South Korean electronics company Samsung has just announced that it’s committed to a major restructuring due to the economic downturn. It will reduce its four major departments to two in a streamlining which is designed, say the Group, to make cost savings and make it more efficient in the new financial order.

One division will be formed from the old liquid crystal display and semiconductor departments, whilst the other will be formed from the digital media and media departments. It was also reported that Samsung has made a number of changes to their staffing levels, reduced bonuses and asked top managers to cut their salaries by up to one fifth.

Now, when a company of Samsung’s size and influence, it’s South Korea’s leading electronics group and the world’s second largest mobile phone manufacturers, has to make such changes, we all know we’re in trouble.

Tags: Samsung

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