Oracle has just disclosed that it will let go 5,000 employees at the combined Oracle-Peoplesoft venture. It was previously announced that the layoffs would come, but the exact number of employees that would be made redundant was new.
The downpoor of pink slips will focus on Peoplesoft's marketing and sales departments, as Oracle said that developers and support staff will be largely spared.
A pink slip is the (pink coloured) form that employees receive with their pay check. It also symbolises the final payment for a laidoff worker.
As previously promised, Oracle will continue working on Peoplesoft version 8.9 and then move on to developing a new version 9.0 of the Peoplesoft product, the company said in a statement.
More details about the company's new course will come this Tuesday at an event in Oracle's headquarters in Redwood Shores. Silicon Valley Sleuth will be there.
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