any reliable info on the aggregate number, and the split between wireline and wireless?
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I can tell you from within accounting that combined its about 10k employees in the last round, excluding natural attrition, retirement etc. it makes our heads spin. Its constant cutting last 3 years and actually hard to keep up with the actuall number forced out.
Plus the contractor hiring at the same time confuses us also.
fnq, you use the word aggregate too much. When I gather drill down upon all the aggregate within your various thoughts, I find you to be quite dull, at least in regard to and from a strictly aggregatorial view.
44 outside plant techs in pa last june?
should say 9% reduction not 10% for the year
Lets not forget the 6K + employees i believe is the # that are going over to Frontier or the 700-1K that were let go in Feb. of 2015. if you factor those in your number has now jumped up to 12-15k range per say, now your up to 2 billion. Given the fact that those impacted in oct were a lot of Mgrs, Directors, Vp,s and presidents i would think too that your 125k estimate is made a little light when you factor in benefits plus the previous messages here seemed that lots of folks with tenure were impacted so i am sure that number may be even closer to 150K +.... So if VZ had 170 K employees but are losing 14-15K thats over 10% reduction in work force right there. Not sure why they don't just not backfill employees that leave voluntarily and get to the # they want....
the articles I found on google seemed dated and seemed to contain only guesses on impending layoffs, rather than current statement of what aggregate number of layoffs actually were. Thought I read somewhere the other day that there is going to be a conference with Analysts this coming Monday at which time analysts will likely ask about and be told that aggregate number that occurred during 4Q. If number is disclosed and turns out to be, say, 6000, and if average annual total comp cost to company per head was, say, $125k per year, then riffing 6000 heads saves VZ $1 billion per year in comp costs going forward (not counting additional upfront expense of severance). VZ's SEC filing yesterday stated that for all of 2015 VZ had revenues of $131B minus expenses of $98B for a pre tax profit of $33B. Would not have thought that a reduction in future expenses of perhaps only $1B, against an already established rate of total expense as high as $98B, would be enough "necessary" additional savings for VZ, at least not in the minds of the execs who decided additional savings through layoffs were necessary. Hence, suspect that recent layoffs were either greater than 6000 or that a new and soon round of further layoffs is coming. I was one of the 4Q layoffs and that fact won't change no matter what the aggregate numbers and savings were, but for some reason I am nevertheless hoping to at least get a better understanding of the total context of the event that impacted me and so many others. Perhaps the analysts call will provide that total context.
6-8,000 this round, but the over all goal is to reduce head count by 1 in 5, by the time they are done. So puff up those lips and limber those tongues for extended sessions of a$$ kissing and lessons in rimming the leader.
It is 6 to 8 thousand and if you Google Verizon layoffs, a couple news articles come up.