Major layoffs at Foxconn ~Crisis is three times worse than first expected

It seems like the rumours about Foxconn are much worse in reality, as now the company chairman Terry Gou has gone on record and said that the economic crisis is three times worse than expected and Foxconn is going to have to lay off further staff to reduce costs.

Foxconn has already made 1,500 people redundant in Hungary alongside tens of thousands of people in China with 10 to 15 percent of its workforce in Taiwan expected to get laid off shortly as well. It really doesn't look good for Foxconn at the moment and there might be more redundancies in the future if things don't improve.