In addition to the push for growth and job stability, Citigroup also wants to stay focused on the reorganization of its credit card division and the retail banking businesses located in the United States. This is a good step in the right direction for the bank who had to cut down on their employee counts. The bank also lost many employees to competitive banks during the extensive layoffs during their extended financial crisis.

Since the employee loss, Citigroup was ranking behind other banks in its business, including in the investment banking sector, where they continue to remain in seventh place in revenue.

It is good news for the industry unemployed who are still hard-pressed to find work after the banking industry meltdown. With 500 jobs on the horizon, there may be increased hope that other banks will also be re-strengthening their business growth and looking to hire more staff in the near future.

Citigroup (NYSE: C) Set to Hire 500 New Employees was created by and is property of American Consumer News.

It is predicted that families will not survive without opportunities for increased income. However, research shows that US workers are stuck between a rock and a hard place due to the lack of income-earning opportunities for the unemployed and the unlikely ability to be awarded raises at their current job. Manufacturing appears to be the only industry getting progressively healthier.

Analysts believe that the job market will continue to rebound and as American workers gain access to higher paying jobs and income increases, the consumer spending numbers will also go up. But right now Americans are finding it hard to increase their current spending amounts because they have to fork over the extra cash to make the commute in to work and feed their families. As of this week, regular fuel was averaging around $3.89 a gallon which is the highest pricing recorded since August 2008. Food costs are also a burden with costs rising 0.8% in just the last month which is the biggest increase seen since July 2008.

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The cuts in workforces are the latest attempt to reorganize the USPS. It is expected that $750 million will be saved in a year with the scheduled downsizing. For now, the offices scheduled to close are located in Columbus, OH, South Georgia, Albuquerque, Big Sky, South East New England, South East Michigan, and Northern Illinois.

The downsizing going on within the system were the result of the ongoing evaluations concerning the proposal to eliminate Saturday customers delivery of US Mail. Currently, there is debate on the elimination plans as mail delays can be up to two or more days, which may adversely affect recipients.

The US Postal Service has been recording significant losses and are hoping to find ways to cut expenses and save more money. Proposed plans for five-day a week service and a reduced workforce are the strategies being discussed to beat the $8.5 billion losses reported during 2010. 2011 losses are predicted to range around $6.4 billion. The financial losses are being blamed on the declining volume of mail across the country and the state of the nation’s economy.

A total of 2,000 local post offices are scheduled to close within the next two years according to a plan announced by the USPS this past January. Executives and administration are undergoing buyout procedures where employees over the age of 50 who have at least twenty years of postal service are being offered $20,000. Employers are also eligible for the buyout if they have 25 or more years of service regardless of their age. 105,000 full-time positions have already been cut in the last two years which include clerk positions, mail handlers, and plant workers.

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The company hopes both sales will be completed by the end of 2012. BP also announced its intention to restart dividends to their stockholders. In 2010, the company reported a loss of $4.9 billion dollars. That amount includes $41 billon in expenses incurred during the oil spill in the Gulf of Mexico. The company’s reported loss is the first one since 1992.

The Texas City refinery that is now up for sale was acquired by BP in 1998 when it merged with Amoco. Despite the large size of the facility, it has proven to be the location with the most problems. In 2005 an explosion at the refinery killed 15 people and left more than 170 others with injuries.

The BP refinery in Texas also has a history of environmental troubles and is still under investigation by the state and federal agencies for emissions events last year. During a 40 day time period, the refinery released more than 500,000 pounds of chemicals into the air.

The economic impact will surely be felt across the state. The Texas City refinery is the largest employer in the area. BP has also been a mainstay in the local community due to their charitable donations, employee associations, and activity sponsorships. Studies show that a $22 billion economic hit will be taken by the Texas economy. The numbers include payroll figures for the staff as well as outside contractors. Additionally, business down with other companies will take a loss.

Many of BP’s employees found out about the sale of the Texas refinery when they came into work following the announcement. BP says it hopes that the new buyer will remain ‘sensitive to the area’.

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Yahoo has assured people they will be hiring around the world still in an effort for certain support functions within the company, and also said that the former employees that are being laid off will receive a displaced job package, or other severance packages. Some workers, because of a ten year deal with Microsoft (NASDAQ: MSFT) will be lucky enough to get a job with Microsoft.

Financial experts within Yahoo have said that increased “traffic” to Google, is not the only culprit in its slipping sales plan. Facebook is also taking a huge chunk of the advertising sales, and proving itself a financial force to be reckoned with. Although Yahoo is still one of the most popular search engines in the world, its dominance has been slipping slightly each year. Also, new online advertising options are forcing Yahoo to sell high yield advertising space.

