graphic
graphic  
graphic
News > Companies
graphic
Cingular to cut 3,000 jobs
No. 2 wireless provider to reduce payrolls across divisions to streamline operations.
August 20, 2002: 2:43 PM EDT

NEW YORK (CNN/Money) - Cingular Wireless said Tuesday it will cut as many as 3,000 jobs, or 7.5 percent of its work force, as the No 2 wireless provider, facing a tough time for the telecom business, tries to cuts costs and streamline operations.

The company expects costs from 2,500 to 3,000 job cuts not to exceed $70 million, pre-tax. The charges will be recognized this year.

Cingular said more than a third of the cuts will come from eliminating temporary positions and normal attrition and will affect sales, marketing, network, finance and human resources positions in the United States and Puerto Rico.

The news comes the same day the Wall Street Journal reported that VoiceStream has proposed a deal to merge with Cingular to create a company rivaling No. 1 wireless phone provider Verizon Wireless.

Atlanta-based Cingular, a joint venture of regional phone providers SBC Communications Inc. (SBC: Research, Estimates) and BellSouth Corp., (BLS: Research, Estimates) is the No. 2 provider, with nearly 22.2 million customers.

"Cingular was formed two years ago from eleven different brands," President and CEO Stephen Carter said. "In that time, we have learned how we can operate more efficiently and more effectively."

The company, which employs 44,000 full- and part-time workers, did not say how much money the job cuts would save.  Top of page




  More on NEWS
JPMorgan dramatically slashes Tesla's stock price forecast
Greece is finally done with its epic bailout binge
Europe is preparing another crackdown on Big Tech
  TODAY'S TOP STORIES
7 things to know before the bell
SoftBank and Toyota want driverless cars to change the world
Aston Martin falls 5% in its London IPO




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.