Ericsson swings axe on 1,400 staff to save costs

Ericsson swings axe on 1,400 staff to save costs

Ericsson lined up 1,400 jobs for the chopping block in its home market of Sweden with more staff cuts to come across its footprint to reduce costs globally, Reuters reported.

The company recently announced plans to cut costs by SEK9 billion (US$880 million) by the end of 2023 due to slowing demand for its equipment.

Further job cuts in the thousands are expected in other markets and will likely be announced in the coming days according to sources speaking to the news agency.

The company last made wide cuts in 2017 to pull the company out of losses. An Ericsson spokesperson said an agreement has been reached over how to manage the staff culling, and it intends to enact it through a voluntary resignation programme.

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