The Swedish telecom carrier Ericsson announced, on February 1, 2008, that, after a disappointing third trimester and a 16% decrease in profits in 2007, the company needs to save 4 billion crowns (425 million euros). This will mostly go through letting go of its 1.000 Swedish employees. However, more serious staff cutbacks are expected in other countries - about 3.000 job cuts. (Ref. 080104)
According to the management, most job cuts would be done through voluntary leaves, a common practice at Ericsson.
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