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Lucent Prepares for More Job Cuts
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Posted by: TotalRecall
Taken from Reuters:
CHICAGO (Reuters) - Struggling telecommunications equipment maker Lucent Technologies Inc. LU.N plans more job cuts that could number in the thousands after it completes a voluntary retirement program, sources close to the company said on Wednesday.
"The writing is on the wall and clear that there's going to be further reductions," one source said. A second source said the additional job cuts could number several thousand for Lucent.
The article states the job cuts are a result of an oversupply of employees who have nothing to do.
In related news, 360networks & Altera has also announced additional job cuts due to a slow economy. Read more here & here.
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