Business Services Industry
Telecommunications Company Nortel Networks Slashes 10,000 More Jobs.
Knight Ridder/Tribune Business News, June, 2001
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Jun. 16--The sky was the limit last year for Dallas-area telecommunications company. Today, the sky is falling.
Nortel Networks Corp. said Friday that it is dismissing 10,000 workers -- in addition to the 20,000 jobs it has already cut -- and would post a $19.2 billion loss in the second quarter.
Just last September, the Canadian company announced construction of a new building at its U.S. headquarters in Richardson to house its rapidly growing workforce. At the time, Nortel employed 94,500 workers worldwide.
When the latest layoffs are finished, the company's payroll will be one-third smaller.
The situation is comparably depressing at Nortel's...
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