Technology – Oracle axes 866 staff.

Oracle will eliminate up to 866 jobs – 2% of its workforce, as it resorts to staff cuts because of the deteriorating US economy.

A spokeswoman said the reduction would be ‘through normal attrition and regular business performance assessments’. It is believed the company will weed out under-performing staff.

The news followed the release of Oracle’s third-quarter results, which met lowered expectations.

Oracle chief executive Larry Ellison, added: ‘By and large, with the exception of research and development, Oracle should consistently be reducing head count in virtually every area.’

The company is not alone. Compaq and Intel said they would each cut 5000 staff.

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