( CNN ) -- Personal computer maker Lenovo , expecting to report a loss for the third fiscal quarter ending December 31 , announced it would cut 2,500 jobs as part of a restructuring expected to save $ 300 million . A woman walks past a Lenovo advertisement at a computer shop in Hong Kong . The cuts comprise about 11 percent of the Chinese computer manufacturer 's global workforce . `` Although the integration of the IBM PC business for the past three years was a success , our last quarter 's performance did not meet our expectations , '' Yang Yuanqing , Lenovo 's chairman of the board , said in a statement . `` We are taking these actions now to ensure that in an uncertain economy , our business operates as efficiently and effectively as possible , and continues to grow in the future . '' Hong Kong 's Hang Seng index suspended trading of Lenovo shares Wednesday , anticipating the announcement . The trading is to resume Thursday . The job cuts , to occur during the first quarter , will include management and executive positions and also affect finance , human resources and marketing divisions , the company said . In addition , the `` resource redeployment plan '' included executive compensation reductions of 30 percent to 50 percent , including bonuses , and the consolidation of its China and Asia-Pacific organizations into a single business unit to be called Asia Pacific and Russia . The company , ranked as the world 's fourth-largest PC maker , anticipated taking a pre-tax restructuring charge of approximately $ 150 million . As part of its restructuring , the company said it was relocating call center operations from Toronto , Canada , to Morrisville , North Carolina , the company 's North America headquarters in order to `` better leverage its investment in real estate and facilities . ''
Chairman of the board after last quarter 's below - expectations results . Job cuts to include management and executive positions . Company is ranked as the world 's No . 4 chip maker . Lenovo has annual pre - tax restructuring ##s of approximately $ 500 million .