EMI’s new bigwig, Guy Hands (no really, that’s his name), announced today in London that nearly a third of EMI employees will be dropped from the label as part of the British company’s ‘reshaping’ after a dismal 2007.

Hands said that over the next three months between 1,500 to 2000 employees will be fired in an attempt to save around $400 million US.

“We have spent a long time looking intensely at EMI and the problems faced by its Recorded Music division which, like the rest of the music industry, has been struggling to respond to the challenges posed by a digital environment,” Hands said today in a press release on the company’s website. “We believe we have devised a new revolutionary structure for the group that will improve every area of the business.”

Some of EMI’s artists, like Coldplay, have said they are unhappy with the label. Last year, two of the company’s biggest artists, Paul McCartney and Radiohead left the label.

“The new owners were already facing an artists’ revolt even before today’s announcement,” said Billboard writer Andre Pain in an article today. “With Robbie Williams’ manager expressing concern about the direction of the company, and Coldplay’s manager voicing his “confusion” at last week’s departure of EMI U.K. Chairman and CEO Tony Wadsworth.”

Wadsworth, EMI’s former UK Chief Executive left the company earlier this month after 25 years.

Part of the restructuring includes allowing the company to start a “new partnership with artists based on transparency and trust” and to help artists expliot new forms of income “such as enhanced digital services and corporate sponsorship arrangements.”

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