Reports: Panasonic to cut 40,000 jobs

TOKYO (AP) - Reports say Panasonic Corp., Japan's biggest home appliance maker, will cut its work force by 40,000 in a bid to streamline overlapping operations.

Japan's top business newspaper Nikkei and Kyodo News agency said Thursday that Panasonic will slash the jobs - about 10 percent of its group work force - by the end of fiscal 2012. They said most job losses will occur in Panasonic's overseas divisions.

Panasonic spokesman Akira Kadota could not confirm the reports and said they did not come from Panasonic. The company is to release earnings and unveil a new business plan later in the day.