Report: Sony to cut 10,000 Jobs Worldwide

Posted April 9th, 2012 at 10:05 am (UTC-5)
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A leading Japanese newspaper says Sony is preparing to slash 10,000 jobs worldwide, as the consumer electronics giant attempts to carry out structural reforms aimed at restoring the company to profit. That figure represents 6-percent of Sony's workforce.

The Nikkei business daily, quoting unnamed sources, said Monday that as many as 5,000 job cuts will come from reorganizing subsidiaries making chemicals and small and mid-sized display panels. It was not clear how many of the reported cuts will take place in Japan or overseas.

The report also said Sony may call on its seven executive directors to return their cash bonuses.

The Sony cuts are the latest downsizing in Japan's manufacturing sector, where a host of high-tech companies, including Panasonic and Sharp, are trimming costs to remain competitive. Experts have attributed much of the Sony loss to a downturn in consumer television buying.

Sony reported a $2.1 billion loss for the final quarter of last year.