Telecommunications equipment maker Lucent announced on Friday that it would cut 10,000 jobs, resulting from a larger than expected loss in the fourth-quarter. The financial health of the company, as it struggles to stay out of bankruptcy, is being watched closely by Wall Street. At the height of the technology boom, Lucent employed 106,000 - it is now down to 35,000, a reflection of the struggling telecommunications industry.
See "Lucent to Cut 10,000 Jobs", The New York Times, October 10, 2002