Alcatel-Lucent is to slash another 4,000 jobs and shake up top management after reporting a third straight quarterly loss.

CEO Patricia Russo said business levels were below expectations. Annual revenue is likely to be nearly flat. The company has been suffering since Alcatel and Lucent merged. It is hoped that a slimmer management, a streamlined core carrier division and a focus on higher-margin areas will save the company.

In a press release, Alcatel-Lucent said the latest restructuring is designed to save an additional 400 million euros by 2009. The job cuts are in addition to the 12,500 announced in February and together amount to 20 percent of the 82,500 workers employed by the company.