Nortel to cut 3,500 jobs, fires 7 execs linked to finance scandal
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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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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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Nortel Networks Corp. on Thursday said it would cut fewer jobs than announced in August as part of the effort to improve its financial condition.
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NORTEL Networks plans to slash its workforce by 3500, or ten per cent, 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., a telephone equipment maker that is the focus of regulatory and criminal probes in the US and Canada, delayed by a month the filing of financial statements for 2003 and the first half of 2004.
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The SEC brought fraud charges against four former executives of Nortel Networks Corp.
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The U.S. Securities and Exchange Commission has charged four more former Nortel Networks Corp. executives with accounting fraud, alleging they manipulated reserves to change Nortel's earnings statements on the orders of more senior officers of the Canadian networking equipment maker.
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America Online Inc. is preparing to fire more than 700 employees in early December -- mostly at the company&#39;s Northern Virginia headquarters -- a cost-cutting move tied to the firm&#39;s continuing
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TORONTO -- The U.S. Securities and Exchange Commission on Monday filed civil fraud charges against a former CEO and three other former top executives of Canadian telecom equipment maker Nortel Networks Corp.
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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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Mobile phone maker had earlier said it would cut 3,500 jobs by June 30 as part restructuring plan to lower costs.
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TORONTO, Aug. 19 -- Nortel Networks Corp. said Thursday 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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A CFO who helped Nortel Networks recover from an accounting scandal and years of poor results is leaving the company after about two years on the job.
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Newly-merged telecoms firm Alcatel-Lucent is to cut 12,500 jobs in three years as profits are halved.
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In a long-delayed report to clean up a multiyear accounting scandal, Canadian telecom equipment maker Nortel Networks Corp. slashed its audited profit for 2003 by 40 percent while reporting that a dozen senior executives would repay $8.6 million in bonuses and five board members would resign.
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Nortel Networks Corp., North America&#39;s bigger maker of phone equipment, named Clent Richardson as its chief marketing officer, filling a position that was vacant for almost two years.
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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