NEC to cut workforce by 20,000

This Morning, Japanese electronics company NEC posted its third quarter earnings, showing a ¥124.8 billion drop year-over-year. Part of the cost-cutting measures the company announced today included workforce reductions to its chip, component, and LCD divisions, which will total 20,000 employees. 60% of these layoffs will take place outside of Japan, and the majority of those cut will be full-time employees. All cuts are expected to be completed before March 2010.