Nortel axes another 3,500

Optical network division hangs in balance...

Optical network division hangs in balance...

Nortel is planning another job cull with 3,500 staff facing redundancy. The company said the cuts are a response to the weak optical network market. It also admitted its revenues for the period ending 30 June are likely to be down around five per cent on the same period last year. Nortel said it is also considering selling its optical components division. The cuts will leave the telecoms equipment manufacturer with a global workforce of around 42,000.