Olympus to cut 2,700 jobs worldwide
9 June 2012
The Japanese camera maker has announced restructuring plans which will result in approx 2,700 job cuts worldwide.
Olympus unveiled a five-year plan where the company hopes to go "back to basics". The restructure will see Olympus shedding 7% of its employees worldwide by 31 March 2014.
The jobs will go through restructures of subsidiaries and global production sites. Olympus also said it will be enhancing the efficiency of the workforce at headquarters and in each domain.
Olympus’ plans to make a fresh start after an accounting scandal, where the firm admitted hiding losses of $1.7billion after its chief executive revealed accounting irregularities.
Olympus lost 49bn yen (£400m) in the year to the end of March, but has predicted that it will make a profit of 7bn yen in the current year.
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