Verizon Communications expects to reduce the equivalent of 10,000 jobs in an effort eliminate duplicate position resulting from its purchase of GTE, a spokesman said Wednesday.
"We expect to cut a great deal of the positions through
retirements and normal attrition. When you've got 260,000 people,
you have people come and go," spokesman Eric Rabe said Wednesday
at Verizon's annual meeting with analysts in New York.
About 6,000 of the 10,000 job cuts are expected to come from
attrition. The remainder would be achieved by cutting 4,000
"full-time equivalents," meaning that overtime and contractor
hires would be reduced by that number of 40-hour work weeks.
"We have laid out the possibility where there may be some
layoffs, but there's no plan for any widespread layoffs," Rabe
said. "A lot of businesses have announced significant work force
reductions, and that is not what is going on here. This is part of
the normal business as we merge these two companies."
Also Monday, Verizon announced plans to provide global
communications services for big business customers by assembling a
network linking the United States with major cities in Europe, Asia
and Latin America.
Verizon said it will acquire fiber-optic cable, switching and
transmission equipment and related network management software for
a high-speed network that can carry data, Internet and voice
The first phase, scheduled to begin operations in the second
quarter, will link New York to London, Paris, Amsterdam, Brussels,
Frankfurt and Milan. Links between New York and Toronto and between
Hawaii, Hong Kong, Tokyo and Sydney are already operating and will
be part of the new network.
The Associated Press contributed to this report