ADVFN - Advanced Financial Network.
HOME» NYSE » V » VZ Stock Price » VZ Stock News

Verizon Share News

 Verizon Communications Stock Price
VZ Stock Price
 Verizon Communications Stock Chart
VZ Stock Chart
 Verizon Communications Stock News
VZ Stock News
 Verizon Communications Company Information
VZ Company Information
 Verizon Communications Stock Trades
VZ Stock Trades

Verizon Aims to Cut 1,700 Wireline Jobs Through Buyouts

By Thomas Gryta Verizon Communications Inc. (VZ) is planning to eliminate 1,700 jobs in its wireline unit in 12 states and Washington, D.C., by offering voluntary buyout packages. The cuts come as the New York-based communications heavyweight is trying to reach a new contract with the union that oversees many of its employees. The company is in ongoing negotiations with about 45,000 wireline union workers who went on a two-week strike last year to protest the deep concessions Verizon is seeking in a new multiyear contract. In a reflection of the tension between management and labor, the sides differed Monday on how to interpret Verizon's move. Local unions criticized Verizon's action to cut 382 wireline technician positions in New Jersey and 306 in New England, calling it "a blow to both working families and to reliable high-speed Internet service for thousands of consumers." The unions said the reduction would both threaten network maintenance and the building of the FIOS high-speed network. Verizon said the union's assertions were "nonsense" and the reductions wouldn't effect its network or growth plans. The company will encourage workers to take the buyout offer, but Verizon spokesman Richard Young conceded that layoffs were "a tool of last resort" if certain targets aren't met. "These are not layoffs," Young said. "It is inaccurate to say that." The company declined to break down the regional reduction targets beyond the 1,700 total. Young said the work force is being adjusted to meet the needs of the business. He couldn't provide a timeline for the process, but said that it would be "several months" before reaching potential layoffs. Shares of Verizon recently traded up 15 cents to $41.18. Write to Thomas Gryta at thomas.gryta@dowjones.com

Stock News for Verizon (VZ)
DateTimeHeadline
07/02/201508:41:062 High-Dividend Telecom Stocks to Buy, and 1 to Avoid
07/01/201514:23:00Angelenos Experience "Future of Tech" Design of New Verizon Flagship...
06/30/201519:05:05Home Buyers' Newest Must Have: High-Speed Internet
06/26/201513:34:42Annual Report of Employee Stock Plans (11-k)
06/26/201513:33:22Annual Report of Employee Stock Plans (11-k)
06/26/201513:32:28Annual Report of Employee Stock Plans (11-k)
06/26/201513:30:10Annual Report of Employee Stock Plans (11-k)
06/26/201511:21:45DOJ Warns Airwaves Auction Could Impede Competition
06/25/201508:30:00Verizon and Scripps Networks Interactive Turn Up Mobile Video...
06/24/201522:08:00Verizon Repair Crews Work to Keep Customers Connected
06/24/201510:42:00Verizon's Andrew Bonillo Appointed to Strategic Advisory Board...
06/24/201507:28:00Columbia Pipeline to Join the S&P 500; Other Changes to S&P MidCap...
06/23/201508:38:00Verizon Completes Acquisition of AOL
06/22/201517:37:00Verizon Offers Raises to 38,000 Employees
06/22/201516:30:00Scott Krohn to Join Verizon as Treasurer
06/22/201516:30:00Scott Krohn to Join Verizon as Treasurer
06/22/201512:00:19Sprint Stops Throttling Heavy Users. Will Verizon and AT&T Follow?
06/22/201509:45:30Statement of Changes in Beneficial Ownership (4)
06/22/201509:43:38Statement of Changes in Beneficial Ownership (4)
06/22/201509:42:43Statement of Changes in Beneficial Ownership (4)

Verizon and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad