Ericsson will cut about 1400 jobs in Sweden and aims to cut costs by 9 billion kroner by the end of the year.

CTOnews.com, Feb. 20 (Xinhua)-- telecom equipment maker Ericsson announced on Monday that it plans to cut about 1400 jobs in Sweden as part of a broader plan to cut costs worldwide.

Ericsson announced earlier that it plans to cut costs by 9 billion kroner (CTOnews.com Note: currently about 5.9355 billion yuan) by the end of 2023 due to slowing demand in some markets, including North America.

Two people familiar with the matter said Ericsson could announce further layoffs in the coming days, cutting thousands of jobs in other countries, Reuters reported.

The last time Ericsson made significant layoffs was in 2017, when it laid off thousands of employees to pull the company out of losses.

For months, Ericsson has been in talks with Swedish staff unions on how to deal with cost-cutting. A spokesman said Ericsson had now reached an agreement with the Swedish union on how to manage layoffs, adding that the company planned to do so through a voluntary scheme.