Verizon Communications Inc. will incur pretax costs of up to $1.9 billion in the third quarter as the company cuts about 4,800 jobs by next spring, according to a securities filing Thursday.
The communications giant announced a voluntary separation program for some U.S. leadership positions in June. More than half of the affected employees will leave in September and the rest by the end of March, the statement said.
As part of other restructuring measures, Verizon announced it would discontinue use of some real estate assets and exit non-strategic business lines. As a result, the company expects pretax charges of $230 million to $380 million in the third quarter.