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 Via Buyouts

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
07/23/201603:03:00Verizon Near $5 Billion Deal To Buy Yahoo's Web Assets -- WSJ
07/22/201610:40:00Verizon Nears Deal for Yahoo's Internet Businesses
07/22/201610:33:00Verizon Nears Deal for Yahoo's Internet Businesses
07/21/201617:10:00AT&T Sales Grow, but Video Effort Lags
07/21/201609:00:00Moto Z Droids and Moto Mods are now available for pre-order exclusively...
07/21/201608:00:00Verizon to deliver Virtual Network Services to support digital...
07/20/201610:51:00Verizon awarded Networx contract extensions from U.S. General...
07/20/201609:30:00Verizon begins lab testing NG-PON2 technology
07/18/201618:40:00AT&T, Others Make Down Payments for FCC Airwaves Auction
07/18/201617:30:00Yahoo Posts Another Loss, Highlighting Hurdles for Potential...
07/18/201608:50:38Statement of Changes in Beneficial Ownership (4)
07/18/201608:50:10Statement of Changes in Beneficial Ownership (4)
07/18/201608:49:45Statement of Changes in Beneficial Ownership (4)
07/18/201608:48:51Statement of Changes in Beneficial Ownership (4)
07/18/201608:48:25Statement of Changes in Beneficial Ownership (4)
07/18/201608:47:30Statement of Changes in Beneficial Ownership (4)
07/18/201608:47:05Statement of Changes in Beneficial Ownership (4)
07/18/201608:46:36Statement of Changes in Beneficial Ownership (4)
07/18/201608:45:29Statement of Changes in Beneficial Ownership (4)
07/15/201616:00:00AT&T, Others Make Down Payments for FCC Airwaves Auction

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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad