Nortel details job cut plans
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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  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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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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Nortel Networks Corp. will lay off approximately 1,400 employees in the U.S. 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 filing Thursday that fleshed out earlier announcements of the coming layoffs.
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Nortel Networks Corp. will cut 10 percent of its workforce, or around 3,500 jobs, to reduce costs.
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A standartisation to SAP is part of Nortel Networks&#39; restructuting plans and is part of a move that will also see 10% of its workforce, or around 3500 jobs, eliminated.
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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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Nortel Networks Corp., North America&#39;s largest telephone-equipment maker, said third-quarter revenue will decline from the second quarter&#39;s $2.
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Nortel Networks said on Thursday it will 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., which plans to shed some light tomorrow morning on its financial performance for the first half of the year, hinted yesterday that those long-awaited results could be short on details.
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Nortel Networks Corp.   will slash 2,900 jobs, or 8.5 percent of its workforce, over the next two years and shift another 1,000 employees to lower-cost locations like China, India and Mexico as North America's biggest maker of telephone equipment struggles to shore up its profits.
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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 ...
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Analysts will wade through the flood of  revisions to financial data that Nortel Networks Corp. NT.TO  is expected to unleash next week looking not so much for  insights into its past, but for clues to its future.
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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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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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Nortel Networks Corp. NT.TO NT.N  took steps to close the books on its protracted accounting  scandal on Tuesday, releasing its long-awaited audited 2003  results and announcing that 12 senior executives would repay  $8.6 million in bonuses.
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Nortel Networks Corp. NT.TO said on  Thursday it will eliminate almost 10 percent of its workforce,  slightly less than it previously expected, and vacate real  estate in a cost-cutting plan that will save $500 million in  2005.