Symantec Cybersecurity heads for job cuts

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Symantec, which is headquartered in Mountain View, California, is all set to downsize its business headcount by March next year. So, as a part of this objective, the American Software Corporation has announced over 152 job cuts at the company headquarters and 18 in its office at San Francisco. Over 36 designations will be laid down in Los Angeles County offices and 4 at the office at Courbevoie Cedex office of Symantec France.

Currently, the company which owns Norton Anti-Virus software and LifeLock Identity Theft Protection has an employee count of 11,000 on a global note.

News is out that Symantec has decided to reduce its employee count by 9% by October 15th this year after which the company will be selling its enterprise security assets to silicon chipmaker Broadcom of San Jose.

By November this year, the security software company is planning to downsize, vacate or close its certain facilities including data centers.

Economic experts suggest that downsizing process will prove expensive to Symantec as it has to shell out over $100 million in costs concerning closures and this includes $75 million for severance and termination benefits along with $25 million incurred costs for site closure compensation over the lease.

Readers of Cybersecurity Insiders are being urged to notify a fact that in Dec’18 the President of the company and two of the senior executives left the company without a valid reason. In May’19 Rick Hill from StarBoard was appointed as an interim President of Symantec. Then in Aug’19 internationally renowned chipmaker, Broadcom announced that it is going to acquire the Enterprise Software Division of Symantec for USD 10.7 billion.