Citigroup is planning to lay off as many as 200 people in its information technology department in Singapore, the Straits Times reported on Thursday citing sources in the bank.
The paper said Citigroup’s information technology department employs about 2,000 of the 9,000 Citigroup employees in Singapore. (Reuters)

Nervous investors punished Nortel Networks Corp. (TSX:NT) stock Friday after the telecommunications technology company posted another big quarterly loss and warned that a “challenging” market in the United States is squeezing its business.
The Toronto-headquartered company reported Friday a second-quarter net loss of US$113 million or 23 cents per share in a “challenging business environment,” more [...]