Panasonic Holdings (TYO:6752) is slashing 10,000 jobs as part of its ongoing management reform to resolve structural issues and improve profitability, according to a statement on Friday.

Of the 10,000 job cuts, 5,000 are in Japan and the remaining 5,000 are overseas.

The company aims to improve profits by at least 150 billion yen by the fiscal year ending March 2027.

The restructuring is expected to result in a loss of 130 billion yen in the fiscal year ending March 2026 due to structural reform costs.