Symantec – To cut nearly 10%, or 2,000 employees

In its 2Q15 earnings results, Symantec Corporation (SYMC) announced headcount reductions of nearly 10%, or 2,000 employees. The company stated that the layoffs are part of the company’s restructuring process. The restructuring news comes ahead of the company’s plans to split into the following two companies: security and document storage. The split is expected to cost $220 million in separation costs and restructuring expenses.

Symantec resorted to layoffs as part of its restructuring strategy called Symantec 4.0, as shown in the chart below. The company announced this strategy to simplify and transition Symantec’s device-centric approach to digital information security and management space. The split is expected to be completed by the end of 2015.

Chosen excerpts by Job Market Monitor. Read the whole story at Symantec follows tech trend and announces layoffs – Market Realist.