NT cutting jobs in older technologies but replacing with optical/wireless staff. That can only be good news for JDSU and other optical/wireless stocks.
biz.yahoo.com
Thursday January 11, 2:48 pm Eastern Time
Nortel to cut 4,000 jobs, hold overall staff levels
OTTAWA, Jan 11 (Reuters) - Nortel Networks Corp. (Toronto:NT.TO - news) (NYSE:NT - news), the world's No. 1 supplier of fiber-optic systems, said on Thursday it will cut about 4,000 full-time jobs in the near-term, but maintain staff numbers at 2000 levels.
Nortel said the job cuts in poorly performing parts of the company will be balanced by hirings in high-growth areas like fiber-optic or wireless network technology.
The company said it had nearly 94,500 employees, including joint venture operations, at the end of December, 31, 2000. That is up from about 83,500 at this time last year, a Nortel statement said.
The first round of layoffs include about 750 staff in Ottawa and another 200 in Toronto, who received pink slips on Tuesday, Nortel confirmed. |
