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To: Peach who wrote (2869)	9/26/2002 4:57:54 PM
From: MulhollandDrive	Read Replies (2) \| Respond to of 57110

wow...more good news! <gg> biz.yahoo.com Reuters Company News SBC says to cut 11,000 jobs and capital spending Thursday September 26, 4:16 pm ET SAN ANTONIO, Sept 26 (Reuters) - Local telephone company SBC Communications Inc.(NYSE:SBC - News) said on Thursday it will cut 11,000 jobs and slash capital spending to offset pressures from the weak economy, competition and regulations. About 9,000 of the 11,000 job cuts will occur in the fourth quarter, with the balance occurring primarily in early 2003. These new cuts are in addition to the 10,000 jobs SBC has eliminated year-to-date through August, the San Antonio, Texas-based company said. It expects about one-third of the reductions will come from management employees and the remaining from non-management positions across the 13 states served by SBC. The company expects to take related accounting charges in both the third and fourth quarters. SBC also said it would slash its capital spending budget for 2003 to about $5 billion to $6 billion. That compares with its 2002 capital spending budget of slightly less than $8 billion.