Report: Panasonic To Cut 40,000 Jobs

A little bird has told Reuters that Panasonic’s earnings call, due to start shortly, will bring news of huge layoffs in the works. The company is expected to announce 40,000 jobs will be cut from its 380,000-strong workforce. The cuts, which would take place over the next two years, would be the result of continuing “streamlining” in the face of tough competition.

Just a little bad news to end the night!

Update: The report was updated; Panasonic will be cutting 35,000 jobs over two years, as a result of restructuring, competition, and quake-related earnings drops.