Panasonic to cut 10,000 jobs in major restructuring

TOKYO -- Panasonic Holdings announced that it will cut 10,000 jobs globally, which represents around 4% of the group's employees, as part of a major restructuring across a range of businesses, including consumer electronics.

The Japanese company plans to streamline, spinning out struggling divisions in hopes of reversing its dwindling market share and fending off fierce Chinese competition.