Alcatel-Lucent to slash 12,500 jobs

Alcatel-Lucent announced that it intends to cut an additional 3,500 jobs after a poor showing in Q4 with $803 million in losses. The recently merged company already announced that 9,000 jobs would be cut, which brings the total to 12,500 over the next three years. The company has yet to say which jobs would be shed. Cost-cutting measures like the job shedding and revenue enhancements from the merger should increase total merger-related synergies to $2.2 billion, up from the previously predicted $1.8 billion. The news follows yesterday's announcement by Alcatel-Lucent rival Nortel, which said it will shed another 2,900 jobs.

For more on Alcatel-Lucent's job shedding and Q4 results:
- check out this article from the AP