Nortel Will Cut Workforce by 10 Percent
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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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WASHINGTON (CBS.MW) -- The latest corporate overhaul by Nortel Networks will shear the company of all its manufacturing operations and leave it with 70 percent fewer workers than it had four years ago.
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FBR Capital Markets, the Arlington investment bank, said yesterday it would lay off 10 percent of its workforce "in response to adverse market conditions."
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Intel Corp. INTC.O said on   Tuesday it will cut a total of 10,500 workers, or 10 percent of   its workforce, by the middle of next year, as part of a   restructuring aimed at making the world's biggest chipmaker   more competitive.
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The nationâs premier center for plumbing the mysteries of the universe in the tiniest bits of matter is planning to lay off more than 10 percent of its employees.
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TORONTO (CP) - Nortel Networks gave details of previously announced job cuts Thursday, saying it is cutting 950 jobs in Canada - almost 10 per cent of its workforce in this country-and 1,400 in the United States among a total of 3,250 to be eliminated
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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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SAN JOSE, Calif.  --  Chip-maker Intel Corp. said Tuesday it will eliminate 10,500 jobs  --  about 10 percent of its work force  --  through layoffs, attrition and the sale of underperforming business groups as part of a massive restructuring.
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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 Corp. investors predicted Tuesday the telecom equipment giant will again slash jobs when it reports long-overdue results this week, and shrugged off news of another criminal probe into its high-profile accounting woes.
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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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Aluminum producer Alcoa Inc.  on Tuesday announced a restructuring of its product operations that will include plant closings and could ultimately result in a 10 percent reduction of its worldwide work force.
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The Ford Motor Company said today that it would cut 10,000 more salaried jobs, close two more factories and eliminate its stock dividend.
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Industry analysts expect close to 10,000 job cuts in the coming weeks so that the workers can be removed from AT&T's books by the end of the year.
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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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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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Battered by a downturn in the housing market, the company is laying off about 10% of its workforce at its headquarters in Atlanta.