EMC will cut some 7 percent of its workers. The estimated 2,400 employees affected by the decision are part of a restructuring that the storage vendor said would "rebalance investments toward higher-growth products and markets." The layoffs come on the heels of EMC disclosing it expected moderate sales growth for its just-completed fourth quarter. The moves are anticipated to slash annual expenses by approximately $350 million this year and $500 million in 2010, according to the company.