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Verizon says to shed 10,400 jobs by mid next year

reuters.com

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Re: Verizon says to shed 10,400 jobs by mid next year

#101

Post by qaq »

JustSomeNobody wrote: post #84
qaq wrote: post #54

Earlier quoted context omitted.

Here you go those greedy shareholders: Vanguard Group, Inc. 7.26% Blackrock Inc. 6.54% State Street Corporation 3.83% Capital Research Global Investors 2.92% Wellington Management Company, LLP 2.80% oh wait thats actually your retirement money

Oh, so they're not greedy because they hold our retirement funds? I guess that makes it all OK then? You keep voting for those corporate tax cuts. I won't.

Who are "They" Vanguard is owned by people holding money in Vanguard funds for example so in case you have your retirement $ in Vanguard "They" is literally you.

Re: Verizon says to shed 10,400 jobs by mid next year

#102

Post by m-app »

2bitencryption wrote: post #47

> The New York-based company has been looking at cutting costs as it ramps up investment in its next generation 5G network, which is expected to fuel growth. "we're about to grow a ton, better cut 10k jobs to maximize those gains." that just sounds so... weird to me.

It doesn't say what growth – perhaps it's revenue growth, but my interpretation would be network/bandwidth/user/devices growth. The unfortunate thing with these huge service providers is that the number of people they staff to operate their infrastructure grows in conjunction with their network/bandwidth growth. Their operations simply doesn't scale as compared to the web-players who manage their global network with 10-20 people. Cutting costs and automating is something that is long overdue at these companies, and will be imperative when moving to mass-scale 5G networks. I'm not so sure the gains are to be "maximized" as you say, I think actually being able to make a profit will be hard enough in the coming years.

Re: Verizon says to shed 10,400 jobs by mid next year

#103

Post by padseeker »

jayess wrote: post #77
padseeker wrote: post #30

I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got....

Full-time employment is up by 2.7 million since the tax cuts went into effect. Michigan's unemployment is the lowest it's been since records have been kept: https://www.michigancapitolconfidential.com/21325

There is a case to be made that things were going well enough based on the previous economic momentum from pent up demand. That pent up demand was based on all the cost cutting based on economic catastrophe from 2008.

Even if you believe the tax cuts have had some positive effect on the economy, every legitimate economics professional and reality based think tank said that in order for the tax cuts to pay for themselves growth has to be 6%. Last time I looked it was 4.5%. These tax cuts won't pay for themselves. And the austerity we're in store for when the economy takes a down turn, which is inevitable, will be quite painful.

Hey remember when conservatives used to advocate for fiscal responsibility and balancing the budget? That's only for when Democrats are in charge. It's all an excuse to throw poor people under the bus.

Re: Verizon says to shed 10,400 jobs by mid next year

#104

Post by mbreese »

TangoTrotFox wrote: post #87
padseeker wrote: post #30

I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got....

The article's headline and its content paint different pictures, with the title really just being clickbait. They're not laying off individuals but paying them to leave including upwards of a year of salary, a bonus, and maintaining benefits. And it was voluntary -- not 'pink slipping.' I don't really think you can attribute this to the tax breaks, but if you can - then this would be an immense positive. Employee tur…

If they don’t get enough employees to voluntarily leave, you can be sure that there will be forced layoffs (with probably worse terms).

Imagine you’re a 50 year old employee with a kid in college. Would you be thrilled to accept a year of salary with limited job prospects? What jobs do you think will be the first to be cut?

Don’t try to sugar coat it - when there are lay-offs (voluntarily or not), it’s rarely a positive for the majority of affected employees. And this in no way should be considered a positive effect of the corporate tax cuts.

Re: Verizon says to shed 10,400 jobs by mid next year

#105

Post by davemp »

mlthoughts2018 wrote: post #12

At least the described severance benefit might be on the correct order of magnitude to be considered reasonable and not totally and odiously evil, “As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.” This is why I always advise people to negotiate significance severance benefits up front, on the order of 6 m…

  comp(tenure) -> {
    (60 [weeks of salary, benefits]) * (tenure [weeks]) / (65 [years]), tenure = 65
  }
One can come up with many horrible compensation functions that satisfy Verizons statement.

Re: Verizon says to shed 10,400 jobs by mid next year

#106

Post by couchdive »

2bitencryption wrote: post #47

> The New York-based company has been looking at cutting costs as it ramps up investment in its next generation 5G network, which is expected to fuel growth. "we're about to grow a ton, better cut 10k jobs to maximize those gains." that just sounds so... weird to me.

verizon 5G is a joke right now

https://www.bloomberg.com/news/articles/2018-09-12/at-t-ceo-...

https://www.theverge.com/2018/10/2/17927712/verizon-5g-home-...

Re: Verizon says to shed 10,400 jobs by mid next year

#107

Post by jayess »

dd36 wrote: post #75
AlexTWithBeard wrote: post #61

Earlier quoted context omitted.

Did you expect zero layoffs across the United States for the next ten years after the tax cuts?

Tax cuts aren't even a year old and were sold on the premise of job growth.

Are you claiming that there hasn't been any job growth since January 1?

Re: Verizon says to shed 10,400 jobs by mid next year

#108

Post by [deleted] »

jayess wrote: post #98
toomuchtodo wrote: post #95

Earlier quoted context omitted.

Correlation does not imply causation. Can you provide evidence tax cuts stoked existing economic momentum? Or is the economy on fire despite these tax cuts? Stock buybacks [1] done with these tax cuts, enriching shareholders, does little to stoke economic demand or benefit the middle class [2]. More likely, cheap, loose credit is what has allowed the music to carry on. [1] https://money.cnn.com/2018/07/10/investing/s…

Why aren't you asking this of all the comments in this parent? People seem to be blaming Verizon cutting 10,000 jobs on the tax cuts. Or claiming that jobs weren't created. Or that somehow the tax cuts were an economic negative. None of those things can be attributed to causation.

[deleted]

Re: Verizon says to shed 10,400 jobs by mid next year

#109

Post by aswanson »

AlexTWithBeard wrote: post #61
padseeker wrote: post #30

I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got....

Did you expect zero layoffs across the United States for the next ten years after the tax cuts?

There are several integer values between 0 and 10400.

Re: Verizon says to shed 10,400 jobs by mid next year

#110

Post by ahallock »

padseeker wrote: post #30

I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got....

Sounds like empty political rhetoric and speculation. FTA: Verizon is "cutting costs as it ramps up investment in its next generation 5G network" Maybe that will mean future jobs in other areas. Maybe the people they're buying equipment from/contracting to will add more jobs. The bottom line is how do you really know?
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