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WorldCom contemplates 16,000 job cuts

Discussion in 'GENERAL Wireless Discussion' started by ComicalMoodyDan, Jun 5, 2002.

  1. ComicalMoodyDan

    ComicalMoodyDan Gold Senior Member
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    Dec 21, 2001
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    WorldCom contemplates 16,000 job cuts

    By Reuters
    June 5, 2002, 5:00 AM PT

    WorldCom, the No. 2 U.S. long-distance telephone company, is considering a cut of 20 percent of its work force, or about 16,000 jobs, in a bid to trim costs and turn the ailing company around, according to a Wednesday report.
    Top management is still working on a final proposal for making the cuts and could present it to the board within weeks, USA Today said, citing executives familiar with the plan. A total of 12,700 cuts were made this year and last year.

    Many of the cuts will likely come from network operations, a plan that would be in line with WorldCom's recent trims in capital spending, the report said.

    WorldCom declined comment on the reported job cuts and cost savings plan.

    "We're certainly going to right-size the business, but to speculate on details of that would be premature," WorldCom spokesman Brad Burns told the paper.

    Investors are worried that WorldCom will buckle under $30 billion in debt as revenue for long-distance and data services continue to fall, the paper said.

    WorldCom shares closed Tuesday at $1.45, down 6.5 percent. Credit agencies have downgraded its debt to junk status.

    Story Copyright © 2002 Reuters Limited. All rights reserved.

    WorldCom contemplates 16,000 job cuts

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