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Deutsche Telekom to Axe Jobs in 2009

By AP
Watch Berkshire

Deutsche Telekom will cut more jobs when a self-imposed moratorium expires at the end of 2008, the company said Wednesday.

Corinna Kielwein, a spokeswoman for the Bonn-based company, Europe's biggest telecommunications company by sales, did not say how many cuts were likely. The Berliner Zeitung newspaper reported at least 2,000 positions out of 6,500 at its headquarters in Bonn and elsewhere in Germany would be eliminated.

The company has been cutting an average of 10,000 jobs a year since it went public in 1995, ending its state-control. Currently, the company employs more than 240,000 in more than 50 countries.

But it put a moratorium in place in part to assuage unions as the company trims costs amid fierce competition from domestic and foreign rivals.

Shares of Deutsche Telekom were up 0.2 percent to 13.23 euros ($17.98) in Frankfurt trading.

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