Nortel to eliminate 3,500 jobs

[Gunit_Sangh]

Embattled telecom equipment maker to slash 10% of its work force; seven more finance execs fired.
August 19, 2004: 8:35 AM EDT


NEW YORK (CNN/Money) - Telecom equipment manufacturer Nortel Networks announced Thursday it would cut 3,500 jobs, or about 10 percent of its work force, as it struggles to rebound from financial reporting problems.

The company said the costs of the layoffs would be $300 million to $400 million, and it expects to have annualized cost savings of about $450 million to $500 million.

The company said it expects to be able to complete a restatement of 2003 results by the end of the third quarter.

rest of story
http://money.cnn.com/2004/08/19/technology/nortel/index.htm?cnn=yes

[lil-petunia]

1. "we're turning the corner. This economy is rising"

Daaaat's right, Mr. President. Mission accomplished. - once we vote you the hell out of here.

[hatrack]

2. "The economy is strong, and it's getting stronger"

George W. Chimp, 16 August, 2004

[Ghetto_Boy]

3. "financial reporting problems" = fraud

[ixion]

4. right... so just exactly where are all these 'new good paying jobs' that

are being created?

I don't see companies hiring a great number of people. What I see are thousands of people being laid off each week.

And judging from the job boards, there aren't many positions available for these displaced people.