Olympus to slash 2,700 jobs

  • Olmpus is to cut 2,700 jobs as part of a five-year plan.y

    The Japanese camera and medical equipment maker lost $618 million in the year to the end of March.

    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 total workforce. The firm will also cut the number of its factories around the world from 30 to 18 by 2015.