Japanese electronics giant Hitachi said today it would cut 14,700 jobs - 4 per cent of its global workforce - and post a $1.2 billion group net loss in the year to March 2002.
"On a consolidated basis, in addition to natural attrition, the number of employees will be reduced by around 14,700 by the end of fiscal 2001," the company said.
Of the total, 10,200 jobs would be cut in Japan and the remaining 4,500 from overseas operations.
Hitachi is forecasting a 140 billion yen ($1.2 billion) group net loss in the current fiscal year to March, reversing its earlier estimate of a 90 billion yen net profit.
Hitachi has become the latest victim of the global technology industry slowdown, which has forced other Japanese and global hi-tech giants to downgrade earnings forecasts and cut payrolls.
AFP