Sony to Cut 6 Percent of Its Global Workforce
April 9, 2012 10:38 AM
comment(s) - last by
These cuts come after the news of Sony's 2011 financial loss for the fiscal year, which totaled 260 billion yen, or $3.2 billion USD
Sony has announced that it will eliminate 10,000 employees in the wake of huge financial losses in 2011.
Cutting 10,000 jobs would equate to about 6 percent of Sony's global workforce. In addition to these losses, seven executives may be asked to give up their bonuses, including former CEO and current board member Howard Stringer.
These cuts come after the news of Sony's 2011 financial loss for the fiscal year, which totaled 260 billion yen, or $3.2 billion USD.
Sony has had some serious troubles in recent years that have led to this. One of the major issues was Sony's LCD TV business, which has had eight years of consecutive losses. The realization that this sinking ship will likely never produce any annual profits led Sony to
shake up its LCD TV business
last year, then eventually
sell its 50 percent manufacturing stake to Samsung
in their LCD joint venture called S-LCD Corporation.
In February, Standard & Poor's Ratings Services confirmed an
unfavorable outlook on Sony's long-term corporate credit rating
. It even dropped its long-term corporate credit and senior unsecured debt ratings on Sony from "A-" to "BBB+."
Sony CEO Kazuo Hirai
, which took the position starting April 1, plans to announce his plans for the company over the coming years this Thursday.
This article is over a month old, voting and posting comments is disabled
RE: May Give Up Bonuses
Dr of crap
Dr of crap
4/9/2012 12:40:09 PM
Hey once you make to that level you protect your own!
Golden parachute anyone?
"I want people to see my movies in the best formats possible. For [Paramount] to deny people who have Blu-ray sucks!" -- Movie Director Michael Bay
Sony's Long-Term Corporate Credit Rating Lowered
February 8, 2012, 10:05 AM
Sony Announces Kazuo Hirai as New CEO
February 1, 2012, 4:50 AM
Sony Sells LCD Panel Joint Venture Shares to Samsung
December 26, 2011, 11:31 AM
Sony Shakes Up, Breaks Up Struggling TV Unit
November 1, 2011, 4:15 PM
Quick Note: Apple Watch to Get Brick and Mortar Boost From Best Buy
July 27, 2015, 3:00 PM
Can HTC Save Its "RE Grip" Smartband After Its Inexplicable Failure Launch?
July 17, 2015, 2:29 PM
Facebook's "Moneypenny" is Cross Platform Siri on Steroids
July 15, 2015, 3:59 PM
Apple Watch Sales Have Plummeted
July 8, 2015, 5:01 PM
Consumer Reports: Galaxy S6 and iPhone 6 Can't Keep Up w/ Galaxy S5
July 6, 2015, 4:57 PM
Apple iOS 8.4 Rolls Out w/ Fix to Crash-Causing Unicode Text
June 30, 2015, 3:24 PM
Most Popular Articles
As iPad Sales Wane and Watch Flops, iPhone Saves Apple's Profit With Its Heroics
July 22, 2015, 6:13 PM
Editorial: Reddit Allows Itself to be Hijacked as a Hate Platform For Racist Bigots
July 21, 2015, 6:32 PM
Microsoft July 29 Windows 10 Launch: Freebies, Rollout, and What's Next
July 21, 2015, 2:40 PM
Mozilla and Facebook to Adobe: It's Time to Kill Flash
July 20, 2015, 6:30 PM
Google Scores Bizarre Court Win as Disgruntled Android Users' Lawyers Ruin Case
July 16, 2015, 5:58 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information