Thread regarding Verizon Communications Inc. layoffs

@a3 universal BASIC income

Of course businesses care about profit over people. It's not a charity. Profit is great as is cash on hand, but not if the means by which they get it is not sustainable. Higher prices for lousy service is not sustainable. The most important thing for publicly traded businesses is growth potential, or better said perceived growth potential. Where is Verizon's growth coming from ?

By law a company has to lay people off if they aren’t needed anymore. That’s a rule of late stage capitalism.

@c2 There is no denying that point..however so far in the US this year, 36 million jobs are already gone with large companies implementing ai.. alot of articles out there make it seem like their goal is to use Ai more to make people more efficient and produce better outputs but we know that's not the primary goal. Lol

Everyone is worried about AI and I am as well, but much of the concerns sound exactly the same as the concerns people had when the internet came along. Everyone thought it would replace jobs. It didn't replace everyone. It also created a whole new set of jobs. Its a shift, and its scary, but its coming and humankind will adjust.

Always about the investors and growing. Pretty wild society we live in where a few of years means cut 20%

@ag, but we could have just kept Hans if all they're doing is cutting more headcount. Why did we need the dramatic change of CEO?!

@OP: Before or after the quarterly dividends paid out?

@ag ... He was the head of the board since Hans was steering the ship here. What was the final straw or who got to him that resulted in the unprecedentd take over? How were the ongoing financially wasteful decisions allowed to continue quarter over quarter, year over year, all while going from upwards of 140,000 employees down to 99,000 and now on the verge of losing another 19 to 20k? Wasn't all of this inevitable? Where were all the new "ideas", innovative products and solution levers to pull that are now claiming to be had? "Raising prices of products for customers in order to show increased profits is a last ditch effort and should only be done in desperate measures"... Well this also didn't occur overnight and wasn't stopped.. Where were all the new ideas and levers to pull over the last 2,3,4,5+ years? Why were the hierarchies and teams allowed to get so thinly spread out with way too many of each of the different types of highly compensated beaurocratic executive roles? Especially when it's only discovered now that we don't have the money to support all the employees we have... This all was something that a board in charge of a CEO would see and have to support and or approve. The scary part is, most of us that are investors obviously didn't pick up on all this as all of the board memebers are still in place or would have been voted out during shareholder meetings...

One important item to remember is most CEOs are psychopaths and have no empathy for anyone. Charming in public yet cunning at every move.

Did anyone really expect the new CEO to actually come up with a solid plan? I think we all knew that he was going to layoff more and cut costs as much as possible. Costs can only be cut so much but he is a short timer and will collect his millions for pretty much bringing zero new ideas to the table. VZ needs the huge cash flow to pay the fd up dividend. Without the dividend increasing every year there would be no reason to own VZ stock and it would be about $12 per share. Just another episode of slash and burn.

@OP exactly and we will all be on UBI (universal based income) before you know it supported by and under the full control the government via digital currency.. The great reset......

Followed by a mental health crisis that will explode worse than it is already, civil unrest and a collapsed economy as the middle class continues to be hollowed and fewer people with have purchasing power.