Sony axing 16,000 jobs and $1.1 billion in costs

It’s rough out there. Sony is scaling back operations and cutting 16k jobs worldwide as the electronics firm’s sales slows during the econimic downturn. 8,000 of the cut jobs would come from regular workers and the other half would be from temporary and contract workers. The entire cut will account for only 4% of the total workforce. These lay-offs are to be expected as Sony’s stock has fallen nearly 70% this year. People aren’t buying electronics like they did when store credit and home equity lines funded large purchases. Not anymore, it’s rough out there.