(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."
@highlight
Chairman of the board cites last quarter's below-expectations performance
@highlight
Job cuts to include management and executive positions
@highlight
Company is ranked as the world's No. 4 PC maker
@highlight
Lenovo anticipates taking pre-tax restructuring charge of approximately $150 million
@placeholder's Hang Seng index suspended trading of Lenovo shares Wednesday, anticipating the announcement.