A View on View :: Nortel Slashing 1,100 Jobs

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Nortel Slashing 1,100 Jobs

by Mark Evans on Tue 27 Jun 2006 08:55 AM EDT | Permanent Link

Surprise, surprise (well, not really), Nortel is cutting 1,100 jobs and reviewing its pension plan. The jobs cuts will reduce annual operating expenses by $100-million in 2007 and $175-million in 2008. The company also unveiled changes to its pension plan from defined benefits to defined contributions contributions to defined benefits, which will save Nortel about $100-million a year. And everyone wondered why Nortel CEO Mike Zafirovski is so bullish about the company's prospects.

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Re: Nortel Slashing 1,100 Jobs

by Anonymous on Wed 28 Jun 2006 04:04 PM EDT | Permanent Link

It's changing the pension plan form defined contribution to defined benefits? Can you confirm that. Seems counter what everyone else is doing (moving from defined benefits to defined contrib.)

Re: Re: Nortel Slashing 1,100 Jobs

by Mark Evans on Wed 28 Jun 2006 04:07 PM EDT | Profile | Permanent Link

my bad. thanks for noticing the error. it will be fixed.

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