According to Reuters, Ericsson, a Swedish telecommunications equipment manufacturer, will lay off 8,500 workers worldwide. This will be one of the largest layoffs in the telecommunications industry’s history. On Monday, the company announced its intention to lay off approximately 1,400 Swedes.
Thousands of people have been laid off in the tech industry as a result of the economy, but this would be the largest layoff in telecom history.
“The manner in which headcount reductions will be managed will vary depending on local country practise,” CEO Borje Ekholm wrote in a memo.
“The layoffs were announced this week in several countries,” he said.
While Ericsson did not specify which region would be hit the hardest, experts predicted that North America would be hit the hardest, while developing markets such as India would be hit the least.
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