US storage outfit EMC said that it is cutting 2,400 jobs to keep on top of things during the economic slump. The figure is about seven percent of its workforce and according to Joe Tucci, EMC chairman, president and chief executive said the move was for efficiency rather than the fact the company was losing money.

He said that the job cuts will help EMC strike the right balance without in any way compromising our ability to serve the needs of our customers over the long-term. The outfit claims it will make US$4 billion US dollars this quarter which is eight percent rise from the last quarter.

Quite why the company didn't realise that it had 2,400 staff members too many until now he didn't explain.