Toshiba Corp. announced Monday it will slash 17,000 jobs in Japan -- 12 percent of its domestic workforce -- by the end of March 2004 amid the worldwide slump in the information technology sector.
The electronics maker also announced it would lower its earnings forecast for the year to March 31 from a group net profit of 60 billion yen, to an estimated group net loss of 115 billion yen.
Under the restructuring plan, Toshiba, which employs 144,000 in Japan alone, will slash its worldwide workforce of 188,000 by 10 percent by the end of fiscal 2003.