Tieto Cuts 1,300 Jobs in Strategy Revamp to Focus Offerings
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Tieto Oyj, Finland’s largest software company, will cut 7 percent of its workforce as it restructures to simplify its business and exit unprofitable markets. The stock rose to its highest in 13 months.
Tieto will eliminate 1,300 jobs including about 500 in Finland and 300 in Sweden as part of a plan to save 50 million euros ($66 million) in annual costs, the Helsinki-based company said in a statement. It will incur one-time costs of 50 million euros.