Samsung to Cut 10% of Workforce at Soul HQ

Posted by at 10:37 am on September 8, 2015

Samsung LogoSamsung is prepared to lay off as much as 10% of the employees at its headquarters in South Korea, says the Korea Economic Daily.

The company is likely targeting employees in the human resources, public relations, and finance departments. At last count, Samsung had about 99,000 employees at its South Korea headquarters, which means close to 10,000 workers may lose their jobs.

The move is meant to help control costs. Samsung’s latest wave of smartphones (Galaxy S6, S6 edge) haven’t resonated with consumers as the company hoped, and Samsung has seen sales numbers drop for five months straight. Since April, Samsung has lost more than $40 billion in market value.

Samsung did not confirm the Korea Economic Daily’s report, which cited unnamed sources.

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