Electronics giant NEC to cut 20,000 jobs
Friday 30th January 2009, 10:48AM GMT.
Japanese chipmaker NEC says it will cut 20,000 jobs worldwide over the next year as the global recession bites.
The Tokyo-based firm said it had no choice but to make cuts that would save around 80 billion yen (£621 million) after massive losses in the third quarter and a downward revision of its end-of-year results.
Between October and December the technology group lost 130 billion yen, compared to a 5.2 billion loss in the same period a year earlier.
The group now expects to record a loss of 230 billion yen for the full fiscal year.
NEC said 9,500 jobs would be cut in Japan by March 2010 and 9,000 overseas, while a further 450 staff would take early retirement.
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