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Telecom gear maker Ericsson plans to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally, the firm said on Monday.

The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America.

Further job cuts, numbering several thousands in other countries, are likely to be announced in the coming days, said two sources close to the matter.