Published in News

Olympus slashes jobs

by on30 May 2012

2,500 to go

Japan's Olympus plans to cut 2,500 jobs, or roughly 7 percent of its workforce.

The Nikkei business daily  the  medical equipment maker needed restructures its business to strengthen its finances following a scandal that halved its market value. The company nearly went under when its new British CEO discovered Olympus had been cooking the books for years.

Olympus responded by firing the whistleblower for failing to understand the Japanese way of doing things. Which apparently was bow and look the other way. Well now it looks like 2,500 people will pay the cost of bowing and looking the other way.

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