SBC to Cut 11000 Jobs

[Keefe]

SBC announced on Thursday that the company will cut 11,000 jobs in the 4th quarter of this year and 1st quarter of 2003 in an attempt to cut costs. Chairman and Chief Executive Edward E. Whitacre, Jr. took time out in a company statement to blame the company's woes on the telecommunications act of 1996. Whitacre went on to infer that lower wholesale prices set by state regulators are bringing too much competition and effectively stealing SBC customers from the telco.

This really blows because I was planning on getting a job at Ameritech in Wisconsin. Oh well, there is always verizon