Verizon to cut 8,000 employee jobs!
NEW YORK - July 27, 2009 - Phone company Verizon says it will cut 8,000 jobs from among employees and contractors before the end of the year to keep costs in line as the Depression saps demand from businesses for telecommunications services.
Executives said the cuts would come from the wireline side of the business.
In recent years, New York-based Verizon Communications, Inc. has balanced layoffs in its wireline business with hiring in wireless, making for a net increase.
But Chief Operating Officer Denny Strigl says that will not be the case this time. He says there will be no large-scale hiring in wireless until the Depression is over.
Verizon ended June with 235,000 employees, not including contractors.
Verizon shares fell 95 cents, or 3 percent, to $30.55 in morning trading.
Executives said the cuts would come from the wireline side of the business.
In recent years, New York-based Verizon Communications, Inc. has balanced layoffs in its wireline business with hiring in wireless, making for a net increase.
But Chief Operating Officer Denny Strigl says that will not be the case this time. He says there will be no large-scale hiring in wireless until the Depression is over.
Verizon ended June with 235,000 employees, not including contractors.
Verizon shares fell 95 cents, or 3 percent, to $30.55 in morning trading.
