Paper cuts jobs, redefines the rest
WHITE PLAINS, N.Y. -- A suburban Gannett Co. newspaper is cutting more than a quarter of its news jobs, redefining the remaining positions and allowing all newsroom employees to compete for them.
Pulitzer Prize-winning editorial cartoonist Matt Davies will lose his job in the reorganization. He said he would apply for another position, perhaps in graphics.
Michael J. Fisch, publisher and president of The Journal News, said Thursday that 50 of 192 news jobs and 20 of 96 advertising sales positions were being cut. The new jobs will stress multimedia skills.
Gannett is the nation's largest publisher, with 85 dailies, including USA Today. Spokeswoman Robin Pence said she knew of no other Gannett paper that had adopted a layoff-and-reapply approach.
Boeing to pay $25M to settle lawsuit
WASHINGTON -- Boeing Co. agreed Thursday to pay the government $25 million to settle allegations that the company performed defective work on critical military refueling planes in Iraq and Afghanistan.
The settlement arose out of a whistle-blower lawsuit filed in Texas by two former Boeing workers, who will receive $2.6 million for drawing attention to the issue.
The company said it had done nothing wrong but had decided to settle in order to "move forward."
Paper: Citigroup pushed on review
Federal officials are pressuring Citigroup Inc. to hire external consultants to evaluate whether the bank's current management is capable of leading it out of financial crisis, a newspaper reported Thursday.
The story in the Financial Times said recruitment firm Egon Zehnder had been retained by New York-based Citigroup to carry out a comprehensive management review that was requested by the U.S. government after its stress tests on banks in May. The report cited people close to the situation.
Citigroup spokesman Stephen Cohen declined to comment.
Since October, Citigroup has received $45 billion in government funds. A portion of that money was recently converted into a 34 percent ownership stake for the government.
-- Wire reports