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Verizon's Chief Financial Officer John Killian is not sugarcoating what's in store for the ILEC's workforce: more job cuts are coming. During an investor conference late last week, Killian said additional employee reductions are necessary, but would not offer a specific timeline when these cuts would occur. Over the past year, Verizon laid off 8,000 workers with plans to cut another 8,000 in the second half of 2009.
The recent economic downturn, ongoing voice line loss and accelerated growth of its wireless and FiOS video services drove these job cuts, according to Killian. To extract more savings out of its wireline business, the company also will consolidate its call centers and integrate some services.
"We've been steadily reducing our overall work force size," Killian said to analysts during an investor conference. "But, we realized that we need to do more and in an accelerated pace."
For more:
- Dow Jones has this article
Related article
Verizon's FiOS and business services grow amid falling earnings
Rumor Mill: Verizon layoffs at end of Q1
Comments
Posted by admin | October 28, 2009 - 3:04pm
Ad hominem attacks and off-topic comments will be deleted without warning. Let's keep it civil, people.
Posted by Anonymous | October 28, 2009 - 2:22pm
Yeah, what happened to them. There was around 320 comments...and now gone. I'll contact Fierce and see what's up.
Posted by Anonymous | October 28, 2009 - 11:16am
So anyone know what happened to the Rumor Mill comments?
Posted by Anonymous | October 27, 2009 - 6:26pm
c
Posted by Anonymous | October 11, 2009 - 12:22pm
Verizon Business(non-union) Verizon Telcom(Union). The consolodation of this bemoth company is to continue to evolove in to a more efficient company. Where ever there are duplication of work groups that the jobs can be done remotely the company well be moving to the least cost expense it can. This gives the corporation the advantage over workers because the company well simply keep the work group that is the cheapest cost ie benifits, salaries etc. So to those work groups you should thinking about education or other jobs before the downsizing hits you state/work group. Remember Verizon is a international company not just an corporation that operates in America. So oversea's labor markets are much cheaper than in the United States of America. Its times like this that we are heading into were you wish the government had rules in place to protect the jobs in America but the job market has become global.
Posted by Anonymous | October 5, 2009 - 5:46pm
It seems Verizon Business and Verizon Telecom just became one company.
Posted by Dr K | September 26, 2009 - 9:23pm
Here's the low down. There are cuts happening. We've seen on the international front that a number of people are going. But the message is clear that the focus area on efficiency gains are really in the wireline business. VZ see this as a declining business, so all associated support functions for wireline will also go.
Wireless and the Business side will continue to invest and grow. On the Business side the message is still very clear. Grow the business, invest in the international global mesh network, but find areas to cut operational costs.
Advice for wireline staff, is to transfer to VZ wireless. If you check with senior management, this is the area that is most profitable and has growth potential.
Posted by Anonymous | September 24, 2009 - 3:20pm
Funny us Union Workers (telephone operators) members of CWA 1108 have not been informed of this activity AT ALL. Thank you Fierce Telecom for exposing these truths.
Bottom Line the company does what they want anyway; the union will collect dues anyway and the only people that suffer are the undereducated and uninformed Union Work Force who have been brain-washed to trust the "contact".
Posted by Anonymous | September 17, 2009 - 9:30pm
Verizon is one company that could care less about their workers. They continue to prove this time and again. I worked 60-80 hours a week on salary for the last 9 years and was one of the 8000 laid off. Their management workers pay a LOT for their health insurance when the craft workers is free.
Hopefully Tivo will take a bite out of their bottom line...
Posted by Anonymous | September 15, 2009 - 4:08pm
If the contract wasn't as good, would that not mean that the size of the layoffs would be smaller? I find it hard to believe that the bottom line would not be better if the VZ CWA had a health care plan that 99% of all other people have (deductible and premiums). I agree that layoffs were going to occur, but the size of the layoff is what shocks me the most.
Posted by Anonymous | September 14, 2009 - 4:24pm
Posted by Anonymous | September 14, 2009 - 3:52pm
Verizon Unionist...What say you?
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We say it's a good thing we got such a good contract in August of 2008. The layoffs where going to happen either way, Might as well make as much as we can while we are working.
Posted by Anonymous | September 14, 2009 - 3:52pm
Verizon Unionist...What say you?
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