May 6, 1997
Jay Grossman, Bell Atlantic 215-963-6521
Bob Varettoni, NYNEX 212-395-0500
Bell Atlantic, NYNEX Refute Story on Jobs
PHILADELPHIA/NEW YORK -- Bell Atlantic Corp. (NYSE: BEL) and NYNEX Corp. (NYSE:
NYN) today reiterated their plan to reduce management positions by 3,000 in the first
three years after they close their merger.
The companies have consistently maintained that position since the announcement
of their deal on April 22, 1996, and denied a story appearing in today's Wall Street
Journal which suggests they have plans to reduce their combined work force by 10,000
within five years of the close of their merger.
There are no such plans.
Open markets in the telecommunications industry are creating intense competition.
Bell Atlantic and other telecommunications providers are responding to that competition
by continually reducing costs and improving efficiency. At the same time, in many
segments of Bell Atlantic's business, we are adding employees to meet new business