Ericsson cuts 1,550 Swedish jobs

Ericsson yesterday announced a plan to cut 1,550 jobs at its head office in Sweden – around nine per cent of the 17,700 people employed there – following a third quarter profit fall of 43 per cent to 2.18bn kronor (£203m). Tomas Qvist, head of human resources at the Swedish telecoms giant, called the redundancies “inevitable” and said he needed to focus on reducing costs as sales dry up.