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The reductions would be phased in from 2003 to 2007, the governor's aides said.
Mr. Healy said the job reductions would be in addition to the pay cut.
They said the reductions would be complete by the end of October.
The reductions would be in addition to the 44,000 jobs already cut through widespread buyouts.
Annual savings from the job reductions would be about $200 million this year, Mr. Fayard added.
The President's tax reductions would be stimulating the economy while Volcker was trying to restrain it.
He said any reductions would be based on conditions that he did not clearly define.
"It has never handled 81," he said, adding that further reductions would be needed.
Under the proposal, the reductions would be phased in through March 31 , 2002
The company did not specify yesterday where additional staff reductions would be made.
For the coming fiscal year, the reductions would be $10 billion to $15 billion, they said.
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