Business Headlines: Verizon Workers Fired After Strike; BofA Plans Layoffs
BOSTON (CBS) – Forty people nationwide have been fired after last summer’s contentious Verizon strike.
Ten of those workers are based in Massachusetts.
Verizon says many of their former employees violated the company’s code of conduct and the law by making threats, engaging in acts of violence, and sabotaging Verizon equipment.
But, the IBEW is vowing to fight the firings in court, saying union workers did nothing illegal and their terminations were unjustified.
Lisa van der Pool of the Boston Business Journal reports.
BANK OF AMERICA LAYOFFS
Meanwhile, Bank of America’s CEO said its planned layoffs have begun.
Earlier this year, the bank said it would cut as many as 30,000 jobs.
“An expected reduction in head-count on a corporate-wide basis has begun,” said CEO Brian Moynihan.
Bank of America employs about 7,000 people in Massachusetts. It wants to cut $5 billion in costs within the next several years.
Massachusetts scientists make some of the highest salaries in the country.
But, according to Scientist Magazine, researchers working for academic institutions rank near the bottom.
Professors in Massachusetts rank 10th out of 11 life-sciences clusters in the country, even though researchers in private companies and non-profits are doing pretty well.
Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.