Telecom equipment manufacturer Ericsson is planning to trim 8,500 employees globally under cost cuts. This has been claimed in media reports. The company has announced a plan to cut around 1,400 jobs in Sweden.

Ericsson has joined the list of veterans like Google, Meta and Microsoft, which announced thousands of job cuts due to the announcement of pruning.

Ericsson's Chief Executive Officer Borje Ekholm wrote in a memorandum sent to employees, the number of employees will be managed in different countries in different ways. The number of employees in many countries has already been reported.

Ericsson has more than 105,000 people worldwide. The company has not announced which area will have the most trimmed. However, analysts had earlier feared that the retrenchment would affect North America the most and the growing markets like India would be the least affected.

In December, the Swedish telecom giant said it would cut the cost of 9 billion crowns ($ 880 million) by the end of 2023 as the demand in some markets including North America is slow.

According to media reports, Ekholm in the memo said, "It is a responsibility to reduce this cost to remain competitive. Now our biggest enemy can be decency."

Ericsson's Chief Financial Officer Carl Bounder had earlier told the media that the number of advisors, real estates and employees would be reduced under cost cuts.

Let us know that last month, Google announced the trimming of 12,000 people. While Microsoft said that he too would reduce his employees by 10,000.