Oracle ( ORCL) dropped the other shoe today -- and it was a big one. The database giant said it will be cutting 5,000 jobs from PeopleSoft -- and Oracle itself -- as it moves to integrate the two business software companies.

There had been some speculation that far fewer people would be cut, but the number turned out to be close to the 6,000 jobs estimated last summer during Oracle's successful defense of an antitrust suit aimed at blocking the hostile takeover.

The layoffs represent a reduction of 9% of the combined work force of about 55,000. PeopleSoft alone employed more than 11,000 people.

Oracle said it plans to retain over 90% of PeopleSoft product development and product support staff to help develop upgrades to PeopleSoft products and support PeopleSoft customers. "By retaining the vast majority of PeopleSoft technical staff, Oracle will have the resources to deliver on the development and support commitments we have made to PeopleSoft customers over the last 18 months," said Oracle CEO Larry Ellison.

Detailed information about Oracle's beefed up software applications business will be unveiled next Tuesday at the launch of the combined applications business.

Oracle completed the $10.3 billion acquisition of PeopleSoft earlier this month after a bruising 18-month fight.

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