Nortel Cutting 1,300 Jobs

Kara Reeder

Add Nortel to the growing list of companies cutting jobs. The New York Times reports that the company will eliminate 5 percent of its workforce, which is about 1,300 jobs.

 

The announcement comes as Nortel reported a third-quarter loss of $3.4 billion, its biggest net loss in seven years, according to Bloomberg. The company has been struggling to find an answer with various attempts at restructuring, including selling its optical communications business, but has yet to find a buyer.

 

Nortel is just the latest company to announce layoffs in the wake of the economic crisis. Cisco, Yahoo, Motorola and Nokia have all announced cuts to their workforces.



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