Panasonic may halve head office workforce

7 years ago by in Featured, Technology

Japanese tech maker Panasonic is considering reducing drastically the number of workers in its head office, according to sources close to the matter. The company could more than halve the current number of 7,000 employees working at its headquarters.

Instead of letting them go, however, Panasonic is looking for ways of shifting them to other units, subsidiaries, or affiliates, added the quoted source.

The company has not confirmed the information. A spokesperson said that no job cuts have been decided and that the company is looking for ways to make its activities more efficient.

Panasonic has recently announced a Y772 billion (almost $10 billion) net loss for the fiscal year ending March 31 and is currently undergoing restructuring at its facilities.

Panasonic has annual sales of about $99 billion and employs about 350,000 people worldwide. That number is double compared to Sony’s and three times larger than South Korea’s Samsung Electronics.

Panasonic has said it aims to obtain a Y50 billion group net profit in the current fiscal year, ending in March 2013.