Verizon Communications Inc. will take a charge of as much as $1.9 billion pre-tax in the third quarter as it eliminates about 4,800 jobs by next spring, according to a securities filing Thursday.
The communications giant announced a voluntary separation program for some US management positions in June. Over half of the employees concerned will exit in September and the rest by the end of March, according to the statement.
As part of other continuing restructuring initiatives, Verizon said it plans to cease use of some real estate assets and exit non-strategic portions of certain businesses. As a result, the company expects to record pre-tax charges of $230 million to $380 million in the third quarter.
