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Sony to cut 10,000 Jobs In Turn Around Effort

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Sony to cut 10,000 Jobs In Turn Around Effort
[ Business]

In an effort to overcome an operating loss of $2.9 billion, Sony has announced that they are cutting 10,000 jobs. This cut amounts to nearly 6% of it’s overall workforce. Japanese stock market the Nikkei said half of the latest round of job cuts would come from consolidating the firm’s chemicals and small and midsize LCD operations. Sony said last month it was selling a chemical products division, accounting for some 3,000 people, while on April 1 it merged its Sony Mobile display unit, which had about 2,000 workers, with the small LCD panel businesses of Toshiba Corp and Hitachi Ltd into a new firm called Japan Display.

Sony said last month it was selling a chemical products division, accounting for some 3,000 people, while on April 1 it merged its Sony Mobile display unit, which had about 2,000 workers, with the small LCD panel businesses of Toshiba Corp and Hitachi Ltd into a new firm called Japan Display. “Under a new CEO, it’s easier to cut jobs or go in a new direction,” said Yuuki Sakurai, head of fund manager Fukoku Capital. “One of the things I’d like to see is that they shift their resources to other areas outside TVs … If they stick to TVs, they may have to fight a war they may not be able to win.”

As of press time, it is not clear how many of the jobs being cut will come from Japan or from other countries. They are also considering asking their executives to give their bonuses back.

This is the second time in 4 years that Sony is announcing a layoff program featuring over 10,000 employees. In December of 2008 Sony announced 16,000 job cuts in the wake of the financial disaster. They have not posted a profit as a company since then.

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Sony to cut 10,000 Jobs In Turn Around Effort
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