EMC Corp. said late Wednesday it plans to lay off 2,400 people worldwide amid broad cost cutting measures at the Hopkinton, Mass., IT giant.
The company (NYSE: EMC) said it is looking to cut costs in its core information infrastructure business by about $350 million in 2009 and a total of $500 million by 2010. The restructuring program will consist of consolidating "back-office functions" and offices, reduction of management layers, rebalance investments toward higher-growth products and markets, and reduction of spending on contractors, third-party services and travel.
The layoffs make up about 7 percent of EMC's 34,000 employees and will be spread equally among employees in the United States and abroad, said EMC spokesman Michael Gallant. Most of the layoffs will be completed by the end of 2009. The company has Silicon Valley operations in San Jose, Santa Clara and San Mateo.
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