More tech cuts but closer to home. Manchester-based cybersecurity firm NCC Group will cut workforce by 7 percent
Bad news for staff at Manchester-based NCC Group after it was reported that it is joining other tech players in restructuring its workforce.
Reuters reported NCC as saying on Thursday that it plans to cut more than 125 jobs as part of an ongoing strategic review, amid tough market conditions in the second-half period of the current fiscal year.
NCC is not alone. Other big names in the tech sector have already announced restructuring that includes cutting thousands of jobs.
According to Reuters, shares in NCC were down about 10 percent to an over two-and-a-half-year low of 147 pence in morning trade.
NCC reportedly employs around 1,800 people globally, so the 7 percent job losses will impact 125 people largely focused in the UK and North America.
NCC said the job cuts would lead to a one-off cost of 4 million pounds ($5 million) in the second half of the fiscal year ending 31 May.
Its cuts are being reflected across the tech industry as a whole.
Indeed, earlier this week Intel said that mid tier staff and senior management were taking cuts to their salaries, on top of the already announced job losses.
Last week IBM revealed that it will axe 3,900 jobs and SAP said it would cut 3,000 jobs.
It came after Google’s CEO Sundar Pichai said that it would cut about 12,000 jobs, or roughly 6 percent of its global workforce.
Microsoft last month announced it will make 10,000 job cuts, affecting nearly 5 percent of its workforce.
Amazon also said it will cut 18,000 jobs, or 1.2 percent of its worldwide staff.
Also in November HP revealed plans to cut 4,000 to 6,000 employees over the next three years.