Lucent to cut workforce by additional 5,000 by end-2003 - report
ananova.com
Lucent Technologies Inc is likely to cut its workforce by an additional 5,000 employees by the end of next year, the Wall Street Journal reported in its online edition, citing a person familiar with the company's planning.
Lucent has already said it will reduce its 50,000 strong workforce by 5,000 by the year-end and indicated it may enforce more job cuts in order to reach its EPS breakeven target.
According to the report, Lucent is still trying to improve its "quote to cash" ratio, which is company slang for the efficiency with which employees "quote" rates, fill orders, and finally get "cash" in the door.
The new cuts are likely to draw significantly from such back-office processing jobs, it said.
Earlier today, company spokeswoman Michelle Davidson denied a report on TheStreet.com website that Lucent is planning to slash some 15,000 more jobs by the year-end.
Davidson said Lucent is sticking to its plans for a workforce total of some 45,000 employees by the end of the year and said: "To speculate that Lucent is going to cut a further 30% is ludicrous."
Although more job cuts may be necessary, the total will not be as high as 15,000 as reported by TheStreet.com, she said.
She gave no indication of when the measures will be announced.
© AFX News |
