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Alcatel-Lucent to Cut 5000 Jobs After Reporting Loss

Thursday, 26 Jul 2012 | 2:40 AM ET

Ben Verwaayen, CEO of Alcatel-Lucent, told CNBC, "We live in a tough market environment; people have a lot of expectations from technology, there is a huge demand for tablets, smartphones for new ways of communicating but the reality is the things that we do making networks is substantially less on a systemic basis then it was before, so as a company you have to face reality and take firm action."