Panasonic plans massive job cuts

Panasonic is to cut thousands of jobs by the end of next year, the Japanese electronics giant said on Thursday.Panasonic intends to reduce its headcount to 350,000 by the end of 2012, company president Fumio Ohtsubo said.

Panasonic is to cut thousands of jobs by the end of next year, the Japanese electronics giant said on Thursday.

Panasonic intends to reduce its headcount to 350,000 by the end of 2012, company president Fumio Ohtsubo said. However, reports differ as to how many jobs will go. According to a Reuters report, Panasonic currently employs around 385,000, suggesting a headcount reduction of around 35,000. Bloomberg has the figure at 17,000.

According to Bloomberg, Ohtsubo is trying to get Panasonic ahead in the solar panel and rechargeable battery markets, as its TV business is facing increasing competition. He has previously cut 29,000 jobs at the company as part of his restructuring drive.

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