PeopleSoft begins cutting jobs following J.D. Edwards merger
Wednesday October 1, 6:45 pm ET
NEW YORK (AP) -- PeopleSoft Inc. has begun dismissing employees as part of its previously announced plans to cut about 7 percent of its workers, following the purchase of rival J.D. Edwards & Co.
PeopleSoft began notifying workers last week, spokesman Steve Swasey said. He declined to say how many have been dismissed thus far.
"You want to do it as fast as you can ... to start realizing the savings," said Swasey. He said most of the cuts were overlapping general and administrative jobs and that some workers were being reassigned.
PeopleSoft, which makes business software, said in early September that it planned to eliminate between 750 and 1,000 jobs as part of a plan to save up to $207 million in 2004. The company, which is fending off a hostile takeover bid from software provider Oracle Corp., completed its $1.8 billion merger with J.D. Edwards in late August.
PeopleSoft will provide more details of its actions when it reports third-quarter results later in October, Swasey said.
Shares of Pleasanton, California-based PeopleSoft closed Wednesday at $18.95, up 68 cents, or 3.7 percent, on the Nasdaq Stock Market. |
