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Layoffs loom over Nortel workers
By SEAN McKIBBON, Ottawa Sun
Nortel staff are yet again facing the possibility of layoffs as North America's largest telecom equipment maker tries to sort out its finances. Yesterday, in a conference call update ordered by the Ontario Securities Commission, the company left investors in the dark as to when final restated financial results will be released, but said further cost cutting is on the horizon.
"There may be some ways that we can find redundancies in people or in R&D," CEO William Owens said of the company's wireless, wireline, optical and business services units.
Ottawa is Nortel's research and development epicentre with some 6,000 employees located here. Last year the company spent just over $2 billion U.S. on R&D.
In a conference call with investment analysts the company said cost cutting would not necessarily mean layoffs and a company spokesperson said yesterday the company hopes to find savings by "improving business processes."
Nortel may also move staff to its services business from other units to help stoke sales, Owens said. In its services business, Nortel helps telecom firms manage their networks.
Ottawa economist Barry Nabatian said local Nortel layoffs would be "terrible" for the capital's economy.
"At the beginning of the year the only real gains in employment were in hi-tech," he said, adding most job growth occurred in smaller startups -- gains that would be quickly erased with a cut by a large employer such as Nortel.
Nortel stock shed 34cents following its teleconference to close at $5.23 on the Toronto Stock Exchange.
By SEAN McKIBBON, Ottawa Sun
Nortel staff are yet again facing the possibility of layoffs as North America's largest telecom equipment maker tries to sort out its finances. Yesterday, in a conference call update ordered by the Ontario Securities Commission, the company left investors in the dark as to when final restated financial results will be released, but said further cost cutting is on the horizon.
"There may be some ways that we can find redundancies in people or in R&D," CEO William Owens said of the company's wireless, wireline, optical and business services units.
Ottawa is Nortel's research and development epicentre with some 6,000 employees located here. Last year the company spent just over $2 billion U.S. on R&D.
In a conference call with investment analysts the company said cost cutting would not necessarily mean layoffs and a company spokesperson said yesterday the company hopes to find savings by "improving business processes."
Nortel may also move staff to its services business from other units to help stoke sales, Owens said. In its services business, Nortel helps telecom firms manage their networks.
Ottawa economist Barry Nabatian said local Nortel layoffs would be "terrible" for the capital's economy.
"At the beginning of the year the only real gains in employment were in hi-tech," he said, adding most job growth occurred in smaller startups -- gains that would be quickly erased with a cut by a large employer such as Nortel.
Nortel stock shed 34cents following its teleconference to close at $5.23 on the Toronto Stock Exchange.
