Reuters: Market News: UPDATE 1-Sony to slash jobs in turnaround bid-Nikkei

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UPDATE 1-Sony to slash jobs in turnaround bid-Nikkei Apr 9th 2012, 05:25 Mon Apr 9, 2012 1:25am EDT * Jobs could go as early as end of this year * Consolidation of chemicals, LCD ops to account for half the cuts * Seven executives may be asked to hand back bonuses - Nikkei * Sony shares rise, market lower TOKYO, April 9 (Reuters) - Sony Corp will cut 10,000 jobs, or about 6 percent of its global workforce, by as early as the year-end, the Nikkei newspaper reported on Monday, as new CEO Kazuo Hirai comes under pressure to return the Japanese consumer electronics and entertainment company to profit after four years in the red. Sony, which has forecast a 220 billion yen ($2.7 billion) net loss for the fiscal year just ended, announced last month that Hirai would keep direct charge of Sony's ailing TV business in a reorganisation of the company's business structure. Hirai, who formally took over as chief executive from Howard Stringer on April 1, is set to brief on the company's business plan on Thursday. The Nikkei said half the job cuts would come from consolidating the firm's chemicals and small and midsize LCD operations. It said it was not clear how many of the cuts would take place in Japan or overseas. Sony may also request that its seven executive directors who served through the fiscal year to end-March, including Stringer, who is now chairman, return their bonuses, the Nikkei said without citing its sources. Sony declined to comment on the report. Shares of Sony turned positive after the report and were up 0.6 percent, compared with a 0.9 percent dip on the benchmark average. Link this Share this Digg this Email Reprints

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