Verizon says cut 7,000 jobs through buyouts
SCOTTSDALE, Ariz., Jan 9 (Reuters) - Local telephone company Verizon Communications (NYSE:VZ - news) said on Wednesday it cut 7,000 union jobs, or about 2.7 percent of its work force, in December through a voluntary buyout offer.
``We've already taken the force reductions up front'' in an effort to cut costs, Verizon co-Chief Executive Ivan Seidenberg told the Salomon Smith Barney 12th Annual Entertainment, Media and Telecommunications Conference in Scottsdale, Arizona.
Verizon made the buyout plan available to hourly, union workers in its core telephone business. Verizon, like other Baby Bells, has been expanding into data and wireless services to fuel new growth.
Seidenberg did not elaborate about the cost of the buyout program or severance packages. Verizon previously cut about 7,500 jobs in the first three quarters of 2001 and had about 256,000 workers as of Sept. 30.
A spokesman for Verizon said the company would provide an update on its staffing levels when it releases its fourth-quarter earnings report at the end of the month.
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