Dutch staffing firm USG People (USGP.AS), struggling with lower demand in its key market, will announce job cuts next week, but there is no need to divest operations, its chief executive told a Dutch newspaper. USG, Europe's fourth-largest staffing firm by revenue after Adecco (ADEN.VX), Randstad (RAND.AS) and Manpower (MAN.N), has been hurt by lower demand in its biggest market the Netherlands where the public and financial sectors have been hit by the financial crisis and resulting government budget cuts. Chief Executive Rob Zandbergen told newspaper Het Financieele Dagblad the group planned to announce a round of job cuts next week, but denied speculation USG planned to cut 2,000 jobs from its workforce of 8,000. "I can't say how many, we are still in talks with the employees council. But 2,000 (jobs) from the 8,000 is absurd," Zandbergen was quoted saying. The job cuts will mainly take place at the company's headquarters in Almere following the introduction of a new IT system, but Zandbergen added there was no reason to divest operations such as in France, Spain or Italy.
ManpowerGroup, formerly Manpower Inc., is a workforce solutions and services provider. Shares of MAN traded higher by 1.31% or $0.69/share to $53.32. In the past year, the shares have traded as low as $42.10 and as high as $69.67. On average, 680332 shares of MAN exchange hands on a given day and today's volume is recorded at 836679.
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