Ericsson, a telecom giant, plans to eliminate 8,500 positions globally in an effort to reduce expenses.
One of the leading manufacturers of 5G mobile networks in the world, the business, has declared a mission to reduce expenses by 9 billion crowns ($859 million) by the end of this year.
The initiative will “also result in a need to manage staffing,” a spokeswoman for Ericsson (ERIC) told CNN on Friday.
The spokeswoman stated, “We believe a total of 8,500 employees would be affected,” adding that the most of the layoffs would occur in the first half of this year. “The management of personnel reductions will vary according to local country practice.”
Ericsson announced on Monday that it would eliminate 1,400 jobs in Sweden. These layoffs are included in the overall 8,500, the official stated on Friday.
The most recent employer to announce thousands of layoffs in recent weeks is Ericsson. After going on an extensive recruiting binge during the pandemic, Big Tech has been particularly badly impacted. Due to a decline in internet advertising, media companies have also been laying off employees.