Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Management & Strategy

Hundreds Laid Off by Symantec as Part of Restructuring Plan

Cybersecurity giant Symantec has informed more than 200 employees in the United States that they are being laid off as part of a recently announced restructuring plan for fiscal year 2020.

Cybersecurity giant Symantec has informed more than 200 employees in the United States that they are being laid off as part of a recently announced restructuring plan for fiscal year 2020.

When announcing its financial results for the first quarter of FY 2020 on August 8, Symantec revealed that it would be reducing its global workforce by roughly 7 percent.

“The Company also plans to downsize, vacate or close certain facilities and data centers in connection with the restructuring plan. The Company estimates that it will incur total costs in connection with the restructuring of approximately $100 million, with approximately $75 million for severance and termination benefits and $25 million for site closures,” Symantec said at the time.

Documents submitted to the U.S. government show that Symantec is cutting 152 jobs at its headquarters in Mountain View, 36 jobs in Culver City (Los Angeles County), and 18 in San Francisco. The positions of 24 employees will be eliminated from the company’s office in Springfield, Oregon.

The layoffs target people in sales, customer support, software development, and various management positions.

These employees received their notice in August and the termination date is October 15. Symantec says all layoffs are permanent.

On its website, Symantec says it employs over 11,000 people across 35 countries, which means that hundreds of others will likely lose their jobs in the coming months.

The layoffs come just as semiconductor giant Broadcom agreed to acquire Symantec’s enterprise unit for $10.7 billion. There have also been reports that private equity firms Permira and Advent International are interested in acquiring Symantec’s consumer business for more than $16 billion.

Related: Symantec Shares Plunge After Reports of Broadcom Deal Stall

Related: VMWare to Acquire Endpoint Security Firm Carbon Black

Related: Threat Intelligence Firm Recorded Future Acquired for $780 Million

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.

Management & Strategy

Microsoft making a multiyear, multibillion dollar investment in the artificial intelligence startup OpenAI, maker of ChatGPT and other tools.