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Seven per cent of the company’s global workforce to lose jobs

Olympus to axe 2,700 jobs over the next five years

Japanese camera manufacturer Olympus has announced a five-year plan that will include the axing of 2,700 jobs.

The firm, which has almost 40,000 employees worldwide, lost 49 billion yen ($618 million) in fiscal year through March, and admitted hiding losses of $1.7 billion last year after accounting irregularities were revealed.

Now Olympus is trying to recover from this accounting scandal and has put in a new management structure with the slogan ‘Back to Basics’. The plan to return to the company’s basic values includes cutting seven per cent of it’s global workforce, restructuring units, and improving efficiency of the indirect workforce at headquarters in each business domain.

Olympus, the world’s biggest maker of endoscopic cameras used by surgeons, has said that it wants to ‘restore its financial health’.

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