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Wednesday, 08 April, 2020
Home BUSINESSTieto to cut 435 jobs
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Tue, 17 Mar, 2015 12:02:20 AM
FTimes-STT Report, Mar 17
 
IT Services company Tieto office in Helsinki. File Photo – Lehtikuva.
Finnish IT company Tieto has announced slashing 435 jobs after completing statutory negotiations with its employees. Initially, the company had estimated that it needed to shed 500 jobs.
 
The company said it is responding to the change in the IT sector by reorganising its services and competence.
 
The majority of the redundancies, approximately 300 jobs, will be carried out in the service division. Another 140 jobs will be cut in the consultation and integrated division.
 
The company's operating profit margin excluding non-recurring items increased last year to 7.5 percent compared to 4.3 percent in 2013.
 
The consultation division and integration services operating profit last year rose to 9.9 percent from 7.8 percent in 2013.
 
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