Oracle cuts consulting jobs in UK

PALO ALTO, California: Oracle Corp., the world's second-largest software company, will cut 270 consulting jobs in the United Kingdom, but some of those workers will be moved to other posts within the organization, an Oracle spokeswoman said Thursday.

Oracle and many other Silicon Valley technology companies have been trimming staff to hold down costs as chronically weak corporate demand for their products has dampened revenues. "While some jobs went away, some of those people will stay," Jennifer Glass, a vice president of corporate public relations at Redwood Shores, California-based Oracle, said.

Glass said the company hasn't yet worked out how many workers will be reassigned. "Everybody's losing weight," Banc of America Securities analyst Bob Austrian said, referring to layoffs in the software sector.

During its fiscal year ended May, Oracle reported 1,000 layoffs to finish with 42,000 employees world-wide. Oracle shares closed down 48 cents, or about 5 percent, at $9.12 on Nasdaq. The stock is down nearly 31 percent this year.

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