World Economy
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Job Cuts

Job CutsJob Cuts

Samsung Electronics Co. is preparing to cut 10% of workers at its headquarters, according to a Korean newspaper, as the world’s biggest smartphone maker loses sales to Apple Inc. and Chinese vendors, Yonhap reported. Samsung is targeting workers in the human resources, public relations and finance departments, Korea Economic Daily reported Tuesday, citing people it didn’t identify. The Suwon, South Korea-based company also plans to cut some expenses next year, the report added. Samsung declined to comment in an e-mail. The moves come after new high-end Galaxy smartphones failed to impress consumers, triggering five straight monthly declines and wiping out more than $40 billion in Samsung’s market value since April.

Financialtribune.com