EMC says it will ’restructure’ and do another round of layoffs at the beginning of 2016

Julie Bort

Business Insider

1st January 2016

’On Thursday afternoon, EMC announced that it was going to do another round of layoffs.’ ’It did not say how many people it will be cutting. It did say that the cuts would cost it about $250 million and that this was part of its previously announced plans to trim $850 million annually from its expenses.

’ ”Here is what it’s saying about the upcoming restructuring:” ’EMC told investors of its plan to cut expenses by $850 million, which it said would include job cuts, ’ ’At that time, EMC said it would start by snipping $50 million in the fourth quarter of 2015, including an unnamed number of layoffs.’ ”In October, Dell announced plans to buy EMC for a massive $67 billion, the largest tech acquisition ever. But Dell’s plans to finance the deal are complicated and could result in Dell taking on nearly $50 billion in debt.

” ’Dell is spinning off units and looking to sell other various chunks of itself to help reduce the debt burden.’ ’So, Dell acquisition or not, EMC is clearly continuing its plan to cut its own expenses, and its workforce.’.

 

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