Thursday July 2, 04:16 PM
Oracle to cut up 1,000 jobs in Europe: unions
PARIS (AFP) - US software giant Oracle (NASDAQ: ORCL - news) has unveiled plans to cut 850 to 1,000 jobs in Europe in light of weaker than expected growth projections, trade unions said Thursday.
The company, contacted by AFP, had no comment on the report.
The unions said in a statement that the planned cuts, 250 of which would affect French jobs, were announced during meetings Monday and Tuesday of the company's European and French workers' committees.
The unions voiced their "surprise" and "anger" at the news.
Oracle employs 17,000 people in Europe, including 1,600 in France.
"This major reduction in staff is not justified by the financial health of the company and the efforts undertaken by workers for many years at Oracle France," the unions insisted.
"We cannot accept that workers be considered as simple variables adjusted according to a purely financial policy."
The statement said Oracle wanted to "preserve its operating margin in order to be able to maintain its long-term strategy of research, innovation, internal growth and acquisitions."
California-based Oracle beat market expectations with the announcement last month of a rise of 1.0 percent in its annual net profit to 5.593 billion dollars (3.99 billion euros).
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