Nortel may cull up to 5,000 jobs

Nortel may be considering cutting up to 5,000 jobs as part of its restructuring plan, according to market analysts.

The company confirmed its intention to cut jobs in September, certain the weak economy would lead to a major sales slump, but didn't specify how many.

Now, analysts believe the company is considering cutting between 3,000-5,000 jobs as early as next week, according to a Reuters report.

One analyst quoted by Reuters said he was concerned Nortel was entering a 'death spiral of continued cuts,' as the layoffs will send troubling signals to customers, competitors and employees.

Nortel currently employs around 32,000 people, meaning the cuts would represent between 10-15% of the company's workforce.

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