Panasonic Corp. said Wednesday it is reducing 15,000 jobs worldwide, about 5 percent of its workforce, by the end of March 2010 as it expects to lose ¥380 billion in the business year ending in March.
Half of those will be overseas, while the other half will be in Japan, the electronics giant said, without giving a further breakdown by nations. It is also closing 14 overseas plants and 13 domestic plants to adjust production and cut costs.
It will be Panasonic's first full-year net loss in six years. It had previously forecast a ¥30 billion profit.