By Sonya Rabbitte, 27 June 2001 13:12
NEWS Lucent may axe up to 25,000 jobs when it issues its third quarter results in July.
A report in the Wall Street Journal claims the troubled telecoms provider plans to follow up on January's 10,000 job cull by axing a further 10,000 jobs next month.
However, job losses could be closer to 25,000 if sell-off plans and an early retirement scheme go ahead.
Lucent plans to shed 12,000 jobs with the sale of its fibre-optic business and has offered a further 13,000 staff early retirement.
However, ratings agency Moody's, which this week cut its debt rating for Lucent to junk status, has cast doubt on the company's ability to find a buyer for its fibre-optic division.
Standard & Poor's also cut its Lucent rating to junk status on 12 June.
The company has lost almost $5bn (£3.5m) in the first half of this fiscal year, including a $1.6bn (£1.1m) restructuring and cost-cutting charge.
For related news, see
Hope springs eternal for Alcatel/Lucent deal
http://www.silicon.com/a45310
Avaya to cut 3,000 jobs
http://www.silicon.com/a45033
Lucent's credit rating takes a beating
http://www.silicon.com/a45034
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