Thread regarding Verizon Communications Inc. layoffs

Verizon Communications is currently planning to cut 8k in-house and independent contractor jobs in the 2nd half of the year after it reported a 20% decline in net income for the second quarter. The company PR person also indicated that it will rationalize its real estate portfolio. All of the cuts will come in its wireline unit, the part of Verizon's business that offers traditional communications services over copper or fiber cables to businesses and home users. The cuts are in addition to the 8K workers it has trimmed from its payroll in the past year. The new round of layoffs is already beginning but the bulk of cuts will come in the next sixty to ninety days.