Nortel to cut 3,500 jobs

20 Aug 2004

Canadian equipment supplier Nortel Networks has detailed a streamlining of its business in a bid to boost profits for 2004, which will include a 10% reduction in its workforce, around 3,500 jobs. The operator has recently been sorting out accounting problems, and has fired three of its top executives. It also revealed yesterday that seven employees with ‘significant responsibilities’ for financial reporting have also lost their jobs. Nortel hopes that the re-organisation – which will combine its wireless, wireline and optical businesses into a single carrier networks company – will help it to increase its market share and increase profitability.