Telergy Inc., which offers telecommunications services to commercial customers, will cut nearly 300 jobs -- or more than two-thirds of its work force -- and narrow its business focus in a bid to save what was once one of the rising stars of the telecommunications industry. The latest round of layoffs involved 298 workers and leaves Telergy with 141 employees, down from 615 at the beginning of August.
Deutsche Bank said Monday it has agreed to buy Zurich Scudder Investments from Zurich Financial Services, its Swiss parent for $2.5 billion to expand its fund management business in the United States. Under the agreement, Deutsche Bank would gain full ownership of the well-known but struggling Scudder mutual-fund family.
Rockwell Automation of Milwaukee said today it plans to cut 750 more jobs worldwide, in addition to about 1,300 announced earlier this year, and warned its earnings will be lower than expected for this quarter. The latest cuts amount to 3.2 percent of its 23,500 employees worldwide.
Struggling airline group Swissair announced Monday that its catering arm would immediately lay off at least 3,000 people, mostly in North America, because of the terrorist attacks on the United States. The company also announced a major restructuring of its operations over the next three years, concentrating on business travel within Europe while scaling back its long-haul flights to North America.