Nortel plans a major restructuring and another round of job cuts.From Fortune:
The Toronto networking equipment giant said Monday it would trim 1,300 jobs on top 1,200 cuts previously announced. Nortel had 32,550 employees at the end of 2007.
The company also said four top executives, including its head of sales and its chief technology officer, would leave at year-end.
The news comes as Nortel posted third quarter earnings that met lowered targets. The company warned, however, that 2008 sales would fall 4% -- at the lower end of its previous guidance of 2% to 4%.
It's too bad Nortel is a Canadian company or they could have been added to the $700+ billion U.S. bailout package. In fact, Congress is looking to add the U.S. auto industry to the bailout, so why not VoIP/telecom companies? Heck, why not foreign telecom companies, such as Nortel? Let's bailout everybody! In fact, I'm hoping they bail me out of my mortgage and offer me free gas like Peggy "the Moocher" Joseph so eloquently stated.
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I have a very close friend, who graduated from Harvard. Worked for ML for over 8 years, last year he's laid off too. OMG, now the banking industry is badly hurt, how long it would take for those financial background like him get back to the job market. Banking jobs are not there as much as before