Philips plans to cut 5% of its global workforce following a recall of medical equipment

As part of its effort to streamline its organisation, Philips says it expects to cut 4,000 jobs. In recent months, the company's market value was slashed by around 70% because of a massive recall. As the company continued to deal with the fallout of the costly recall of respiratory machines and the ongoing supply chain problems that resulted in last month's profit warning, Roy Jakobs, announced the move.