Verizon to cut 8000+ jobs in next 6 months

U.S. telephone company, Verizon, has announced that it will be eliminating more than 8000 jobs over the next 6 months.

Most of the Verizon job cuts will be from the Wireline side of the company, which uses hardwired land lines to provide telephone and data services to it’s customers. The Wireline division has been slowly shrinking for the past several years, but that will now be accelerated. The company’s Wireless division has been expanding and will continue to expand in the future.

Verizon CFO John Killian, told BNO News on Monday:

“I have been very focused on the cost side since taking over as CFO. Although we are taking steps to mitigate the negative impacts of the economy in the short-term, we also need to more significantly reduce the wireline cost structure over the next 12 to 18 months. As part of our ongoing program to resize and reduce the cost structure, we reduced headcount by more than 8,000 over the last 12 months. We plan to do more than 8,000 in force and contractor reductions in the second half of this year. We are also attacking all other cost categories, including network integration, travel, sourcing, rationalizing our real estate portfolio, and all other areas.”

Source: BNO News