Olympus to Cut 2,700 Jobs, Consider Alliances to Boost Capital
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Olympus Corp. will cut about 7 percent of its workforce and may consider an alliance as the Japanese camera maker seeks to recover after writing down assets following a $1.7 billion accounting-fraud scandal.
The 2,700 jobs are to be eliminated by March 2014, the company said in a statement in Tokyo today. Olympus is considering capital-alliance offers from domestic companies and other options that may include selling shares in the market, President Hiroyuki Sasa told reporters.