January 26th, 2010 03:57pm
Verizon issues downbeat note on jobs
Today’s news on jobs:
From the Wall Street Journal, http://online.wsj.com/article/SB10001424052748703906204575026803979106926.html?mod=WSJ_hps_LEFTWhatsNews#printMode
Verizon Communications Inc. swung to a fourth-quarter loss as a result of heavy charges, and announced plans to cut 13,000 more jobs as executives cast a downbeat note on the economic recovery.
While the New York telecommunications giant’s wireless arm remained resilient in the face of lower consumer spending, its legacy wireline segment wasn’t so fortunate. Verizon said there haven’t been any indications of a pickup in spending on the business side.
“The economy won’t help us as much as we thought,” said Chairman and Chief Executive Ivan Seidenberg, adding that he doesn’t see a significant improvement until the end of the year. As a result, the company plans to shed another 13,000 jobs in 2010, roughly the same amount cut in each of the past two years. The latest represents 11.1% of its total work force of 117,000.
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