Ericsson’s hatchet on jobs: it will lay off 8,500 employees worldwide

Swedish telecom giant Ericsson is to lay off 8,500 employees worldwide as part of a sweeping plan to cut costs. This is what Reuters reports, citing a communication sent by the company to employees. On Monday, the company announced plans to cut about 1,400 jobs in Sweden. While tech companies have laid off thousands of employees citing economic conditions, this would be the biggest layoff affecting the telecom industry.

“How job cuts are handled will vary depending on local practices in the country,” Chief Executive Borje Ekholm wrote in the statement. “In several countries, staff reductions have already been communicated this week,” he added