Alcatel-Lucent to slash more jobs

Alcatel-Lucent, struggling since the deal that formed the company, disclosed plans to slash another 4,000 jobs and shake up top management as the telecom equipment maker reported a third straight quarterly loss, an Associated Press report said.

The Associated Press report quoted CEO Patricia Russo, under pressure to produce better results, as saying that business levels were below expectations.

Annual revenue is likely to be nearly flat, the company said.

The much-anticipated new plans include a slimmer management, a streamlined core carrier division and a focus on higher-margin areas, the Associated Press report said.

The French-American company's chief financial officer also will step down, the report added.

Alcatel-Lucent said the latest restructuring is designed to save an additional 400 million euros ($578 million) by 2009.

The job cuts are in addition to the 12,500 announced in February and together amount to 20% of the 82,500 workers employed by France's Alcatel and US-based Lucent Technologies at the time of the deal, the report further said.

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