Nortel layoff news at last: 3,200 more jobs cut

Bad news is at least news. Nortel Networks had previously said it would shed another 3,000-ish jobs but had been mum on the details. Today the company gave a little bit more insight. The number of jobs that will be cut is 3,200 and, -- although it seems like this should go without saying -- it formally announced that it won't pay employees bonuses earned in 2008. This layoff is in addition to the 1,800 jobs it cut last year. That was a last-ditch (and not good enough) effort to try and avoid bankruptcy. The company has also been trying to sell off business units as a way to cut costs and raise cash. This latest cut is about 10% of the workforce, but will it be enough? Worldwide headcount will be below 30,000.

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