Beverly HIlls 11/19/2009 1:43:07 AM
News / Business

AP Begins Round of Major Layoffs

Financial World News Update by Equities Magazine



Rumors of layoffs at the Associated Press have been floating around for some time, but they have become reality with over 38 reported terminations across the country already. The AP has been transparent about its plans to cut 10% since earlier this year, beginning the process with offering 100 employees early retirement plans. Tuesday marked the second round of downsizing with managers, reporters, editors, photographers, and editorial assistants all being let go. Thus far, New York has been hit the hardest with staff members there reporting 20 team members have been let go.  

Among the layoffs, are a high percentage of editorial assistants in domestic locals like Albany, Denver and Kansas City. More cuts are being anticipated in the West Coast offices.  

Cuts are being made on the basis of seniority. Employees are entitled to appropriate notice, severance pay, and the right to re-hire provided jobs become available again.  

This is the most major round of layoffs since 2006, when 100 technology staffers were let go.

About EQUITIES:

Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on the Internet at www.equitiesmagazine.com, as well as select content at www.nasdaq.com.  For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.

 

Sign up for a free one-year subscription to EQUITIES Magazine