Verizon to cut about 15,000 jobs as it restructures, source says
Source: Yahoo Finance
WASHINGTON (Reuters) -Verizon is planning to cut about 15,000 jobs in the telecommunications company's largest ever layoffs as part of a restructuring under its new CEO, a person familiar with the matter told Reuters on Thursday.
The layoffs, affecting about 15% of its workforce, are set to take place as soon as next week, the person said. Verizon's shares rose about 1.4% on the news. They have largely stagnated over the last three years, with a gain of 8% compared with the S&P 500's near-70% rise.
A Verizon spokesperson declined to comment.
The cuts, following the appointment of former PayPal boss Dan Schulman as CEO in early October, are aimed at its non-union management ranks and are expected to affect more than 20% of that workforce, one source said. Verizon also plans to transition around 180 corporate-owned retail stores into franchised operations, the source added.
Read more: https://finance.yahoo.com/news/verizon-cut-15-000-jobs-160715206.html
Wicked Blue
(8,368 posts)twodogsbarking
(16,704 posts)C Moon
(13,326 posts)They were bought out, and then a new CEO was put in place. He had a reputation for gutting and laying of people to solve company problems. They promised that would not happen.
Within months, the men in suits were there. And then not long afterward, they began laying people off. It happened during the day. They would walk up to someone at their desk, and let them know. We were hearing yelps, and crying all day. It was surreal.
They did that several times over that year.
Then, there was a rumor that the office would be closed. They 100% denied that would happen. It happened. They let the rest of us work from home. But only for about 6 months. They had sold the company, and soon, most of us were let go.
And that's what happens when a big company, buys out a little company. Or when two companies merge. I know that's not always the case. But it's happened to me twice. Both jobs that I loved.
I hate corporate structuring. But even if you avoid it and go with a small company, there's the chance the little guy will be picked up by a corporation, and smashed.
twodogsbarking
(16,704 posts)ForgoTheConsequence
(5,136 posts)Capitalism is grand.
LiberalArkie
(19,116 posts)twodogsbarking
(16,704 posts)CousinIT
(12,030 posts)IOW, they never intend to allow BLS to run the numbers THEY MOST CERTAINLY HAVE to find out.
Or, Trump will insist that they finesse it to make it look good, even though it's not.
Cheezoholic
(3,448 posts)It will be the largest job destroyer we've ever seen. I would bet a net gain of -9 out of 10. Bigger than when agriculture turned from horse and plow to automation (we needed people to build equipment and that supply chain in new industries). It takes very few people to let billions make smilies on their phones or ask Chat bullshit for the best risotto recipe. Don't give me infrastructure BS to power these data centers. Thats a net zero proposition as it will be public citizen tax dollars that pay for that and the exorbitant energy price hikes that are coming. When OpenAI is promising 25 fucking Gigawatts of Datacenters by 2033 they are as insane as the people who invest (er open their wallets) in/to them. An economic apocalypse is upon us and its name are The Mega Circle Jerk of Nividia, OpenAI, Palantir, AMD, Intel, Tesla et. al., and the Duopoly Remoras of Samsung and SK Hynix.
Best tighten y'alls belts an grab a life vest. The rising tide that keeps billion dollar yachts afloat is about to drown everyone else that has to swim in it.
BlueWavePsych
(3,307 posts)
Trump promised all these jobs. Where are they?
mdbl
(7,758 posts)Verizon's days as a respected company are numbered. The only thing it will benefit is private equity, until they squeeze it dry and toss it in the trash.