Saturday, June 15, 2024

Nortel Cuts Jobs, Fires Execs

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Stung by an accounting debacle and sector slump, Nortel will
lay off 3,500 employees, or 10 percent of its workforce, as part of a
sweeping restructuring to put the company back on track.

The telecom equipment maker will put greater emphasis on providing gear for
large corporations and government agencies that are moving to converged
networks to carry voice, data and video content.

It’s also bullish on China and India,
where wireless carriers are investing billions of dollars in
third-generation

3g>

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