The Wall Street Journal-20080123-H-R Block Inc-- Job Cuts Are Part of Plan To Streamline Operations
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H&R Block Inc.: Job Cuts Are Part of Plan To Streamline Operations
H&R Block Inc. said it plans to cut jobs as it seeks to streamline its operations. The financial-services company declined to give any specifics but said it may announce the details of those cuts early next month. H&R Block had said last month that it was reviewing its expenses as it deals with the failure of its subprime-mortgage arm, Option One Mortgage Corp., and considers the future of its investment advice, business services and banking operations. The company's woes led to the resignation of Chairman and Chief Executive Mark Ernst in November. Board member Richard Breeden succeeded him as chairman, and Alan Bennett is serving as interim CEO. For the second quarter ended Oct. 31, H&R Block posted a loss of $502.3 million.
