Nortel sets 3,250 job cuts, sees $450 mln charges

[UpInArms]

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38260.3306365741-822097866&siteID=mktw&scid=0&doctype=806&

LONDON (CBS.MW) -- Canadian telecoms equipment maker Nortel Networks (NT) said it's planning to cut 3,250 jobs as part of its cost-cutting in R&D and administrative operations. The bulk of the cuts, 1,400 jobs, are based in the U.S. Nortel estimates charges of $450 million, with around $220 million related to the job cuts and $230 million related to real estate actions.

...a bit more...

[ixion]

1. more jobloss recovery

The job market really sucks right now, yet somehow things are getting better.

Everyday I read about more layoffs. Where are the articles saying 'so and so is HIRING 3,500 new employees'? Hmmmm?

Indeed, nothing of that sort. Just more layoffs.

Nutz, IMO. :crazy: :eyes:

[ProfessorGAC]

3. I Know You're Being Sarcastic, But. . .

. . .stop using that term "jobless recovery". There is no such thing. It is a LIE developed by conservative economists who are too foolish to see that without job development there is no sustainable economic health. Job growth does NOT follow GDP growth. It is an independent outcome of overall economic health.

Not meaning to slam you. But, the last thing i want to see is that ridiculous, and economically meaningless canard used on DU.
The Professor

[ixion]

7. actually, I used the term 'jobloss'

but I see your point. :-)

[mbperrin]

2. Woo-hoo! More of that * job machine at work!!!

There go more jobs!!!

[mhr]

4. Telecom Takes A Hit Again In The US

For those that don't know, 112,000 telecom jobs were lost in Dallas, TX in 2001 and 2002.

We still have unemployed telecom workers in the North Dallas area.

One of the largest employers was Nortel. Whole buildings stand empty just 2 miles from where I live.

The Bush beat rolls on.

[Uben]

5. Hey

Count me as one who knows! I own a 158 unit apartment complex near the Nortel complex on U.S. 75. Between Nortel and Ericsson, they have killed the rental businesses in that area of North Dallas. We are slowly gaining occupancy, but the last three years have been difficult at best. Earlier this year, the analysts said we could expect things to pick up this fall, but that has yet to materialize.

[mhr]

6. Ex-Telecom Worker - Unemployed 51 Months - I Know What You Mean!

eom

[Zerex71]

8. Nothing new under the sun here.

Nortel's been laying off a few thousand at a time for over six years now. I know -- I was part of the first wave back in '98 and I have friends who were part of subsequent waves of layoffs. They've had rolling layoffs (much like Motorola, where I also got the axe in '01) ever since.

Mike