Ericsson is Cutting 8,500 Jobs Worldwide to Cut Costs

Swedish telecom equipment manufacturer Ericsson is cutting 8,500 jobs worldwide. Reuters reports this based on a memo that was sent to employees.

The company hopes to save costs with the job cuts. On Monday, Ericsson will announce that it wants to cut 1400 jobs in Sweden.

The cost savings are necessary because the demand for telecom products, such as equipment and transmission towers, is levelling off. Last December, Ericsson announced that it wanted to save 9 billion Swedish kronor this year, the equivalent of more than 800 million euros.

In addition to wage costs, the company wants to spend less by, among other things, cutting back on the number of consultants and buildings and cutting back on software development.

Ericsson has about seven hundred employees in five locations in the Netherlands. The Dutch head office is located in Rijen, near Tilburg. How many and whether jobs will disappear at these locations is unknown. Worldwide, the company has more than 105,000 employees, of whom more than 14,000 are in their own country.

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