago provision for income taxes.
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&quot;The cycleâs peaking. Weâre not going to have growth like we had the rest of the year.&quot; - APJIT WALIA, ANALYST, RBC CAPITAL MARKETS.
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The Royal Bank of Canada, the country&#39;s biggest bank, said yesterday it suffered a 5% drop in third-quarter profit, displaying weakness in its US operations and citing tight interest-rate spreads and rising expenses.
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Canadian Imperial Bank of Commerce, the country&#39;s fourth-largest bank, said fourth-quarter profit fell 14 percent as the lender took a provision for legal costs related to Enron Corp.
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Merck & Co. Inc. MRK.N, whose  earnings are being hurt by the withdrawal of its arthritis drug  Vioxx, said on Tuesday it has increased the number of jobs to  be cut by year-end to 5,100 from 4,400.
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Employers trimmed jobs from their payrolls in January, according to a much anticipated government jobs report Friday that showed the first decline in employment in four years and raised new concerns about the risk of recession for the weakening U.S. economy.
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Problems in the banking sector hit I.B.M.âs earnings as financial services companies pulled back from buying mainframe computers and large software packages.