Verizon cutting 45,000+ jobs. Ford cutting 24,000 salaried jobs.

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Binman4OSU

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#1
Verizon has confirmed it has offered a voluntary severance package to 44K employees and will transfer at least 2,500 (maybe up to 5,000) IT jobs to India as part of a $700 million outsourcing deal. This will impact ~30% of the US Verizon workforce.

The severance package is 3 weeks of pay for every year worked at the company that is capped at 60 weeks pay....but some employees will be "rebadged" and sent to India with a 1 year retainer to train their replacements

Ford announced they are going to cut ~24,000 jobs starting with salaried jobs and work their way down in a $25.5 Billion corporate restructure but do not expect the cuts to affect any hourly wage employees

Ford will halt the production of their transit vans in Claycomo, MO on Oct 22nd through Nov 4th affecting 2,000 workers in an attempt to stockpile inventory
 

oks10

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#4
The Ford thing isn't surprising. They announced back in April that they were completely restructuring the company with the new CEO and implementing cost savings measures (the $25.5B number you mentioned) which included killing of almost all the car lines. Their cars were having terrible sales and they were projecting 90% of their American sales to be light trucks. Layoffs were going to happen, there's just no way around it when you kill off that much of your product offering. I got in a FB argument with a guy the other day (I know, wasted energy) because he was trying to attribute it to the new tariffs (citing a huffpost article of all things). I eventually just gave up because it was like talking to a wall that didn't want to stay on point... Yes, companies are going to have to make some changes to deal with these tariffs but a company the size of Ford isn't going to COMPLETELY RESTRUCTURE for a temporary cost. That's just an absurd thought to have and it was the last comment I made before I was answered with *crickets*...

The Verizon thing doesn't surprise me either. They're my provider but I really don't care for them as a company, I've just had better service with them than any of the other providers I've had in the past so I've never even really NEEDED to call support. I assumed all the tech support was in India anyways... lol
 

kaboy42

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#5
The Verizon thing doesn't surprise me either. They're my provider but I really don't care for them as a company, I've just had better service with them than any of the other providers I've had in the past so I've never even really NEEDED to call support. I assumed all the tech support was in India anyways... lol
Yup. Neither of these were surprises to me either. I'm with Verizon as well and also do not care for them. Their cellular service has been fine, I just think their customer service sucks. They have special pricing on phones and plans to get new people on to their service, but nothing for loyal customers... stupid and irritating.

The only reason I haven't changed is just due to laziness and the hassle.
 

oks10

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#7
The only reason I haven't changed is just due to laziness and the hassle.
Yep. Me having a Pixel phone makes it kind of a pain to go anywhere else... We get a decent discount since my wife is a teacher but you're right about not having any deals for loyal customers.

Sent from my Pixel 2 XL using Tapatalk
 

cowboyinexile

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#9
Dow down what, 1500 the last couple of days?

I guess the Obama recovery is finally over and we are now experiencing the Trump economy.

Just in time for mid terms too.

My prediction-in about 25 months we are going see how people react to this disaster
 
Jul 20, 2018
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#10
Dow down what, 1500 the last couple of days?

I guess the Obama recovery is finally over and we are now experiencing the Trump economy.

Just in time for mid terms too.

My prediction-in about 25 months we are going see how people react to this disaster
No. It's still the Trump economy. We're up 30%. Without Trump, we'd still be hanging at about 19k.
 

Donnyboy

Lettin' the high times carry the low....
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No. It's still the Trump economy. We're up 30%. Without Trump, we'd still be hanging at about 19k.
Yeah trumps an assclown but he is exponentially better for business for than Obama. This correction is just reality moment.
 

SLVRBK

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#14
Dow down what, 1500 the last couple of days?

I guess the Obama recovery is finally over and we are now experiencing the Trump economy.

Just in time for mid terms too.

My prediction-in about 25 months we are going see how people react to this disaster
David Kostin, Goldman Sach's chief U.S. equity strategist:
But Kostin said such declines are normal and shouldn't have longer-lasting effects. The S&P 500 historically has seen 5 percent drawdowns every 71 trading days, and it had been 69 since the last one
http://www.msn.com/en-us/money/savi...ck-into-growth-stocks/ar-BBOpUqt?ocid=BHEA000

Are there issues, sure...raising interest rates because the economy is hot, raising wages, trade with China, talk of regulating big tech, etc. it all impacts the market.
 

StillwaterTownie

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#15
No. The assclowns are those who call Trump an assclown. They don't understand a brilliant mind.

BTW, this is not a correction.
So brilliant minds commit not just one bankruptcy, but as many as four of them in their lifetimes. Now as president, the numerous lies of the bankruptcy master will catch up to him sooner or later. Maybe his lying ways help explain his bankruptcies.
 

StillwaterTownie

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#16
David Kostin, Goldman Sach's chief U.S. equity strategist:
But Kostin said such declines are normal and shouldn't have longer-lasting effects. The S&P 500 historically has seen 5 percent drawdowns every 71 trading days, and it had been 69 since the last one
http://www.msn.com/en-us/money/savi...ck-into-growth-stocks/ar-BBOpUqt?ocid=BHEA000

Are there issues, sure...raising interest rates because the economy is hot, raising wages, trade with China, talk of regulating big tech, etc. it all impacts the market.
After all the issues, it was amazing the DOW was able to set an all time as recently as Oct. 3.
 
Jul 20, 2018
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#17
So brilliant minds commit not just one bankruptcy, but as many as four of them in their lifetimes. Now as president, the numerous lies of the bankruptcy master will catch up to him sooner or later. Maybe his lying ways help explain his bankruptcies.
Name one successful person that had ZERO failures. You can't.
 
Jul 20, 2018
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#20
But lots of people, including business owners, have been smart enough to manage their finances soundly enough so as to never have had to declare bankruptcy.
And...……..that means absolutely nothing.

Are you suggesting Abraham Lincoln was a moron? Henry Ford? Walt Disney? Milton Hershey? H. J. Heinz?

Try to do a little learnin'. It'll do you good.
 
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