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Verizon to eliminate 10,000 jobs

The wireless provider's co-CEO, Ivan Seidenberg, says an industry turnaround is not visible yet, as the company decides to make its second round of work force cutbacks in two years.

Verizon Communications plans to eliminate 10,000 positions this year, or about 4 percent of its work force, a company spokeswoman said Monday.

Spokeswoman Sharon Cohen-Hagar said the company plans to lay off some employees, not fill vacant positions and cut down on overtime.

The cutbacks, announced Monday by Verizon co-Chief Executive Ivan Seidenberg, are the latest sign of the downturn in the once-thriving cell phone industry. Seidenberg told analysts he hasn't seen signs of a turnaround so far this year.

Other wireless carriers have also announced job cuts. Sprint cut 3,000 customer service jobs February. Last Friday, Sprint said it had taken a $1 billion loan and hired a firm to help sell its Yellow Pages division.

This is the second time in two years that Verizon Communications has cut back on its work force. Last year, the company cut 16,000 full-time jobs and another 13,000 positions from outside contractors, Cohen-Hagar said.

Verizon Wireless, a joint venture between Verizon Communications and British carrier Vodafone, announced in September the company would lay off about 1,000 workers.