Comverse Technology (Nasdaq:CMVT) ( CMVT) will start its third round of job cuts at the beginning of next week. Two weeks ago the company announced intentions of dismissing about 20% of its workforce or 1,200 people, half of whom work in Israel. The trimming will begin in the company's Israeli outfits, but will expand to overseas offices within days. Comverse hopes to complete most of the cuts by month-end, although the already warned that the process will continue throughout the year. As in the last two rounds of paring, fired employees will receive expanded benefits. The company will also try to help them find new jobs. When done, Comverse expects to remain with 3,300 employees, down from 6,000 at its peak. The cuts are expected to save Comverse some $120 million a year. Comverse has said it expects to lose $20 million for the second quarter of 2002, after losing $8.2 million in the first quarter of the year. It ended the first quarter with cash and equivalents of $1.88 billion.