Citizens Bank sends out layoff notices

Layoff notices went out this week to some Rhode Island employees of Citizens Bank. Citizens spokesman Michael Jones said the layoffs are part of a job reduction announced in April by the Royal Bank of Scotland, Citizens’ parent company. The Royal Bank of Scotland said it planned to eliminate 9,000 jobs worldwide over a two-year period, 1,250 of them at the Citizens Financial Group in the United States.

Jones said the layoffs, which take effect in 60 days, mostly affect back office and support personnel. He declined to say how many Rhode Island employees received layoff notices this week, or the total number of Citizens employees in the state who will lose jobs once the layoffs have been completed.

The Citizens Financial Group includes Citizens Bank in New England and Charter One in the Midwest. As of February, Citizens employed 5,500 people in Rhode Island.

— Staff report

Textron Systems names two officers

Textron Systems, a unit of Providence-based Textron Inc., has appointed Ian Walsh as the company’s chief innovation officer and Tom McNamara as chief technology officer. Both are senior leaders on Textron Systems’ Executive Leadership Team.

Walsh, previously senior vice president and general manager of Lycoming Engines, also a Textron company, will focus on driving long-term improvements that foster greater collaboration and innovation across Textron Systems and its five operating units.

McNamara, previously senior vice president, will refocus Textron Systems’ Advanced Solutions Center as the newly formed Office of the Chief Technology Officer to explore emerging technologies and future technical requirements across all of Textron Systems’ markets, identifying future growth opportunities.

Both Walsh and McNamara will report to Fred Strader, Textron Systems’ chief operating officer.

— Staff report

Senators invited for some ‘soupy’

How does a neighborhood, family-owned market compete against one-stop supermarkets and giant retailers?

One word, says Bob Ritacco.

“Sopressata,” better known as “soupy,” the nickname for Italian dried, cured salami, he says.

Ritacco owns Ritacco’s Market, founded 40 years ago in Westerly by his parents, Umile and Maria. The market has survived the competition by offering unique, home-made Italian sausage and other Italian foods that shoppers would be hard-pressed to find anyplace else, he says.

To mark the anniversary on Saturday, Ritacco has invited U.S. Senators Jack Reed and Sheldon Whitehouse to partake of the delicacies.

— Staff report

IRS videos offer tax tutorials

Wondering how that latest tax break works and how it might apply to you? Now you can see for yourself, through videos produced by the Internal Revenue Service. The videos are available through the IRS’s official YouTube channel: www.youtube.com/irsvideos.

One such video explains how you may have to adjust the amount of federal income tax withheld from your paycheck this year in light of the new Making Work Pay tax credit. Another looks at the first-time homebuyer credit, which generally provides a tax break when you buy a home. The videos are available in English, Spanish and American Sign Language.

IRS spokeswoman Peggy Riley said that the new videos represent another way to reach out to taxpayers, especially to those accustomed to obtaining information online and through videos.

The agency also has audio files available at the IRS Web site’s multimedia center.

— Neil Downing

Foxwoods to operate as usual

The tribe that operates Foxwoods Resort Casino says it has sufficient cash to operate as usual while it works with its lenders to restructure its debt.

The Mashantucket Pequot Tribal Nation issued a statement acknowledging the effect of the recession and increased competition.

The tribe says it recently initiated discussions with its lenders “about potential debt structure options, including a range of refinancing and recapitalization alternatives.”

The tribe says it is current with debt payments and does not anticipate the financial restructuring being considered will affect employees, customers, vendors or business partners.

— AP

COMMODITIES

Dollar: In trading against major currencies yesterday in New York, the dollar ended at 93.60 Japanese yen, from Thursday’s close of 93.45 yen. The euro closed at 3:30 p.m. at $1.4287, from $1.4371.

Metals: Gold for current delivery closed at $957 a troy ounce on the New York Mercantile Exchange, from Thursday’ close of $945.50. Silver closed at $14.784 an ounce, from $14.216.

Fuels: October light, sweet crude oil rose 25 cents to $72.74 a barrel on the New York Mercantile Exchange. September heating oil rose less than a penny to $1.86 a gallon.

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