EMC, the storage giant has announced that the company is expected to layoff 2,400 employees for its current workforce. The expected number of employees to be laid off makes 7% of the total workforce of EMC. The announcement came in despite the expected record fourth quarter revenues. These layoffs are also part of the company restructuring. The company which recently acquired SourceLabs, is expected to cut $350 million in costs this year and by the next year $500 million.
According to EMC’s chief executive, Joe Tucci:
We managed our costs and investments very carefully throughout 2008. However, we believe this additional program will help us strike the right balance between achieving higher levels of efficiency and sustaining strong business agility and performance.