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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Ken Twining who wrote (711)	9/14/1998 2:56:00 PM
From: George A. Roberts	Read Replies (1) \| Respond to of 14638

Nortel says it will cut about 3,500 jobs TORONTO, Sept 14 (Reuters) - Telecommunications giant Northern Telecom Ltd. (NYSE:NT - news) said on Monday it intends to chop ''approximately'' 3,500 jobs worldwide. It said the cuts would be made in every division except for the key broadband networks unit. The company declined to say when it would start making the cuts. Spokesman Peter Janacek of Mississauga, Ontario-based Nortel, which recently acquired Bay Networks for $9 billion, confirmed an Ottawa Sun newspaper story that the company was prepared to cut jobs while it re-shaped itself as an Internet-based firm instead of a telecommunications products company. ''I can't comment on the number yet, but it (the Ottawa Sun figure) is really in the ballpark,'' Janacek said. ''It's approximately right.'' ''Every area almost, except for one, except for broadband, will be (affected),'' he told Reuters. (Note: this article is ''in progress''; there will likely be an update soon.)