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Verizon CFO: More Job Cuts Coming
16,000 job cuts was only just the beginning
by Karl Bode 03:26PM Friday Sep 11 2009
Verizon has already cut 8,000 jobs in the last twelve months, and during the company's second quarter earnings conference call announced they'd be laying off another 8,000 employees during the second half of this year. But that's just the beginning according to Verizon CFO John Killian, who told attendees at an investor conference this week that the company needs to lay off even more workers, and at an "accelerated pace." While some of the layoffs are because of the housing market and Verizon's slowly dying residential phone business, the company is also making a very intentional move away from rural connectivity so they can focus on more immediately profitable urban and suburban FiOS and wireless delivery. While investors welcome the news, the employees themselves are somewhat annoyed that Verizon's canning employees while posting record profits.


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sonicmerlin

join:2009-05-24
Cleveland, OH
kudos:1

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reply to lakerfan82

Re: pain in their side

Uh, let's see. A corporation is not responsible to anyone. If it goes bankrupt, the people who ran it into the ground are not punished. It's the employees who worked hard for the company who suffer. The upper management still get their bonuses and jump to a ship not sinking.

If the company is profitable, they'll seek ways to be more profitable, at the expense of their employees and often times the expense of society.

A human individual is responsible for themselves. Hoarding money doesn't affect anyone but themselves and their personal bank account. Going bankrupt doesn't hurt anyone but themselves and their family. On a micro scale, an individual has no real effect on society.

And here's the difference between a sane person with a sense of responsibility and investors like yourself. You want the government to pass socialist legislation that protects your company and its investments. But you don't want the government to pass laws that force the same company to temper its profit outlook with responsibility towards the society it leeches its profits from.

If we were talking about a small company laying off a few workers because of bad business, no one would have a problem with that. It's tough, it's sad, but there isn't a choice.

When a GIANT CORPORATION is laying off THOUSANDS in the MIDDLE OF A RECESSION while MAKING RECORD PROFITS, it's obviously not worried about the societal repercussions, nor is it worried about the individuals who worked so hard to support themselves.

It's this "profit at all costs!" greed that led us into recent financial ruin in the first place. Apparently very few have learned their lessons.



wifi4milez
Big Russ, 1918 to 2008. Rest in Peace

join:2004-08-07
New York, NY

2 recommendations

Enough of this "welfare state" entitlement nonsense......

I dont think anyone here will argue that it SUCKS to lose your job. I dont think anyone here doesnt feel sorry for people who get/got laid off. HOWEVER, this socialist entitlement garbage has got to stop. Verizon is a corporation that exists solely to make money. They arent a non profit, they arent here to give readers of this forum the "warm and fuzzy". Sometimes people get fired, replaced, or simply have their positions eliminated altogether. Thats life, and sometimes life isnt all peaches and cream. These sensational news stories (thinly veiled propaganda) serve no purpose other than to cause certain groups of people to get all excited about nothing. The idea that everyone is entitled to a 'job for life' is absurd, lets not forget that the Soviets tried that and look how it turned out......
--
Obama = Jimmy Carter part 2
"Secret operations are essential in war; upon them the army relies to make its every move"
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lakerfan82

join:2009-01-30
Corona, CA

1 edit

3 recommendations

reply to firephoto

Re: Not Alone.

yeah there's a great idea... we wouldn't have anywhere close to half of the products you and I enjoy everyday if it weren't for investors! Who do you think helped verizon pay for their fios network? Do you think this stuff all just happens with magic? People, and companies, need investors so they can fund massive products and projects just like fios... by the way, who do think is "this guy making billions?" Its actually A VERY LARGE group of everyday people like you and me investing in stocks and mutual funds!!!



meister_sd
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join:2006-01-29
La Mesa, CA
kudos:7

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reply to openbox9

said by openbox9:

If VZ no longer requires the employees, what should they do with them? Keep paying them out of the kindness of its heart?
Agreed. If your job is no longer needed - goodbye. The fact they are posting "record profits" is irrelevant.

openbox9
Premium
join:2004-01-26
japan
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reply to tdouglas22

Employment is contingent upon many factors, one of which is a need for your services. If that need disappears, then so does employment.



morbo
Complete Your Transaction

join:2002-01-22
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reply to don1p2


This is how to do it.
and goodbye.

amungus
Premium
join:2004-11-26
America

2 recommendations

New slogan(s)

"We stop workers for you!"

"We never stop working, we just lay off our workers, for you!"

My condolences to those who are, or are about to get canned.



don1p2

join:2004-06-11
Boston, MA

3 recommendations

reply to burner50

Re: Not Alone.

For chrissakes, Bode, you never quit do you? Just what is your problem with the concept of "profit"? You, Obama, and your buddy, Che.

Your leftist act is wearing thin.