Panasonic to Cut 40,000 Jobs by End of 2012

Panasonic (PC) is preparing to slash its labourforce by approximately 40,000 towards the end of  fiscal year 2012, Japan’s Nikkei reports. The reductions, part of attempts to improve overlapping operations at Panasonic Electric Works and Sanyo Electric, will come mostly via personnel cuts abroad. A voluntary early retirement program is going to be offered to workers through fiscal 2012.

Shares of Osaka, Japan-based Panasonic are currently lower on the session by 1.16%, trading at $11.94.

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