By John Oates, 5 October 2001 15:40
NEWS Sun Microsystems is slashing 4,000 jobs in cost-cutting exercise. The redundancies will cost the company $500m. Sun CEO Scott McNealy said in a statement: "The computer industry is continuing to consolidate and downsize itself. In addition, the events of September 11 have impacted us all. "Things were tough with the economy before, but now we are facing increasing uncertainties both in the US and globally. To ensure the long term health of the business, we are making structural changes to the capacity of our company." Sun shares have fallen four per cent following the announcement. More to follow...
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