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Software-maker CA to slash jobs
Wednesday, 07 April 2010, 23:08 IST
Bangalore: Though the market for tech companies is supposedly starting to improve, A New York based Securities and Exchange Commission formerly known as Computer Associates (CA) is planning to close, consolidate, and merge certain offices as part of its cost savings, reports Lance Whitney from the CNET News.
CA is planning to cut 1,000 jobs, about 8 percent of its staff, in an effort to trim costs and become leaner. "I recognize that the actions we're taking are difficult. But in the end, they will make CA stronger and more competitive," said McCracken in the memo.
As a result, the company expects to spend around $47 million before taxes in the fourth quarter on severance packages and office consolidations. Most of the layoffs will affect staff in North America, but some will hit other countries as well. Many of the layoffs will be done by the end of April, with the rest completed by the end of the second quarter in September.
Though recent third-quarter earnings were better than expected, the company expects to show weaker financial results for this year.
In a memo sent to all employees, McCracken explained the reasons for the layoffs and office closings. He pointed out that the industry and market are changing therefore the company also has to change. The company is retooling its product line and R&D investments to focus on more profitable areas. Businesses and operations will be streamlined to make the company more efficient. And closing or merging offices will help cut real estate costs