Nortel trims layoff plan
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Telecommunications equipment maker Nortel Networks will not lay off as many employees as it previously predicted, the company said Thursday.
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TORONTO (CP) - Nortel Networks released preliminary financial results Tuesday showing the technology company lost about $250 million US in the third quarter, about half of that due to the starup costs of a major contract in India.
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Nortel Networks Corp. (NT.TO) delivered long-awaited preliminary results for the first half of 2004 on Thursday that showed estimated first and second quarter earnings between nil and 1 cent per share, and North America's biggest telecom equipment supplier said it would cut about 3,500 jobs.
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International Business Machines Corp.  said it laid off about 1,570 employees on Wednesday in its computer services business in the United States, part of a plan to trim costs in the unit.
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Nortel Networks Corp.  , one of the world's largest telecom equipment makers, released its long-awaited restatement of 2003 results on Tuesday.
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International Business Machines  Corp.  said it laid off about 1,570 employees on  Wednesday in its computer services business in the United  States, part of a plan to trim costs in the unit.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) said on Thursday its cost-cutting plan will save $500 million in 2005, and even more in future years, as it eliminates fewer jobs than forecast, but plans to exit real estate.
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Telecommunications maker Nortel Networks (NYSE: NT) won&#39;t have to lay off as many people as expected. The Canadian company announced Thursday that it plans to lay off 3,250 employees - about 250 less than
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Plus: SCO to cap legal costs...Novell sees weakness in IT spending...Salesforce reports rise in profit...Nortel to lay off 3,500.
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Nortel Networks will lay off about 1,400 employees in the US and about 950 in Canada, with those employees to be notified by the end of June 2005.
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Computer Associates on Wednesday announced a restructuring plan that will lay off 800 employees, or about 5 percent of its workforce, with 550 of the 800 reductions to take place in North America.
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Nortel Networks Corp. said it will cut 3,500 jobs, or 10 percent of its workforce, and fired seven finance officials tied to an accounting scandal.
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The chief financial officer of Nortel Networks, Peter Currie, who rejoined the company in 2005 to help it recover from accounting problems, will step down on April 30. Nortel, the maker of phone equipment, said it had begun seeking a successor. Mr. Currie decided to pursue other interests, a spokesman, Jay Barta, said. Mr. Currie was chief financial officer from 1994 to early 1997 before leaving to become chief financial officer at the Royal Bank of Canada.
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MANHASSET, NY - Nortel Networks Corp. announced Wednesday (Oct. 27) that it will postpone releasing its third-quarter 2004 earnings until December, as the network infrastructure company continues to work
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NEW YORK, October 27  - Nortel Networks Corporation (NT.NYS) has postponed the release of its long-awaited financial results restatement until mid-November this year.
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Company will slash nearly 3,250 jobs, reduce real estate to lower annual costs by $393.7M in 2005. TORONTO  - Nortel Networks Corp.
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Nortel Networks Corp. NT.TO said on  Wednesday that a far-reaching overhaul of its faulty financials  will not require changes to accounting for sales of certain  fiber optic equipment.