Panasonic to cut 40,000 jobs

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28 April 2011 Last updated at 00:37 ET

Panasonic plans to cut 40,000 jobs globally over the next two years, according to news reports on Thursday.

The job losses represent about 10% of its workforce, and most of the cuts will come from the company’s overseas divisions, the Kyodo news agency and the Nikkei business daily reported.

The company is due to release its latest annual earnings report later on Thursday.

Panasonic is Japan’s biggest consumer electronics maker.

A company spokesman declined to confirm news of the job cuts.

Panasonic currently employs 380,000 people.

The Nikkei newspaper has reported the company will incurr losses of more than 100bn yen ($1.22bn: £730m) related to the job cuts and a wider reorganisation.

Japan’s electronics makers face increasing competition from their South Korean and Chinese rivals, who often offer cheaper products.

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Panasonic to cut 40,000 jobs