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During 2015, $EMC initiated a cost reduction and business transformation program. The company expects the $850MM reduction in its annual cost base to be achieved in 2017. As part of this cost reduction plan, in 4Q15 $EMC approved a restructuring plan consisting of a reduction in force to be substantially completed by the end of 1Q16.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.