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Finmeccanica plans 3,000 job cuts

Italy’s Finmeccanica plans to shed 3,000 jobs over the next two years as it seeks to boost revenues and cut debt.

Published: 6 February 2015 15:22 CET
Finmeccanica plans 3,000 job cuts
Finmeccanica CEO Mauro Moretti said 3,000 jobs would be cut over the next two years. Photo: Andreas Solaro/AFP

CEO Mauro Moretti told the Financial Times the job cuts would mostly be a result of asset disposals, including the sale of the train unit AnsaldoBreda, as the group focuses on high-tech areas in aerospace and defence.

The group, whose credit rating was downgraded to junk status by the main credit agencies in 2013 due to a €4.1 billion net debt, currently has 54,000 employees.

Moretti, an ally of Italy’s premier Matteo Renzi, was brought in to restructure the group in May last year.

He told the newspaper that annual sales would shrink by almost 20 percent over the next two years.

He also said the company, whose reputation over the last few years has been tarnished by allegations of corruption, may change its 70-year-old name.

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COST OF LIVING

Jobs in Switzerland: What’s the latest outlook?

Despite modest gains, Switzerland’s job market remains slow to rebound from the coronavirus pandemic. There is however one industry where demand is far outstripping supply.

Published: 6 October 2020 15:46 CEST
Jobs in Switzerland: What's the latest outlook?
Photo: Tobias SCHWARZ / AFP

Results from the third quarter of 2020 show a 15 percent decline in new job ads, compared to figures from 2019. 

It was however an increase on the figures from 2020’s second quarter, which were 27 percent down on 2019. 

Job ads Switzerland wide fell 15 percent, the same as the figure in German-speaking Switzerland. 

'Highest unemployment in decades': How coronavirus hit the Swiss job market

In French and Italian-speaking Switzerland, job ads fell by 14 percent. 

The figures come from the Swiss Job Market Index, put together by employment agency Adecco and the University of Zurich. 

“The current GDP figures also point to an increasingly positive development,” said Monica Dell'Anna, CEO of the Adecco Group Switzerland.

Health worker demand remains high

Job ads in the health industry have grown significantly during the pandemic, 35 percent higher than figures from 2015. 

The need for nursing assistants has grown by 120 percent, while the demand for senior doctors has increased by 63 percent. 

While it may be little surprise to see a buoyant health sector as a result of a global pandemic, the authors note that this was not always the case. 

“After the introduction of the corona protective measures in the 2nd quarter of 2020, the number of advertisements for medical professions initially plummeted,” they wrote. 

“It should be noted, however, that the number of job advertisements rose at an above-average rate shortly before the introduction of the corona protective measures.”

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