Nokia Oyj reduced its earnings forecast for the second time this year and said it will cut as many as 10,000 more jobs and shut production and research sites in Chief Executive Officer Stephen Elop’s biggest overhaul.
Nokia Oyj’s North American chief, Chris Weber, was named head of sales in Chief Executive Officer Stephen Elop’s biggest management overhaul, taking on the task of winning buyers for the new flagship Lumia phone line.
Citigroup Inc. will close 376 branches and cut as many as 720 jobs at its CitiFinancial consumer-lending businesses in the U.S. and Canada, under a plan to make the units more attractive to potential buyers.
Nokia is adding more applications to its low-end phones for emerging markets, Executive Vice President Mary McDowell said in the company’s Nokia Conversations blog. * Life Tools for rural users are “now going to be focused on urban markets as well.” * The web browser for low-end Series 40 handsets is the fastest growing Nokia service ever. * One third of downloads from Nokia store are for Series 40 devices, up from 13% in January 2011. * Asked whether Nokia could have a woman CEO in the future, McDowell said “Potentially, yes.”
Citigroup Inc. ’s plan to shift bad loans to a new division from its U.S. consumer-finance business will make the remaining network profitable, said Mary McDowell , chief executive officer of the CitiFinancial unit.
Citigroup Inc. ’s effort to streamline its North American consumer finance unit caused overdue loans to jump more than expected as the bank moved 750,000 customer accounts to new locations, a person briefed on the matter said.