Chief Executive Carol Bartz had announced the cuts publicly earlier in the week. She has been the chief executive for two years. Upon her arrival sales were up and profits were coming back into the company but then slowly began to wane. The strategy will be to lower overhead cost to widen the profit margin.

In this tough economy you may be scanning the financial news hoping for anything that looks like good news, or anything that resembles a stabilizing economy. These lay off announcements may not be the glowing news you may have been hoping for, but they aren’t necessarily funeral bells either. For a company as big as Yahoo, this is a relatively small layoff, and according to statements, will just help stream line the company for hopefully, a better future.

Reference:

http://www.reuters.com/article/idUSTRE6BD6E520101215

Yahoo (NASDAQ: YHOO) Lets 600 Workers Go was created by and is property of American Consumer News.

There is expected to be another vote, perhaps as early as Wednesday, by the house as Senate Majority Leader Harry Reid filed a motion to force another extension vote by Thursday. If the payments are not continued for the unemployed in the US, more than 200,000 people would have payments phased out within a week. The previous extension ended in May and more than a million people have lost their unemployment benefits.

The bill was brought to vote under a special procedure that did not allow other amendments to the bill. It needed two-thirds majority to pass. The vote came in at 261-155, just short of the numbers needed. Had it passed, the move would have provided up to 99 weekly unemployment checks for people who had run out of the 26 weeks of state-paid benefits. The average amount of $335 and the payments would stretch out through the end of November. The total cost of the extension comes in at $33.9 billion. The costs of the bill would be added to that budget deficit.

Some lawmakers feel it is difficult to help those citizens hit by the recession. They fear they will be labeled as ‘big spenders’. Rep. Dave Camp (Michigan), the top Republican on the Ways and Means Committee stated “The American people know it isn’t right to simply add the cost of this spending to our already overdrawn national credit card. They want to help those in need but also know that someone has to pay when government spends money.”

The unemployment rates in the US are still up event though the economy is showing signs of recovery. A loss of more than 8 million jobs has taken its toll but the concern about the national deficit is at the forefront of many minds.

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The new employment is based on the need for growth in the next-generation technologies due to GE Aviation’s investment in aerospace technology infrastructure. Out of the new 220 jobs, 90 will be added to the Johnson Technology facility in Muskegon which manufactures jet engines and 130 will be out of the facility near Van Buren Township. The new plant will be producing high-tech coatings for both commercial and military aircrafts.

GE stated they are in the early stages of a partnership with the state of Michigan and they are looking forward to growing. GE Vice Chairman John Rice said in a statement “The exceptional number of talented, experienced professionals — coupled with the state’s strong advanced technology manufacturing capabilities — makes putting additional jobs here an easy decision. Growing jobs in Michigan means growth for GE.”

The Advanced Manufacturing and Software Technology Center located in Van Buren Township held a ribbon cutting ceremony. The facility is General Electric’s focus for new efforts, already employing over 200 information technology professionals. Hiring of new employees at the location is currently ahead of original plans and is moving forward hiring approximately two people each day.

General Electric already employs about 2,400 people in the state and with the hiring situation the total employment is expected to reach over 3,500 people who are employed in the various facilities throughout Michigan. The company employs more than 300,000 people worldwide. Officials in Michigan say the General Electric hiring in the area is significant, not only for the state but for the country. With the new innovations expected to come out of research and be brought to the manufacturing floor, the industry will remain competitive.

The value of General Electric’s expansion project is estimated to be up to $200 million. The state of Michigan gave GE $74 million in tax incentives if GE were to bring the project to the state.

General Electric (NYSE: GE) Bringing New Jobs To Life In Michigan was created by and is property of American Consumer News.

The proposal for this program will need regulatory approval and as of now the bank is not sure if or when the approval will come. If approved, this move will allow those collecting unemployment to have zero mortgage payments for a period of nine months until they have the ability to pay or the nine month allowance period ends. In the event a homeowner can not make payments after time runs out, Bank of America would provide additional assistance in the form of $2,000 to help pay moving expenses when leaving the home.

Critics are already wondering if Bank of America is just running a show because the homes they foreclose on would probably have been foreclosed on anyway. However, others think the bank is making a credible effort to help borrowers who are in serious financial straits. Industry experts believe the plan could potentially stand to serve as a model for the industry and have said Bank of America’s program may be the most creative method yet established to repair the damage of high unemployment which is the driving force behind the foreclosures and mortgage delinquencies.

For families who need fast relief from money problem, the 9 month period could make a real difference. For the bank, the move can save millions of dollars in collection costs and expenses pertaining to foreclosures. To date, the $75 billion dollar federal mortgage aid program announced by President Obama in February 2009 has not exactly met the President’s idea of helping million of homeowners. So far, only around 230,000 families were receiving final mortgage modification under the HAMP program.

