Nortel to cut 1,300 jobs — hey, that's only 18 percent 860 Paul Boutin 11/10/08 10:58AM Filed to: Layoffs Layoffs Nortel Valleywag North America's biggest phone equipment maker has joined the Tough Times, Tough Decisions club. Third-quarter losses, at $3.4 billion, were the worst since 2001. Bloomberg's report has all the details.