Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Ericsson to lay off up to 500 staff worldwide

Posted: June 24th, 2011 | Author: | Filed under: By Location, Sweden | Tags: | No Comments »

Chip maker ST-Ericsson says it plans to cut up to 500 jobs worldwide as part of a move to save $120 million a year.

The joint venture between Swedish wireless equipment firm LM Ericsson AB and Swiss chipmaker STMicroelectronics said Thursday it will launch a new cost-cutting plan to achieve the savings by the end of 2012.

From: Economic Times

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