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Telecommunications

BRIEFLY

November 23, 1991|From Times Staff and Wire Reports

NYNEX to Take $550-Million Charge: The Northeast regional telephone company said it is taking the after-tax charge in the fourth quarter to pay for job reductions and restructuring. It said the charge would reduce 1991 earnings by $2.73 per share. The company said $395 million in costs is for early retirement incentives for craft and management employees. The remainder is for severance pay for reductions in management positions. NYNEX, which has 32,000 managers, said it plans to cut another 1,900 by the end of the first quarter of 1992 and 1,500 more in two years.

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