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."
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