The largest in the telecommunications industry, it is reported that Ericsson will cut 8500 jobs worldwide

CTOnews.com, Feb. 24-Ericsson will cut 8500 jobs worldwide as part of its cost-cutting plan, according to a memo sent to employees seen by Reuters.

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.

On Monday, Ericsson announced plans to cut about 1400 jobs in Sweden as part of a broader plan to cut costs around the world. If the Reuters report is true, it would be the biggest layoff in the telecoms industry.

According to the report, Borje Ekholm, CEO of Ericsson, wrote in the memo: "the way layoffs will be managed will vary according to the practices of local countries. In several of these countries, companies have communicated the news of layoffs this week."

As CTOnews.com reported earlier, Ericsson's last major layoff was in 2017, when the company laid off thousands of employees to pull the company out of losses.