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Nortel Networks Corporation: 1,300 jobs

November 20, 2008

Global telecom equipment vendor Nortel Networks Corporation, which reported a net loss of $3.4 billion on November 10, said it will slash about 1,300 jobs as part of its cost cutting measures for 2009. The firm had a net income of $ 27 million in the same period a year ago.

Nearly 25 per cent of the reduction would take place this year and the rest in 2009.

Image: A SuperComm2001 communications convention attendee strolls past the Nortel Networks booth at the Georgia World Congress Center in Atlanta | Photograph: Erik S Lesser/Getty Images

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