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SBC to cut 11,000 jobs, capital spending

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Philadelphia--Telecom giant SBC Communications Inc. said Thursday it will cut 11,000 jobs, or about 6% of its work force, and slash capital spending to offset pressures from the weak economy, competition and regulations. About 9,000 of the job cuts will occur in the fourth quarter, with the balance occurring primarily in early 2003. The latest cuts are on top of the 10,000 jobs SBC eliminated earlier this year.
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