The other shoe has dropped at Japanese ATE giant Advantest Corp.
Amid huge losses, Advantest (Tokyo) plans to cut 3,400 jobs, or 26 percent of its headcount, by its fiscal year 2008, which ends March 31. The cuts will include layoffs and a voluntary retirement program. (EE Times)
No CommentsTechnology stalwart Cisco Systems has begun “realigning” its workforce and has confirmed that it has started laying off workers this week.
The Wall Street Journal reported Thursday that Cisco, which sells Internet gear to communications service providers and large companies, has laid off about 250 employees at its headquarters in San Jose, Calif., this week. Other jobs in offices throughout the U.S. and overseas were also cut, the company said. (cNet)
No CommentsNortel Networks Corp. today said it will lay off 3,200 workers in addition to the previously announced 1,800 layoffs as it undergoes a restructuring that is part of its Chapter 11 bankruptcy filing in the U.S. and a similar creditor protection filing in Canada.
The Toronto-based network equipment provider said it could not say which locations the layoffs will occur.
In all, the 5,000 combined layoffs will reduce Nortel’s workforce by 16%, from about 30,000 to 25,000. (ComputerWorld)
No CommentsA year ago, it was hardly unthinkable that a math wizard like David X. Li might someday earn a Nobel Prize. After all, financial economists—even Wall Street quants—have received the Nobel in economics before, and Li’s work on measuring risk has had more impact, more quickly, than previous Nobel Prize-winning contributions to the field. Today, though, as dazed bankers, politicians, regulators, and investors survey the wreckage of the biggest financial meltdown since the Great Depression, Li is probably thankful he still has a job in finance at all. Not that his achievement should be dismissed. He took a notoriously tough nut—determining correlation, or how seemingly disparate events are related—and cracked it wide open with a simple and elegant mathematical formula, one that would become ubiquitous in finance worldwide. (Wired)
No CommentsMicron Technology says it will cut about 500 more jobs soon and up to 1,500 additional jobs by the end of August.
The Boise computer-chip maker said Monday that it will phase out its manufacturing of chips on 200 millimeter, or 8-inch, wafers because of deteriorating economic conditions and falling demand for the chips it makes on those aging wafers. (Trading Markets)
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