Telecommunication equipment maker Tellabs Inc. announced that it will be shedding 225 more jobs to be added to the 125 job cuts that were announced in September.   These cuts are part of the company’s plan to saving $100 million annually as it increases profit margin and reduce operating expenses.

Nationwide Insurance intends to eliminate 190 jobs at its Gainesville office.  The jobs are in customer service operations in auto and home insurance.  Job help will be offered help with job searches.

General Electric intends to close its refrigerator plant in Bloomington, KY, which is northwest of Louisville.  The company indicates that the decision is not final and the Local 2249 of the International Brotherhood of Electrical Workers could submit alternative proposals during a 60-day bargaining period.  An estimated 60 percent of current workers are eligible for retirement.  Other employees would receive medical, dental and other benefits for one year after the plant closes.

Sprint Nextel announced today that it intends to slash 4,000 jobs and cease operations at 125 retail stores to address slowdown in subscriber growth and revenue.  Sprint said it will also close 4,000 of its 20,000 third-party distribution points, such as stalls inside other consumer-electronics retailers. 

QLT announced it is restructing its North American operations and laying off 115 persons.  The company which makes the prostate cancer treatment Eligard, the Acne treatment Aczone and the drug delivery system Atrigel. 

The company will also sell it corporate headquarters in British Columbia and its USA unit.

Due to the continued housing slump, Lehman Brothers announced they would cease wholesale mortgage lending in the U.S.  This change will cause the company 1,300 jobs as it consolidates operation centers in California, Florida and New Jersey.  Most of the operations will be absorbed into is Aurora Loan Services Unit.

Lehman Brothers is the nation’s fourth largest investment bank.

Citigroup announced today that the company has posted a net loss of $9.83B, or $1.99 per share which is twice as much as analysts expected.  The company recorded a $18.1B in pre-tax write downs and credit costs on subprime related direct exposures.

As one measure to streamline the company, the company announced that it would be reducing its workforce by 2,400 employees.  No further details of the layoffs where provided.

Macy’s Inc. will cut 271 jobs from its store and corporate operations in its Minneapolis, Chicago and Detroit markets, as it looks to improve profits.

The retailer said in a statement that it will eliminate positions in alterations, foods, finance, marketing and visual at both its stores and at its Macy’s North headquarters in Minneapolis. The cuts will not include sales associates.  The employees will be offered severance and may apply for jobs elsewhere at Macy’s.

Due to Hollywood’s screenwriters strike, Warner Bros. has told about 1,000 television and film production workers that and unspecified number of layoffs will soon be announced.

McGraw Hills announced last week that it is cutting more than 600 jobs.  The 611 job cuts will come across the company’s divisions but about half of the cuts will come in its educational division.  McGraw-Hill said the cuts in its educational division came amid a consolidation of some back-office functions and an increasing push towards digital productions.