Verizon to cut 8,000 jobs

Posted July 27, 2009

— Phone company Verizon said Monday it will cut 8,000 jobs from among employees and contractors before the end of the year to keep costs in line as the recession saps demand from businesses for telecommunications services.

Verizon (NYSE: VZ) operates a large network control center in Cary, N.C.

The company also offers local phone service in the Durham area, but Verizon is selling that coverage area and several others to Frontier Communications.

Executives said the cuts will come from departments dedicated to traditional, landline phone service.

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 said that will not be the case this time. He said there will be no large-scale hiring in wireless until the recession is over.

Verizon ended June with 235,000 employees. That doesn't include contractors.

Verizon shares fell 95 cents, or 3 percent, to $30.55 in morning trading.


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  • affirmativediversity Jul 27, 2009

    I guess this is 8000 jobs Obama can't count in his "saved or created" column.

  • WRALblows Jul 27, 2009

    "Landline service is dying on the vine with the popularity of cellular service and VOIP phone service from Vonage or the cable company."

    Actually, you're right and wrong. Old land line service is dying but that's far from Verizon's breadwinner. It's copper that's dying. FIOS and Uverse are the replacement. "Fiber to the curb" is what it's been called since the mid 90's. It's eventually going to replace all copper and Coax cable into homes and businesses. This should be an economic stimulator. Right now it's cost prohibitive in some markets but it will eventually do away with the Coax dependents like Time Warner.

    Look for the fiber wars to start over the next decade. I've often thought it could be one of the roll outs that drives a true economic recovery. The future is glass..which, BTW, there is an increasing shortage of and will become a premium on the commodities market.

  • WRALblows Jul 27, 2009

    But home sales are up... and Wall Streets doing so well... How could this be?

    Oh ya, cut employees, cut pay, cut benefits = increased revenue and returns to the shareholder. One day Americans are going to realize that what's good for the wealthy Wall Street investors and bankers is NOT good for Main Street working men and women. But this realization will only come once the complete meltdown of the fabric of our society is over and full scale class warfare ensues. Until then the NY market champions will keep the "company man" convinced that the "key economic indicators" show the economy improving. Right until the "company man" gets laid off...

  • nighthawkcp Jul 27, 2009

    If any of you saps could read you would know this is from Verizon Communications, the wired phone company, not Verizon Wireless, the cellular carrier. Landline service is dying on the vine with the popularity of cellular service and VOIP phone service from Vonage or the cable company. Folks don't need landlines anymore like they once did. All wired phone companies are shrinking their services as they have far fewer customers to support.

    So for all the idiots thinking "Chad" is losing his job, READ THE STORY FIRST. Verizon Wireless is doing just fine and are just partially owned by Verizon Communications. This has NOTHING to do with the Alltel/Verizon Wireless merger.

  • use-nix Jul 27, 2009

    People need to re-read the article. The layoffs will be coming from the wireline sections within Verizon. It has nothing to do with the wireless part of the company.

    As they move more people to FIOS and their VOIP offerings, there is little need for the same number of employees working on their traditional landline service.

  • voiceofreason32 Jul 27, 2009

    Stimulus at work

  • theroadislong Jul 27, 2009

    I'm not happy with the Alltel-Verizon merge. As a former Connection Center employee for cellphone plans with 3 different companies, Verizon is the worst for deposits, service charges, and phones. It's going to be hard to find a good cell phone service provider now.

  • Glock Ranger Jul 27, 2009

    I gotta be careful, here. I'm a 38+ year veteran of the phone wars, first with GTE and now with Verizon.

    This has nothing to do with the recession, folks. It has nothing to do with Bush, Obama, Clinton or Reagan. We knew this was coming with the popularity of cell phones. Wireline services are going away. I'm just glad it took this long.

    I'm ready, bring it on! FREEEEEEDOMMMMMM!!!!!

  • kbo80 Jul 27, 2009

    Rushbot never because that is just how much damage they did. Enough to last a lifetime.

  • gboro_gal Jul 27, 2009

    Yep, poor Alltel employees I'm sure. Even in the last weeks of being an Alltel customer, I kept asking the employees if they would be loosing their jobs, well guess what?

    Husband went to visit the Verizon store this past weekend to look into our current service. I asked, so what did you learn? He said he learned it didn't matter that we had been Alltel customers for the last 10 years.