Verizon Communications Inc. will cut 10,000 jobs, mostly through attrition, and will cut costs by slashing employee overtime and the use of outside contractors, the company said Wednesday during an analyst meeting.
It is expected that the cuts will hit the company’s telecommunications group, which provides wire line service, said company spokesman Dave Frail. Verizon has about 260,000 employees with operations in the U.S. and 18 other countries.
Eliminating contractors and reducing overtime would cut the equivalent of about 4,000 jobs and another 4,000 let go through the traditional attrition rate of one per cent to two per cent annually, Frail said. Another 2,000 jobs could be subject to job shifts within the company or to layoffs, he said.
Verizon was created on June 30, 2000, when Bell Atlantic Corp. and GTE Corp. merged.
Verizon, in New York, can be contacted at http://www.verizon.com/.