December 12, 2008

Alcatel-Lucent to cut 1,000 managers

French telecommunications equipment giant Alcatel-Lucent said it would lay off 1,000 managers to save $1.33 billion in operating costs through 2010.

That adjustment will end up at about break-even for the company, Chief Executive Officer Ben Verwaayen said, forecasting an 8-percent to 12-percent drop in the telecommunications market in 2009, MarketWatch reported Friday.

The strategy also includes dropping 5,000 contractors, slowing down manufacturing and eliminating sales duplications, the company said.

In total, the company has shed 22,500 jobs since 2006, when Alcatel of France merged with Lucent Technologies of the United States.