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Nortel slashes 20,000 jobs, revises forecasts

TORONTO—Nortel Networks has slashed 20,000 jobs as it announced it expects a US$3.6 billion third-quarter loss, bringing its total loss for the current fiscal year to US$20 billion.

The new job cuts, which follow previous reductions of 30,000 positions, pares the staff to 45,000, about half the entire work force at the beginning of the year.

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