Approximately 3,000 Nortel Networks employees will lose their jobs thanks to the telecom equipment maker’s "business transformation" move last month. Nortel also plans to shift 1,000 positions from high-cost to low-cost locations. Along with proposed real estate sales, Nortel expects these changes to net US$400 million in annual savings. The announcement contrasts sharply with other news out of Nortel recently, which indicated that the network equipment maker was regaining its financial footing. Last month also saw Nortel’s chief financial officer Peter Currie step down from the post.

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