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“a very heavy heart”
Is the CEO quitting as part of the 6000? No?
Watch out for his massive bonus for having efficiently reduced the payroll!
Layoffs happen, stock goes up, bonuses go out, services suffer; while profits stay basically the same, because the other options are doing the same thing, and we no longer live in a world where these services are optional. Such is the cycle of modern capitalism. >>
I wonder how how many jobs he could save if he gave up his bonus.
More like “with heavy wallet”.
CEOs are always the first to get bonuses when things don’t go well. But when your company has to cut thousands of jobs?
Just when I thought my opinion of the big three couldn’t get any lower. At what point is the federal government going to realize how bad these companies are? Any smaller competition that gets a foothold in the sector is just gobbled up, and I seriously doubt Bell and Rogers have 6000 vacant positions available.
This is the best summary I could come up with:
Telecommunications giant Telus says it plans to trim 6,000 jobs, citing its need to free up cash flow and remain competitive.
The cuts were made with “a very heavy heart” and prompted by the “evolving regulatory, competitive and macroeconomic environment,” said Darren Entwistle, the company’s president and chief executive.
“Against the backdrop of rapid transformation in our industry and the ways in which our customers want to engage with us, today we are announcing a significant investment in an extensive efficiency and effectiveness initiative across Telus,” he said in a news release.
The restructuring comes amid what the company calls “resilient” second-quarter results, with mobile network revenue increasing by nearly six per cent in the three months that ended in June compared to the same period last year.
Yet Entwistle positioned the company’s strategy of building out broadband networks, digitizing operations and streamlining costs as “winning.”
This cut comes as telecommunications businesses are striving to streamline their operations as they grapple with regulatory action amid soaring interest rates and stubbornly high inflation.
I’m a bot and I’m open source!
Former Telus tech here. A lot of these were union labourer buyouts. Like, maybe as much as half of that 6000. They offered buyouts and lots of people took it. More than anticipated. My local workforce of techs got reduced by 50%.
Wiki says they have 65k employees. That’s 10% of the company.
The article says “Financial markets data firm Refinitiv says Telus had 108,500 workers at the end of last year.”
Entwistle boo.
