Chinese computer maker Lenovo is to cut 2,500 jobs worldwide due to the global economic downturn.
The cuts, which represent 11% of the workforce, are aimed at saving $300m in the coming financial year to remain competitive, according to BBC News.
Lenovo has been hit by unprecedented global economic challenges, resulting in a reduced demand for personal computers, the company said in a statement.
This is the third round of job cuts since Lenovo bought IBM's PC business for $1.25bn in 2005.
The announcement comes amid rumours that IBM is planning thousands of job cuts as it faces up to the economic downturn.