NEW YORK (CNN/Money) - BellSouth will slash 4,000 to 5,000 jobs, the telecommunications provider said Friday, in a cost-cutting move amid a slow economy, increasing competition and regulatory pricing pressures.

The company said the job cuts will include both management and non-management positions, and will be achieved through a voluntary separation plan. BellSouth said it anticipates a $250 to $300 million after-tax charge as a result of the cuts.

"We face a fiercely competitive marketplace, and we must continue to reduce our cost structure in order to compete," BellSouth CEO Duane Ackerman said in a statement. "We must also continue to deliver our products and services at competitive prices to meet the increasing demands of our customers."

BellSouth (BLS: down $0.50 to $33.00, Research, Estimates) shares were down slightly in midday trading following the announcement Friday.

Telecommunications firms have been struggling in recent days as the sluggish economy caused businesses to rein in spending on information technology (IT).

Still, some analysts believe the Baby Bells are in better shape than some of their larger counterparts such as WorldCom, whose accounting practices are under review, and Qwest, which reported a wider-than-expected first quarter loss last month.