Lenovo to lay off 11% workforce

Lenovo Group will lay off 2,500, or 11 percent, of its workers worldwide in the first quarter of this year and sharply cut executives' pay to overcome the impact of the global financial crisis.

The move is part of its restructuring plan to salvage business, the world's fourth largest PC maker said yesterday.

Executive's bonuses will be cut by 30 to 50 percent to reduce operations cost.