Bank of America’s plan would be the first large-scale zero payment plan that will last for some time. Most lenders are only offering payment reduction plans known as a forbearance that last for three months. The bank’s plan could catch on, allowing more families to come out on the other side once the economy has had more time to recover. Currently the stock market is doing well but the market of housing and jobs are still running weak.

Bank of America (NYSE: BAC) To Propose Mortgage Help? was created by and is property of American Consumer News.

Wal-Mart Stores, Inc. announced plans on cutting over 11,000 employees at its Sam’s Club locations, their largest job cut ever. The move will affect mostly part-time employees who attempt to entice customers to purchase store items, such as food and electronics, by performing in-store demonstrations. The number of employee cuts represents roughly 10 percent of Sam’s Club’s workforce.

Wal-Mart Stores plans on outsourcing its in-store demonstrations to Shopper Events, an outside marketing company based in Rogers, AR in hopes of improving Sam’s Club’s sales.

Wal-Mart Stores has already closed 10 Sam’s Club locations in the last month, which has resulted in roughly 1500 losing their jobs. There are approximately 600 Sam’s Club warehouse locations across the United States.

Sam’s Club saw it’s revenue drop $11.55 billion last quarter, which is almost a 1 percent sales decrease, while Wal-mart stores saw a $61.81 billion increase, or 1.2 percent.

Eligible employees who have been cut will receive severance pay and benefits, and will also receive assistance to find employment at other Sam’s Club locations and Wal-Mart stores. Some employees who will be laid off might possibly find employment with Shopper Events.

To boost sales and productivity, Home Depot also plans on eliminating jobs. The company is ending three pilot programs, which will result in 1,000 employees being laid off. Home Depot will be closing a temporary hurricane recovery outlet in Waveland, MS; a clearance outlet in Austell, GA; and a small-format store in Wilson, NC. Cuts also include the consolidation of support staff in the human resources and finance divisions. The company said they have no plans to close any of the full-size retail stores.

Despite the cuts, the restructuring will actually create about 200 jobs in Atlanta, which is where most human resources administration will be handled.

Home Depot is the largest home-improvement retailer, and currently has 300,000 employees and 1,500 store locations. Last year, Home Depot cut 7,000 jobs and closed specialty stores across the United States, and has marked the third consecutive January in which the large chain has laid off employees.

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Cobra Subsidies- Since 1986 employees who are laid off have had the option to continue health insurance coverage through COBRA benefits. Up until recently many employees have not been able to take advantage of this benefit due to the fact that while insurance remained available the entire burden of paying the full premium landed squarely in the hands of the employee. This has recently changed due to a subsidy in the economic stimulus package which allows employees who have been laid off between September 2008 and December 2009 to pay 35 percent of the premium to their former employers. Undoubtedly this change has made health care coverage more of a reality for families experiencing a financial hardship.

Private Policies- Due to the increase in self employed and freelance workers, there are more options available for individuals or families seeking health care all on their own. If you will be seeking your own insurance plan and currently have coverage through COBRA, it is important to begin your search for the right policy well in advance of the date your current coverage ends. This is to avoid loss of coverage between the time the new policy takes effect and the older policy expires. When looking for your own insurance plan, allow yourself plenty of time for research and comparison shopping. Health insurance is one of the things in life where finding the lowest price is not always the same as finding the best deal. Carefully compare coverage, out-of-pocket expenses and deductibles to determine which plan is right for you. Don’t know where to start? Consider using the Internet to compare quotes from many different policies, be advised however the prices are general quotes and your premium may change based on your medical history and needs.

Sign Up On Spouse’s Plan- Most insurance plans have an open enrollment period where changes can be made to the policy. If you have lost your job and your coverage you qualify for a special circumstance that allows changes to be made. By adding yourself to your spouse’s insurance plan you guarantee there are no lapse in coverage.

Health Insurance Assistance Programs- If you have exhausted other means of securing insurance while you are in between jobs and simply cannot afford to pay for coverage, you may be eligible for government assistance. Federal, state and local governments offer health insurance coverage to qualifying individuals and families who cannot otherwise afford to pay for coverage. Do not allow your pride to prevent you from contacting these agencies for help if you are experiencing a financial hardship. Things may seem difficult now but you will get back on your feet again. In the meantime having adequate health care coverage for yourself and your children is necessary to ensure you are physically and financially able to recover from your job loss. Remember we all need help at some point in our lives and accepting help from a government program designed to assist citizens in their time should cause you no shame.

Remember health care insurance is one of the things we pay for and hope to never use. Losing your job can be devastating financially; imagine how difficult recovery will be if you experience a medical emergency without health care coverage. For this reason securing health care insurance should remain a top priority while you are in between jobs.

