EMI Finally Lowers Boom: Up To 2,000 Cut

The mass layoffs at the music label have been a long time coming: Now Guy Hands has finally announced them. The company will cut 1,500 to 2,000 jobs, or more than a third of its workforce; it says it will look to save $400 million a year.

Hands is announcing the news himself at a company meeting but has laid out his case in a lengthy interview with the FT and now a formal announcement. eading between the lines, it looks like most of the cuts will come from EMI’s money-losing recorded music group, while sparing most of its money-making publishing unit.

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