Nortel to cut 3,500 jobs as it recovers from scandal
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TORONTO Nortel Networks said on Thursday that it would slash its work force by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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Nortel Networks Corp. NT.TO on  Thursday warned that third-quarter sales will fall below its  second quarter and that full-year 2004 revenues at North  America's largest telecom equipment maker will lag the overall  sector.
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Nortel said it expects revenue for the third quarter to fall short of expectations.
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Retreating from an upbeat forecast it made just last month, Nortel Networks Corp. (NT.TO: Quote, Profile, Research) on Thursday warned that third-quarter sales will fall
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Nortel Networks Corp., North America&#39;s largest maker of telephone equipment, said revenue in the third quarter will decline from the second quarter&#39;s $2.
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Nortel Networks Corp. expects to report lower 2004 third-quarter revenues compared to the second quarter, North America&#39;s largest maker of telecom equipment said in a market update required by regulators on Thursday.
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TORONTO Â· Nortel Networks Corp. gave details of a previously announced job cut program Thursday, saying it is cutting 1,400 in the United States by next June.
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TORONTO -- Nortel Networks said yesterday it will slash its workforce by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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Nortel Networks Corp. will lay off approximately 1,400 employees in the US and about 950 in Canada, with those employees to be notified by the end of June 2005, the network equipment vendor said in a regulatory
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Nortel Networks Corp., North America&#39;s biggest maker of phone equipment, will pare 3,250 jobs, 250 fewer than it predicted last month, as it reduces other costs including real estate.
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Nortel plans to cut about 3,500 jobs, most of them affecting middle managers, in a move to save $450 million to $500 million per year.
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Marsh &amp; McLennan, the parent company of Hub funds firm Putnam Investments, announced 3,000 job cuts yesterday as it battles a scandal and a collapse in earnings.
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Nortel Networks Ltd. (NYSE/Toronto: NT - message board) today fleshed out its staff reduction plans by announcing that 3,250 posts will be cut, down from the expected 3,500 (see Nortel Cuts 3,500 Jobs ). North
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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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TTAWA, Aug. 19 - Nortel Networks, the troubled Canadian telecommunications equipment maker, has fired seven more financial managers as it continued to sort out the accounting scandal that led to the dismissal of its president this year.
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Canadian communications equipment manufacturer Nortel expects its third-quarter revenue to be lower than its second-quarter results.
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Nortel Networks Corp., North America&#39;s biggest maker of phone equipment, said it will pare 3,250 jobs, 250 fewer than it had predicted last month.