Sony cuts workforce by 10,000
Reports in Japanese media indicate that Sony will cut six per cent of its global workforce. Sales of TVs remain weak and losses are growing at the electronics giant. The cuts will mean the loss of 10,000 jobs worldwide.
Sony has not confirmed the reports but there is to be a press conference later this week. Sony has been restructuring to try to stem losses. It sold off its chemical unit and has merged its LCD panel operation with rivals Hitachi and Toshiba. This move will cut about 5,000 employees. However many may be transferred.
In the last quarter of 2011, Sony lost U.S. 2.1 billion. It also doubled its loss projection for the full year. For more see this article.