StorageTek cuts 500 jobs; Global Commerce hiring

LOUISVILLE — Storage Technology Corp. (NASDAQ:STK) will cut 500 positions — mostly from its headquarters here — because of high costs and a considerable earnings shortfall caused by glitches in new products. The cuts were part of a plan to save $40 million in annual costs.

Shares of the company’s stock declined almost 30 percent in mid-April after StorageTek announced the cuts and after a report that its first-quarter earnings would fall far short of expectations.

The company said it hoped to make the cuts by June through a “voluntary separation” program…