Despite 1300 job cuts globally, Finland’s IT major Tieto Corporation is planning to restructure the business and may exit some unprofitable markets. Tieto will downsize 1,300 jobs including about 500 in Finland and 300 in Sweden. The company is planning to save over 50 million euros in annual costs by cutting these jobs.
Speaking to Business Standard, Kimmo Alkio, president and CEO, Tieto Corporation said, “Concern and uncertainty about the European economy and the euro crises led to job cuts. Our aim is to make Tieto among top three service provider company. By 2016, we are expecting to grow by 15 per cent. Our strategy seeks to strengthen our position in our core markets and as a leading player in the global product engineering solutions space by consolidating our core markets and leveraging our industry expertise to deliver superior value to customers.”
Eventhough, Alkio did not disclose how it will impact on the Indian operations or how many jobs will be cut in India. Currently, there are over 1600 of Tieto India employees. It has delivery centres in Pune and Bangalore. It will focus on specific industries particularly financial services, government and health care, manufacturing, telecommunications and utilities. Its 20 per cent of revenues come from product engineering services…
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