TietoEnator to cut 130 jobs

TietoEnator Corp said it plans to cut up to 130 jobs out of 720 at its Telecom Operators AB subsidiary in Sweden.

The adjustment will cost the company 5 mln eur in the first quarter, but it will generate savings of 5 million Euros later in the year, the IT services company said in a statement.

Negotiations with staff concerning the planned layoffs are to be finalised by the end of March, it added.

TietoEnator today posted fourth quarter profits above market expectations.