Oracle Corp have announced 5,000 jobs worldwide will be cut after the $10.3 billion takeover of rival PeopleSoft Inc. This accounts for 9 percent of the 55,000 employed by both companies.

Oracle said both companies will lose people although they haven't disclosed what percentage that will be from each company.

"Oracle will have the resources to deliver on the development and support commitments we have made to PeopleSoft customers over the last 18 months," Oracle CEO Lawrence Ellison said in a written statement.

It is thought more job cuts are on the cards and some believe a further 1,000 jobs

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