Panasonic to Eliminate 10K More Jobs

November 14, 2012 - ProAV News, rAVe [PUBS],

Reuters is reporting that Panasonic is going to eliminate another 10,000 jobs by the end of Q1 2013. According to the Reuters story posted today, Panasonic’s Chief Finance Officer Hideaki Kawai said that the 36,000 jobs they’ve eliminated so far just weren’t enough. He told Reuters, “Our new boss has said businesses must achieve at least a 5 percent operating profit target within three years.”

And, they can’t do that without eliminating another 10,000 people.

Apparently, Panasonic needs a profit of $2.5 Billion by Q2 2014 (March 2014) and right now, they’re forecast is to lose approximately $10 Billion in the current fiscal year, which ends March 2013.

To read the entire story, go here.