Sony Pictures to cut 216 jobs in California

March 19 Wed Mar 19, 2014 12:09am EDT

March 19 (Reuters) - Sony Pictures Entertainment plans to cut 216 jobs in California and has filed with the state Employment Development Department, according to a person familiar with the matter.

Reuters reported on Monday that Sony Pictures is expected to announce layoffs throughout its studio operations in the United States and abroad. Among the units that will be hit is the Sony interactive team that supports digital marketing.

Sony Pictures has about 6,500 employees worldwide.

Under pressure from hedge fund manager Daniel Loeb to improve profitability at its studio, in November Sony hired consultancy Bain & Co to identify more than $100 million in cost cuts through layoffs and other means.

Sony Pictures Entertainment earlier replaced its film marketing chief and said it intended to reduce its film marketing costs. (Reporting by Ronald Grover in Los Angeles and Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.