Korea's Samsung slashes 5k jobs upon economic turmoil

(MENAFN) Samsung Group, South Korea's number one corporation has reduced over 5,000 of its workforce throughout 2014; therefore the total number of employees reached 212,331 as of end-Sep compared to 217,685 a year earlier.

This act clearly reflects the giant's struggle to cut costs amidst a lengthy economic plunge, hence agonizing from dipping profitability of its handset business, especially due to the rise of Chinese players rolling out price-competitive models.

In more detail, Samsung Engineering Co., which logged a gross loss of more than USD854 million in July-Sep, has cut 700 jobs over 2014, plus Samsung SDS Co. and Samsung Securities Co. also eliminated a vast number of its workforce.

However, the top behemoth is working hard on commencing full-fledged efforts to reverse the effects of this global turmoil, but cutting more jobs in the near future seems as an inevitable action as stated by industry experts.