Symantec Reportedly Axing 1,700 Jobs, Company Shares Go Up by over 1%

The company admits that it's in the middle of a transformation

The shares of IT security giant Symantec have gone up by more than 1% after AllThingsD published a report according to which the organization was axing as many as 1,700 positions as part of a “company-wide transformation.”

The publication has learned that around 1,000 jobs are being axed this month, while another 700 would be eliminated in July.

The company reported $6.9 billion (€5.17 billion) in sales for the last fiscal year, but the company’s President Steve Bennett revealed earlier this year that he planned to cut jobs, particularly ones in management.

He explained that most managers had, on average, only 5 people under them.

The company’s representatives have confirmed that they’re in the middle of a reorganization that involves some job cuts.

“One of the goals of Symantec’s reorganizational effort is to make the company’s employee reporting structure more efficient and support the company strategy moving forward. There are several stages to the reorganization process, as we define executive and management layers down to all levels of employees,” a spokesperson told AllThingsD.

Another representative has told CNET that the number of impacted employees reported by AllThingsD is “pure speculation.”

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