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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

#91

Post by nawtacawp »

dfxm12 wrote: post #72
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.

The company is laying off 10,400 employees. According to the article: The company said it had 152,300 employees at the end of the third-quarter ending Sept. 30. That's a significant chunk of their workforce! I suspect Verizon will quietly be hiring thousands of people from places where they can legally pay them less than these 10+ thousand.

Yeah you are probably right, these 10,000 can probably be outsourced.

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

#92

Post by jhfdbkofdcho »

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…

It’s either take the money now, or if they don’t get enough takers be laid off without as much if any incentive later on.

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

#93

Post by jedberg »

moftz wrote: post #35
rashomon wrote: post #27

Earlier quoted context omitted.

That would be a fantastic way to ask for a raise.

No, they would just tell you that you're lucky to still have a job. Even if they gave you a raise, you just increase your chances of being a layoff target since you cost the company more now. If you are saved from a massive layoff like that, you seriously need to find something new because you are next on the chopping block no matter what.

> Even if they gave you a raise, you just increase your chances of being a layoff target

But if you applied for a layoff and didn't get it, isn't that exactly what you want? And in the meantime you get to make more. It's a win-win!

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

#95

Post by toomuchtodo »

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

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/stock-buybacks-re... (Tax cut triggers $437 billion explosion of stock buybacks)

[2] https://www.npr.org/2017/12/19/571754894/charts-see-how-much... (CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class)

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

#96

Post by dd36 »

Alex3917 wrote: post #66
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.

> "we're about to grow a ton, better cut 10k jobs to maximize those gains." It makes perfect sense. T-Mobile basically bought up all the spectrum in the last round of bidding because they got a $4B breakup fee from AT&T as part of AT&T's failed acquisition. That has put all the other U.S. carriers on the defensive, because if they can't win a significant percentage of the 5G spectrum then they're going to be out of b…

Wait, Verizon doesn't have access to $4B? Verizon surely has significantly more net income than Tmobile. And therefore also has access to more leverage. $4B would not make that big of a difference.

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

#98

Post by jayess »

toomuchtodo wrote: post #95
jayess wrote: post #77

Earlier quoted context omitted.

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

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.

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

#99

Post by scarface74 »

mlthoughts2018 wrote: post #88
scarface74 wrote: post #79

Earlier quoted context omitted.

How do you as a lowly employee "negotiate" severance benefits. You have no power. If they say "No" what are you going to do?

Just don’t accept that job if they say no. Look for a new job if your current one doesn’t offer this.

Good luck with that unless you're a special snowflake....

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

#100

Post by lukewrites »

qaq wrote: post #54
JustSomeNobody wrote: post #40

Earlier quoted context omitted.

There should be a box on our tax forms for "Adopt a Shareholder" so at the very least we can name the person we want to get our money. Talk about entitlements. These companies seem to think they're entitled to our money.

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

If you're invested in VTSMX, represents 1% or less of your US equity holdings.

This disproportionately helps the executives & major investors in Verizon, does little or nothing for the IRA/401k of working schlubs like me, and puts 10,000+ families into a state of economic insecurity.

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