Reply #49: (from last week) Oracle to cut 2,000 jobs [View All]

[UpInArms]

(okay - you might have heard this, but I was gone)

http://kutv.com/business/finance_story_041095649.html

(AP) SAN FRANCISCO Business software maker Oracle Corp. said Thursday that it will cut about 2,000 jobs, or more than 3 percent of its work force, as it digs for bigger profits from its recent $5.85 billion takeover of Siebel Systems Inc.

Redwood Shores, Calif.-based Oracle inherited 4,700 Siebel workers in the acquisition, but most of the cuts will be concentrated among employees on the company payroll before the deal closed last week, Chief Executive Larry Ellison told analysts during a conference call.

About 90 percent of Siebel's customer support, engineering and sales staff is being retained, Ellison said.

After the purge is completed, Oracle will employ about 55,000 workers worldwide, according to Safra Catz, Oracle's chief financial officer. The cost cutting should lower Oracle's expenses by at least $400 million annually, Catz said.

Oracle already has handed out pink slips to some of the affected employees and expects to complete most of the layoffs during the next few weeks, spokesman Bob Wynne said.

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