//
you're reading...
France, unemployment

IBM to slash French workforce as billions are dished out to shareholders

Unions have denounced plans by US -based multinational IBM to slash its French workforce by 1,200 out of a total 9,700 working in the hexagon.

The CFDT, CFE-CGC and UNSA unions declared in a joint statement that they couldn’t accept ‘incessant job cuts while IBM plans to substantially increase dividends to shareholders.’

IBM, which employs some 400,000 workers across the globe, plans to hand $70 billion of a targeted $100 billion in cash flow to shareholders by 2015. IBM has dished out more than $137 billion to shareholders in the form of dividends and share repurchases since 2000.

The plans to slash the workforce in France, where the number of jobseekers approaches an all-time high following 22 consecutive months of rises, come amid growing concerns about employee suicides which now number 5 in the past two years

A meeting between unions and management about the lay-offs was due to be held Thursday.

Reuters : WSJ : Humanite

About revoltingeurope

Writer on Europe's Left, trade union and social movements @tomgilltweets or @revoltingeurope

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Twitter Updates

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Revolting Europe on WordPress.com

Top Clicks

  • None

Subjects

THE EURO

The Dossier

FRANCE

GERMANY

GREECE

ITALY

PORTUGAL

SPAIN