The Telegraph
Since 1st March, 1999
Email This Page
Oracle to cut 5000 jobs

San Francisco, Jan. 15 (Reuters): Oracle Corp will cut 5,000 jobs as it combines with PeopleSoft Inc, the business software rival it acquired for $10.3 billion after a bitterly fought takeover battle, the company said on Friday.

The layoffs, which were in line with Wall Street expectations, represent about 9 per cent of the companies' combined work force of 55,000, Oracle said. Financial terms, including charges or cost savings, were not disclosed.

Oracle also pledged to keep more than 90 per cent of PeopleSoft's product development and support employees and deploy new versions of PeopleSoft's software over time. The acquisition was concluded a week ago.

The ongoing support of PeopleSoft products ' used by companies to manage payroll, human resources and manufacturing operations ' was a point of contention during the 18-month takeover battle, with many high-profile customers fearing they would be left hanging.

'Oracle will have the resources to deliver on the development and support commitments we have made to PeopleSoft customers over the last 18 months,' Oracle chief executive Lawrence Ellison said.

Email This Page