Dentsu, one of the largest corporate communications companies in the world, has given the pink slip to as many as 3,400 employees.
In a message posted on the 124 year-old Japanese behemoth's website, the company's president & global CEO, Hiroshi Igarashi, said "In the first half of the fiscal year, our Japan business achieved record-high net revenue and underlying operating profit. It also grew for the ninth consecutive quarter and achieved an organic growth of over five per cent for the third consecutive quarter. Additionally, through cost control, consolidated underlying operating profit increased by 7.2 %, and the operating margin rose by one per cent. In contrast, the international business continued to experience negative growth in all three regions, resulting in an extremely challenging performance."
Igarashi said a "head count reduction" of about eight percent was being effected in international business as a part of a global cost cutting measure. The number of employees sacked in India was not clear, but it is learnt that it will be sizable.
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