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Lucent Technologies to Cut More Jobs - 2002-10-11

The largest U.S. maker of telephone equipment, Lucent Technologies, says it will slash around 22 percent of its remaining work force by next year. Lucent officials say about 10,000 workers will be fired, leaving the company with around 35,000 employees by the end of fiscal year 2003.

Lucent had roughly 123,000 people in its workforce two years ago. Lucent officials also say the company will post around $4 billion in losses during the current quarter, due mostly to a decline in pension plan assets.