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Symantec Plans About 2,000 Job Cuts as Part of Spinoff

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Symantec Corp., which is splitting its cyber-security and data-storage divisions into two publicly traded companies, will cut about 2,000 jobs as part of the spinoff.

Symantec, the biggest maker of security software, will reduce headcount by about 10 percent, the company said on a conference call with analysts on Nov. 5. It will incur restructuring charges of as much as $120 million, with half of that amount coming in fiscal 2015, Thomas Seifert, chief financial officer of the Mountain View, California-based company, said on the call. Separation costs will be as much as $100 million, excluding taxes and adviser fees related to the split.