One of Northern Ireland’s biggest employers, ICL, announced today it will cut 1,500 people from its workforce in Britain and Northern Ireland.
ICL announced the cuts following "disappointing" business results. ICL employs more than 1,000 people in Belfast.
The firm said it would try to achieve the cuts through voluntary redundancies but could not rule out compulsory lay-offs.
Britain’s Manufacturing Science and Finance union condemned the timing of the announcement so close to Christmas as "astonishing".
ICL, which is owned by Japanese firm Fujitsu, said the cuts were being made against the backdrop of adverse market conditions affecting the IT industry.
Last spring, Fujitsu announced the largest ever investment by a Japanese company in Northern Ireland. It earmarked a £29.4 million investment to create an engineering centre for advanced communication technology products.
The company employs 11,500 workers at centres including Manchester, Liverpool, Cardiff, Bristol and Belfast.
No details were given about where the axe will fall or which type of jobs will be worst affected.
The cuts will be completed by next March and all affected employees will be offered "guidance and support."
Additional Reporting: PA