Olympus shares soared the most in six years after the Japanese medical device maker unveiled plans to cut jobs and streamline operations.
The stock jumped as much as 15% to ?2,154 in Tokyo trading Monday, the biggest intraday gain since November 2019.
Olympus CEO Bob White said he plans to cut about 2,000 jobs, or roughly 7% of the firm¡¯s global workforce, and overhaul its region-centric structure to improve productivity on Friday after markets in Tokyo closed. Olympus is also reviewing its supply chain, as it aims to cut costs by ?24 billion ($157 million).
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