Nortel Networks Corp. announced they would slash 10% of their staff to compensate for their high costs.

Around 3500 workers will have to leave Nortel Networks Corp. Nortel is continually reducing their staff every year, in 2001 they had around 95000 employees their numbers after this announced lay off will be around 31500.

With the Royal Canadian Mounted Police investigating Nortel Networks Corp. accounting books and their recent firing of chief executive officer Frank Dunn Nortel says RCMP has launched criminal investigation into accounting problems

the United States and Canada have regulatory probes in Nortel Networks

Nortel said it will establish a chief ethics and compliance officer, streamline its organizational structure, increase its focus on the enterprise market and customers and introduce both a chief strategy officer and a chief marking officer.

Nortel said first quarter revenue totaled $2.5-billion,while second-quarter revenue was $2.6-billion.

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