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Constellation Energy Cutting Workforce By 8 Percent
Layoffs Will Affect About 400 People In Baltimore Area
POSTED: 10:09 pm EST December 3,
2008
UPDATED: 8:08 am EST December 4,
2008
BALTIMORE -- Constellation Energy is cutting its workforce by about eight percent, according to a company spokesman.
Employees received a memo Wednesday telling them of the impending layoffs that will affect about 800 people worldwide and about 400 people in the Baltimore area.
A company spokesman said Wednesday night the company is 'reshaping its workforce' and has already made cuts in the past several months, with more to follow in 2009."We have and will continue to take aggressive action to conserve cash and reduce discretionary spending," said CEO Mayo Shattuck.Most of those cuts are related to Constellations' commodities trading division.Constellation owns BGE and while it will make cuts there, layoffs are expected to be minimal and service is not expected to be affected.
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Previous Stories:
- December 3, 2008: Constellation Energy Urges Holders To OK Merger
- September 23, 2008: Shareholder Suits Aim To Stop Constellation Buyout
- September 19, 2008: Stockholders, Workers On Edge After Constellation News
- September 19, 2008: MidAmerican Energy To Buy Constellation For $4.7B
- September 18, 2008: What Does Constellation Deal Mean For You?
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