YES - 11/5 and 11/19 - (wireline anyway) RIF notifications almost always are given the Thu.before a Fri. payday. Off payroll 30 days from the notification.
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Heard from mgmt that 5000 wireline and 3600 wireless.
The absolute number of cuts is secondary to your job function and location when it comes to worrying. But it's a good idea to keep your resume up to date and work your network (keep in touch) since the ax will fall for most of us.
I believe the 20% will be over period of years, 3 yrs I believe I read. Those who were sold off to Frontier should be thankful right now.
Can you elaborate? Do you mean 20% of mgmt employee count will be 8000 that is going out?
Front line employees are not part of that 20%. So it's a lot less, closer to 8,000, almost all management.
20% of 180k is 36000 heads. That will be too big a number for one quarter. Are you sure?
I had heard 20% across the board. Wireline and wireless.
Assuming wireless is 4000 and wireline is 4000. Total wireline employees are 80K out of which 40K are union and 40K are mgmt. That shows that wireline rif of 4000 out of 40K mgmt. That is about 10%. Any flaw with this hypothesis?
For Wireless, the number is about 4,000... Crazy as it sounds as I might be affected, but the business had to do something... When you're forced to cut prices again and again and again, without offsetting it by increasing volumes of business, sales $ declines start eroding profitability... also, the debt assumed with the Vodafone purchase in the short term is looking worse and worse as its harder to service it... and continuing to pay the dividend for shareholders makes it 2x more difficult... business is tough... but I wouldn't necessarily blame management more than the industry and TMobile... TMObile is doing a good job of disrupting everyone's wireless business... and investments in these other businesses I don't think are paying off... most of these new businesses I don't think are even profitable... whatever happens, happens, but from a business standpoint, I'd rather see the company make some layoffs that affect few employees (8,000 is a small % of 180,000) rather than continue to run the business as is, which would eventually be into the ground, meaning everyone would be without a job...
I thought 8000 includes wireline and wireless. Based on the recent announcement wireless Rif should be done by 6th. Not sure what portion of 8000 is wireline number. Anyone?
Oct 29, 2015, 1:01 pm EST | By Brian Nichols, InvestorPlace Contributor
Verizon (VZ) stock investors may not realize it, but the company’s FiOS broadband internet and TV businesses are a complete mess.
Just recently New York City, New Jersey, and Pittsburgh have threatened to file suit against VZ for failing to deliver on deployment promises.
Verizon is often accused of partially delivering or not delivering service at all while still taking tax subsidies that boost revenue and profits.
Given the fact that these three areas alone account for a majority of VZ’s FiOS network, this is very alarming news, but that’s not the worst as it relates to FiOS and Verizon stock.
Can't scape reality, we are in a tech bubble & cheap labor, time to wake up!! odds of loosing jobs exponentially increasing in 2016 and beyond
Heard that same here, 8K. Many are speaking to it around the country.
Heard total of 8k as well....not false!
False rumors?! These are not false! We, the wireline side were advised 8000+ cuts coming on Nov. 5th and the 19th. This includes both wireline and wireless.
Stop spreading false rumors. People need a break,
Yes!! Heard it was going to be horrible!
The productivity is wireline is about 50% because every mgmt employee starting from SVP and down is in constant worry for the past 10 years trying to guess the details of the layoffs that happen multiple times a year. This company is digging it's own grave by not having any streamlined HR process. Marc Read should take a note of this...
Rumor is that there will be wireline management changes/cuts in November, given that several VPs are leaving at the end of the year.