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Olympus to cut 2,500 jobs

  • Japan's Olympus plans to cut 2,500 jobs and sell an equity stake to either Sony or Panasonic in a bid to boost its finances.

    The company is struggling to recover from a $1.7 billion accounting fraud scandal uncovered last year by its then CEO, Michael Woodford.

    Olympus was forced to correct years of accounts, which in turned weakened its balance sheets.

    The job losses are equal to about 7 percent of its workforce and will mainly affect its loss-making camera business and its overseas plants.