Sony (SNE) Looks to Trim 6% of Workforce in Cost-Savings Effort
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Investors in Sony Corp. (NYSE: SNE) are reacting to weekend reports of a substantial reduction in the company's workforce.
According to the Nikkei and others, Sony will be cutting about 10,000 positions globally as part of a new restructuring plan, expected to be announced by CEO Kazuo Hirai on Thursday. The number amounts to about 6 percent of its overall workforce.
Jobs won't be cut immediately; the process will take about two years to complete.
Cuts will come from its chemical products division -- which Sony sold to Development Bank of Japan -- as well as from its television division.
Bloomberg reports Sony's debt yield remains flat. The cost to insure its CDSs rose 12 basis points in 2012, following a 123 basis point increase in 2011.
According to the Nikkei and others, Sony will be cutting about 10,000 positions globally as part of a new restructuring plan, expected to be announced by CEO Kazuo Hirai on Thursday. The number amounts to about 6 percent of its overall workforce.
Jobs won't be cut immediately; the process will take about two years to complete.
Cuts will come from its chemical products division -- which Sony sold to Development Bank of Japan -- as well as from its television division.
Bloomberg reports Sony's debt yield remains flat. The cost to insure its CDSs rose 12 basis points in 2012, following a 123 basis point increase in 2011.
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