Nortel Slashing 1,100 Jobs
June 27th, 2006 Posted in Main Page, Nortel Networks
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.
June 28th, 2006 at 4:04 pm
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.)