Sony to cut 8,000 jobs

Japan’s Sony Corp is planning to cut 8,000 jobs very soon. A report saying, due to global slow down the company is planning to retrench so it could fight back to the bad economy.

But experts say that the cut won’t be enough for the tech giant and in near future it may play another strategy to stay in the race.

According to the reports, the company is aiming to cut $1.1 billion in costs out of its struggling electronics operations.

The 8,000 job cut comes to about 5 percent of its global electronics workforce of 160,000.

An expert say, “The number sounds big, but this staff reduction won’t be enough. Sony doesn’t have any core businesses that generate stable profits.”

Source : FreshNews
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]