Verizon to Take Charge for Workforce Cutbacks

Verizon Communications Inc., the largest U.S. telephone company, said it would record $3.7 billion in charges, primarily to cover costs of one of the biggest workforce reductions of any U.S. company this year.

In the fourth quarter, the company will record a charge of $2.8 billion, or 99 cents a share, to cover severance costs in an early retirement incentive plan accepted by about 10% of its workforce, or 21,260 employees.

Verizon shares fell 42 cents to $32.59 on the New York Stock Exchange.

From Reuters