Toshiba shares crashed 12% after warning of a record loss

Shares in Toshiba, the Japanese conglomerate, crashed more than 12% after the firm said it expects to make a record 550 billion yen ($4.5 billion) loss.

The company said it would incur huge costs from a programme aimed at streamlining its different business units and slashing more than 10,000 jobs.

Toshiba is recovering from a $1.3 billion accounting scandal and struggling to regain investor confidence.

Shares have collapsed more than 20% in the past two days alone.

Here’s how that looks on the chart:

The CEO insisted the company was making painful, but necessary, decisions.

“If we had taken action earlier, we may not have had to suffer such an enormous pain,” Masashi Muromachi said, according to a report in the Financial Times.

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