Reuters: Nortel to clamp down on costs, posts large loss

[chris]

Nortel to clamp down on costs, posts large loss
      

TORONTO (Reuters) - Nortel Networks Corp reported a large quarterly loss and announced a round of sweeping cost-cutting on Monday that includes laying off another 1,300 people as the economic downturn eats away at its business and strains its balance sheet.</p><div class="feedflare">
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