Nortel slashing 3,200 more jobs

Nortel Networks, which filed for bankruptcy protection last month, said today it will eliminate another 3,200 jobs in the coming months as it re-organizes. The company currently employs about 30,000 people around the world, a number which itself is less than one-third of what the company's total payroll was back in the late 1990s.

Nortel will not pay severance to the employees who lose their jobs, an Associated Press story says. Neither will the company be paying management bonuses for 2008, after the Nortel board approved a management recommendation to eliminate the bonuses. Nortel has been busy since filing for bankruptcy protection, agreeing late last week to sell its Alteon application delivery systems unit to Radware.

For more:
- The Associated Press has this report

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