Nortel to Slash 1,100 Jobs

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Nortel Networks will eliminate approximately 1,100 positions globally and make significant changes to its North American pension programs.

The embattled vendor said the moves are being made as part of “a series of actions Nortel is taking to achieve a targeted operating-margin expansion in excess of $1.5 billion in 2008.”

“I am confident in the progress we are making in turning around Nortel and re-creating a great company," CEO Mike Zafirovski said in a prepared statement.

"In the past few months, we've taken important steps -- some with near-term impact and others with longer-term benefits -- toward transforming our operations to be more efficient and customer-focused,” he added. “Today's announcements continue our efforts to increase competitiveness, better manage our costs and secure the resources to fuel Nortel's innovation.”

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