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Symantec to cut 4.5% of workforce

IT slowdown takes hold at security giant

Symantec expects to begin laying off employees next month ahead of an anticipated slowdown in the IT market.

Symantec isn't saying exactly how many jobs it will cut, but chief financial officer James Beer said that the company is looking to trim about 4.5 percent of the cost of its workforce. Separately, Symantec is also outsourcing some of the work done by its IT and finance departments, he said during a conference call with financial analysts.

Symantec has not yet determined how many cuts it will make to its workforce of 17,800 employees, but the layoffs will affect staff in all regions, said Cris Paden, a company spokesman. "We'll be notifying employees next month," he said.

Starting in the last weeks of September, Symantec saw some "hesitation from some of our customers when it came to finalising commitments," Beer said.

"We did see some pulling back," he added. "It was an effect that we saw in different parts of our customer base around the world."

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