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Oracle Set To Lay Off 1,000 European Workers: Report
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According to the French union CFDT, Oracle plans to cut jobs due to forecasts that growth in Europe would be slower than expected.
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Saturday, July 04, 2009:
US software company Oracle is planning to cut as many as 1,000 jobs in Europe, says a post on a French labour union's website. The CFDT, one of the largest unions in France, says the cuts are being made in response to "a forecast of significantly lower growth than what Oracle had expected," as well as to protect the company’s operating margin, or profitability. The union has reportedly expressed "surprise and anger" over the planned cuts.
According to French news agency AFP, Redwood City-based Oracle revealed its plans to cut Oracle's European workforce, 250 of which would affect French jobs, earlier this week when it met trade unions.
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The union says, "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. We cannot accept that workers be considered as simple variables adjusted according to a purely financial policy."
Oracle had 86,000 employees worldwide as of 31 May 2009. It employs 17,000 people in Europe, including 1,600 in France.
The company reported fourth quarter net income of $1.9 billion in June, compared to $2 billion in the same period last year. Oracle, which makes databases and other business tools, recently announced it plans to buy Sun Microsystems Inc. for $7.4 billion.
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