EMC Layoffs Job Cut: fires 2400 employees: Finance Trading Times

EMC Layoffs Job Cut: fires 2400 employees

The tech sector is witnessing the worst of its times. More bad news on the job front as more and more companies are going for layoffs. The latest one to add to the list is EMC,a data storage company, which has decided to fire some 2400 employees or around 7% of its global workforce. EMC  Layoffs
How many employees may be fired in the EMC layoffs?
The estimated no. of layoffs at EMC stands at 2400, meaning 2400 employees will be fired by EMC. It constitutes around 7% of the EMC workforce.

What are the reasons for EMC layoffs?
Worsening global financial situation, competition, lack of demand and mounting costs are some of the reasons quoted by the management to justify the layoffs.

Which segment of employees will be affected in the EMC layoffs ?
The effected employees will be from sales, marketing, legal and IT departments. It is reported that employees in manufacturing department will be spared.

How much money can be saved by the company after the EMC layoffs?
It is expected that 350 million USD will be saved in 2009 while 500 million USD will be saved in 2010 before tax.

Any other news about EMC ?
EMC, The company will take a $248 million pre-tax restructuring charge, but it expects to save $350 million in 2009 and $500 million in 2010 as a result of the changes, which will reduce management layers and consolidate back-office functions and field and campus offices. Let's hope that alternative jobs are available to the affected employees of EMC Layoffs Job Cut
Have Comments or Questions? Please post them as comments using "Post our Comments" link below. Your queries will be responded for free in 24 hrs!

5 Comments: Post your Comments

Anonymous said...(on 9 January 2009 at 05:58 )  

My husband works for this company and I am scared to death he will be one of the layoffs. He is somewhat new to EMC only working for them for around 3 years. Can I be any more stressed?

PS said...(on 9 January 2009 at 21:50 )  

My sister works in IT department. How did you get the information that IT may be targeted as the official note had data storage manufacturing department as the one targeted.

Anonymous said...(on 16 January 2009 at 01:25 )  


Anonymous said...(on 23 January 2009 at 00:04 )  

I work in IT and everyone is walking on eggshells. I doint understand it though. The company had its best quarter in company history last month

Anonymous said...(on 23 January 2009 at 14:16 )  

Well beware, if you ask off for medical reasons they will slash you. They have done this which is not saying much of them. They are in big trouble for doing this. I believe that is illegal.

Wish you all happy and fruitful trading and investing activities with safety! = = = Post a Comment

Copyright Information:
© Finance-Trading-Times.com
Please see Our Copy Right Policy. All the articles, posts and other materials on this website/blog are copyrighted to the owners of this portal. The content should NOT to be reproduced on any other website or through other medium, without the author's AND owners' permission. Contact: contactus(AT)finance-trading-times.com

DISCLAIMER: Before using this site, you agree to the Disclaimer. For Any questions or comments, please mail contactus(AT)finance-trading-times.com.

About UsAdvertise with UsCopyRight Policy & Fair Use GuidePrivacy PolicyDisclaimer