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Nortel to cut another 3,200 jobs Wednesday 25 February 2009 | 05:25 PM CET
 
Nortel announced plans to reduce its global workforce by another 3,200 positions. The job cuts come on top of a remaining 1,800 lay-offs from earlier announced restructuring plans and will be carried out in the next few months. Nortel is currently under protection from creditors and working on a financial restructuring plan. The network equipment maker also announced its intention to pay no staff bonuses for 2008 and end its stock option plans for employees, including all outstanding awards. Nortel said it will resume bonus payments in 2009, payable on a quarterly rather than annual basis in order to drive short-term performance objectives during the restructuring.
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