Toronto (Aug. 20, 2004) -- Amid probes into its accounting by U.S. and Canadian authorities and regulators, Nortel Networks Corp. announced that it fired seven more of its finance executives for cause and said that it will trim roughly 10 percent of its workforce, or about 3,500 employees, by the end of the year in an effort to cut costs.

Back in April, the company fired for cause its former president and chief executive officer, chief financial officer and controller. This week, it said that seven employees "with significant responsibilities for financial reporting at the line of business and regional levels" have also been terminated for cause, including four who were previously placed on paid leaves of absence in April.

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