Universal Slashes Workforce

“Universal Music, the world’s largest record company, is to slash 1,350 jobs – or 11% of its workforce – in order to cope with a protracted slump in sales. Global music sales have been in decline for more than three years, with the industry laying the blame on illegal song swapping over the internet and home CD burning. Universal says the cuts will save it $200 million a year and leave the firm in a good position to take advantage of any turnaround.”