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RIM shares down as job cuts start at BlackBerry maker in bid to save $1 billion

Three people on the floor of the New York Stock Exchange display their Blackberry smartphones, Wednesday, May 30, 2012. BlackBerry maker Research in Motion Ltd. (TSX:RIM) has begun cutting jobs in a bid to save $1 billion. THE CANADIAN PRESS/AP-Richard Drew
June 20, 2012 - 10:42 AM

TORONTO - BlackBerry maker Research in Motion Ltd. (TSX:RIM) has begun cutting jobs in a bid to save $1 billion.

Shares of RIM were trading lower Wednesday following news of the cuts.

The company says it's looking for at least $1 billion in savings by the end of its 2013 financial year.

RIM says it has reduced some positions as part of this and may cut more as it continues a review of the business.

The company employs 16,500 people across its global operations, which include several outposts in Canada, including its headquarters in Waterloo, Ont.

Last July, RIM laid off about 11 per cent of its workforce, or 2,000 employees, marking the biggest employee reduction in its history.

Shares in the company were down 39 cents at $10.57 in trading on the Toronto Stock Exchange.

News from © The Canadian Press, 2012
The Canadian Press

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