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Colleges and Universities across the country are reporting that this year college graduates are struggling, like no time in the past, to find employment. Many schools have seen a huge decline, up to 40% or more, in companies coming on to campus to recruit. A University report of 5574 four year schools showed that in 2008 67% of graduates were able to find full time employment within 6 months of graduation, down from 75% from 2007. Statistics are not yet available for this year, but many schools are reporting that their numbers are considerable lower than last, even as low as 30%.

History shows that in times of recession, young people looking to enter the work force do have a tough time. They can expect lower entry level salaries and slower mobility within companies. This has a huge impact on family life and on consumer spending. These young people can be expected to wait longer to start families and to make big purchases like cars and homes.

Many recent grads who cannot find employments are being forced to move back home. Others ,who have the means, are applying to continue their education in hopes that once they have a master’s degree or PhD that the job market will have improved.

For those recent grads that are still looking to find a job, there are some things they can do to possibly increase their chances of obtaining employment. First, they need a great resume. Students must be willing to apply for a variety of employment options, even those not in their field. Temporary jobs are also an option, offering experience that may be helpful to obtain full time employment in the future. Being willing to relocate is also a plus. Those attempting to enter the workforce should know that they will most likely have to take a job with lower starting pay and expect to stay at the entry level for the long haul.

Looking ahead to 2010, experts say that job prospects should start to rise in the spring. Just how many more jobs will be available, no one seems to know. Only time will tell.

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Here are some ways your employer may be able to help after you have been let go. After years as a faithful employee, don’t be afraid to ask for help.

Ask For a Later Date
If you have been a solid employee, be sure to summarize the projects you’ve been working on and would like to see to completion. Within reason, an employer likely will be able to afford you for a few more weeks of pay while you start the hunt for a new job. This doesn’t mean you have to be a push over but you can assert that your knowledge and your experience can certainly help smooth over the transition until thing resettles.

Cash In Unused Time
If you have vacation, personal, or sick time that you have not used, cash it in. Don’t be shy about it either. Remember to also include any reimbursements and bonuses that may be owed to you. Some people may feel awkward about asking for these things but the reality is these are things you are entitled to receive and you should fight for it.

Get A Good Word
Before leaving, ask your employer for a written letter of recommendation. If you are on particularly good terms with your boss, inquire about their resources and connections for finding you a new place to work. Your employer already is familiar with your work ethic and experience and may give you a leg up on the stiff competition in the job hunt.

Inquire About Part-Time Work
When a company is in the middle of a downsizing situation, they tend to be short-staffed leading to chaos. Ask about working in another department, even on a part time basis until something new opens up or you find another permanent job.

Whatever you do, don’t burn a bridge out of frustration or anger. You will want to leave with the dignity and respect of your employers because you never know who can help you move forward into a new job.

How Your Employer Can Help When You Get a Pink Slip was created by and is property of American Consumer News.

Part-time jobs. This method is probably the best because of the consistent nature of the income. Part-time jobs range from working in a restaurant or retail to working for a local convenience store. Whichever you choose and fits your circumstances, then be willing to work the hours on a consistent basis so that the money is consistent as well. If you choose the restaurant job, then try being a server. The hourly pay is not as high, but the tips can make up for it and then some. If you have a knack for relating to people and making them feel comfortable then this might be a job for you to consider.

Household sales. It is time to clean out the attic, basement and garage and sell anything that isn’t nailed down and hasn’t been used for a very long time. You might not be willing to part with everything, but most people have “stuff” that they no longer need. The yard sale / garage sale can net you hundreds of dollars if you have enough things to sell. You can also sell things on eBay which goes with our next point.

Hobbies. Do you have a hobby or things that you like to do that you could turn into income? Some people do not like to make their hobbies into money-making ventures, but if you are in a position of needing to bring in money, then consider doing it for just a short period of time. Look at using your hobby and marketing it through eBay. If you do not have a hobby or one that can be used to make money, then look and see what kinds of things others are doing. Grab onto something that interests you and investigate whether or not you can do the same.

Decrease withholdings. Most people are holding out too much money from their regular paycheck which gives them a big bonus in the spring of the year when they get a refund from the Federal Government in the form of a tax return. You should change this so that you break even, or just barely get a tax refund. The reason is that you are sending money to the government to use all year long and then they give it back to you with no interest. Better it is to keep that money in your paycheck and use it to help pay bills and put into savings.

These four income sources can help you get through a difficult time financially until things improve. It is income that can sustain you for long periods of time if you allow it. That can help you reach other goals, too like paying down debt. There are very few negatives in this proposition so get started today.

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