Lucent announces steep cutbacks

[An anonymous e-mail making the rounds…] Lucent will reduce its workforce by an unprecedented 120 percent by the end of 2001, believed to be the first time a major corporation has laid off more employees than it actually has. Lucent stock soared more than 12 points on the news. The reduction decision, announced Wednesday, came after a year-long internal review of cost-cutting procedures, said Lucent Chairman Henry Schacht. The initial reportconcluded the company would save $1.