Verizon’s striking workers have reached a tentative deal

Striking Verizon Worker

Verizon and its striking labor unions reached a tentative deal on Friday that could potentially end a nearly two-month long strike by nearly 36,000 workers.

U.S. Labor Secretary Thomas Perez announced that Verizon and the unions have reached an “agreement in principle” on a four-year contract. He expects the company to have its workers back on the job by next week.

Verizon, the Communications Workers of America and the International Brotherhood of Electrical Workers have not yet revealed terms of the new deal.

The Department of Labor entered into talks with the stalled sides 13 days ago.

All parties involved are working to get the deal in writing, and will then submit it to union members for ratification.

“This tentative resolution is a testament to the power of collective bargaining,” Perez said in a statement.

Verizon’s workers walked off the job on April 13. They complained about poor working conditions, pensions being capped at 30 years of service and jobs getting shipped overseas.

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This is the largest strike in the US since a similar 2011 Verizon dispute.

Lowell McAdam, Verizon’s CEO, said earlier this week that it has been harder for the company to sign up as many new customers as before the strike began.

Verizon also investigated 57 instances of network sabotage following the strike — Incidences they believe may have been the work of striking employees.

Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.