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Schaeffer's Street Stories: Oracle Corporation Trims Workforce

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  Published in Science and Technology on Wednesday, January 14th 2009 at 12:17 GMT, Last Modified on 2009-01-14 12:17:30 by Market Wire
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CINCINNATI--([ BUSINESS WIRE ])--Oracle Corporation (NASDAQ: ORCL) is down nearly 4% as rumors of layoffs at the California-based software maker hit the wires. Earlier, The Wall Street Journal reported that around 500 positions were cut at the company. It was later reported by Reuters that the company has fired "several hundred" of its more than 86,000 workers, according to 2 sources close to the situation, as the company struggles in an economic downturn.

The firm is trimming its force of sales consultants who advise clients on how to integrate its business management software and database programs into their operations, the sources said on Tuesday, according to Reuters.

Oracle declined comment.

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