Verizon cuts 10,000 jobs and admits its Yahoo/AOL division is a failure [telecom]

Verizon's Oath division failing in ad market, and it could get even worse.

By Jon Brodkin

Verizon is parting ways with 10,400 employees in "a voluntary separation program," despite the Trump administration providing a tax cut and various deregulatory changes that were supposed to increase investment in jobs and broadband networks. The cuts represent nearly seven percent of Verizon's workforce and were announced along with a $4.6 billion charge related to struggles in Verizon's Yahoo/AOL business division.

Verizon described the voluntary buyouts as well as ongoing Yahoo/AOL failures in a Securities and Exchange Commission filing on Tuesday. The buyouts affect "US-based management employees" in multiple business segments, not just Yahoo and AOL.

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Reply to
Bill Horne
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I guess the "family" atmosphere of Bell Telephone is gone. They used to proudly advertise how multiple generations of a family worked for the company:

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(this is just a small sampling of many such ads, including many for Western Electric.)

The Western Union newsletter also often touted family connections, such as when a son or daughter joined their parent in the company, or when siblings worked for the company. In one issue they featured twins working for the company.

Indeed, I can't help but suspect that many companies nowadays discourage this kind of loyalty. My own impression is that today's employees are seen just as mechanical parts, to be around only when needed and immediately discarded when done, no questions asked. I think this is sad. I also think it makes for bad business. I think the company loyalty, such as promoted by Bell in the 1950s per the above, was a win win for all.

Reply to
HAncock4

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