Ericsson, a telecoms gear maker, has agreed with its employee union in Sweden to reduce its workforce by 1,400 jobs. The company announced plans in March to reduce costs by 9 billion crowns ($880 million) by the end of 2023 in order to combat slowing demand in some markets, including North America. This is not the first time Ericsson has made significant cuts; in 2017, the company laid off thousands of employees and refocused on research in order to recover from financial losses. The cuts will be made through a voluntary program. The Ericsson logo is seen at the Ericsson’s headquarters in Stockholm, Sweden, on June 14, 2018. (Olof Swahnberg/Reuters).
Ericsson to lay off 1,400 Swedish employees.
