ZTE to cut 3,000 jobs (around 5% of its total workforce)

Chinese company ZTE is slashing jobs. Reports say around 3,000 jobs will be cut, or around 5% of the firm's total workforce. The company's handset business will see around 600 people let go, or 10% of the total number working in the domain. The job cuts are primarily in China, where the company has been losing its market share. "Cuts in the handset business in China will be beyond 20%" said a senior executive with knowledge on the decision. According to a local manager at one of ZTE's overseas branches, employees that had tried to apply for jobs at rival companies are also being fired....