ZTE TO SLASH ABOUT 3,000 JOBS….

zte

China telecom equipment maker ZTE (000063.SZ), which is facing U.S. trade sanctions that could severely disrupt its supply chain, is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China, company sources said.The sources said the Shenzhen-based company, one of the world’s biggest telecoms gear makers, is axing about 5 percent of its 60,000 global workforce.

Its global handset operations will shed 600 jobs, or 10 percent of the total, with the cuts concentrated in China, where it has been losing market share.”Cuts in the handset business in China will be beyond 20 percent,” said a senior executive who has been briefed on the lay-offs, which are scheduled to be completed within the first quarter.

A local manager in one of the company’s overseas branches said a 10 percent quota was given to shed staff in his department by the end of January.”I was also given names that must go because they had tried to apply for jobs at (rival) Huawei [HWT.UL] and are therefore branded as ‘unstable factors’,” said the manager, who is not in the handset unit and asked not to be identified.

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