ASML Plans to Cut 1,700 Jobs to Reduce Management Layers

ASML Holding NV said it will cut about 1,700 jobs in the middle of a sales boom as part of a broad move to kill layers of management and become less bureaucratic.

The reductions, amounting to about 4% of staff, will largely affect managerial positions in ASML’s IT and tech departments, Chief Executive Officer Christophe Fouquet said in a statement on Wednesday as part of the company’s fourth-quarter financial results. Most of the cuts will be in the Netherlands with other job reductions in the US.