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As of 6:53 AM 11/28/14 All times are local (Market data is delayed by at least 15 minutes).

verizon communications inc (BAC) Snapshot

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verizon communications inc (BAC) Details

Verizon Communications Inc. provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. Its Wireless segment offers access to various wireless voice and data services comprising Internet access through smart and basic phones, and notebook computers and tablets; messaging services; and consumer and business focused multimedia applications under Verizon Wireless brand. This segment also provides location-based services; global data services; HomeFusion Broadband, a high-speed Internet service for homes; other connection-related services, such as network access and value added services to support telemetry-type applications; and machine-to-machine services that support devices used in healthcare, manufacturing, utilities, distribution, and consumer products markets, as well as sells smart phones and basic phones, tablets, and other Internet access devices. As of May 15, 2014, it served 103.3 million retail customers. The company’s Wireline segment offers video services over its fiber-optic network; data services comprising high-speed Internet and FiOS broadband data products, as well as local exchange capacity, managed, mobility, and security services; voice services, such as local exchange, regional, long distance, wire maintenance, and voice messaging services, as well as VoIP, and landline and wireless services; and local dial tone and broadband services to local, long distance, and other carriers. This segment also provides networking products and solutions, such as private Internet protocol services, and Ethernet access and ring services; and infrastructure and cloud services. In addition, it offers FiOS Quantum TV service in New York and New Jersey. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was founded in 1983 and is headquartered in New York, New York.

178,500 Employees
Last Reported Date: 10/28/14
Founded in 1983

verizon communications inc (BAC) Top Compensated Officers

Chairman, Chief Executive Officer and Chairma...
Total Annual Compensation: $1.5M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $760.6K
Executive Vice President, Chief Executive Off...
Total Annual Compensation: $880.8K
Executive Vice President and President of Glo...
Total Annual Compensation: $715.4K
Executive Vice President of Public Policy and...
Total Annual Compensation: $666.2K
Compensation as of Fiscal Year 2013.

verizon communications inc (BAC) Key Developments

Property Exchange Australia Chooses Verizon to Secure Online Property Transactions

Property Exchange Australia has chosen a Verizon smart credentials identity-authentication solution to secure its new national electronic-conveyancing system. The system eliminates the need for purchasers to manually complete multiple forms, and allows Land Registries, financial institutions and practitioners to transact online together and in real time. PEXA anticipates that the system, which slashes processing times, will enable Australian consumers to finalize their transactions much more quickly. PEXA's electronic-conveyancing system's functionality will support new mortgages, mortgage discharges, transfers, settlements, caveats, notices and other administrative documents in one easy to use, intuitive, electronic platform. The fully managed Verizon solution will enable PEXA to establish end-user identities across multiple systems and applications, creating a fully integrated, auditable trail. In addition, it enables users to digitally sign documents through a smart card.

Verizon Communications Mulls Acquisitions

Verizon Communications Inc. (NYSE:VZ) is seeking acquisitions. Verizon Communications is planning to raise funds and will use part of proceeds for acquisitions too. Verizon Communications said, "We intend to use the net proceeds from the sale of the notes for general corporate purposes, which may include the acquisition of spectrum licenses and, depending on market and other conditions, the repayment of outstanding indebtedness."

Attorney General Douglas F. Gansler Secures Settlement with Verizon over Misleading FiOS Offers

Attorney General Douglas F. Gansler announced that his Consumer Protection Division has entered into a settlement agreement with Verizon over allegations that it misrepresented the actual cost consumers were charged to utilize FiOS television, internet and phone services. The settlement follows a wide-ranging investigation of Verizon, including its alleged failure to deliver promised promotional items to new FiOS customers, such as free televisions and gift cards; its offer of bundled prices that did not include the cost to lease equipment necessary to receive the services; its alleged practice of assessing early termination fees when customers cancelled after they did not receive what they had been promised; and other issues, including billing complaints, contract disputes and poor customer service. Although Verizon denied that it violated any Maryland laws, it agreed to a settlement that addresses the Division's concerns. Under the terms of the settlement, Verizon agreed to pay an estimated $1.375 million in restitution to Maryland consumers who the Division alleges were either improperly charged termination fees or paid equipment fees not adequately disclosed in Verizon's advertising. Verizon will directly provide restitution to eligible current customers while the Division will notify consumers who are no longer Verizon customers but are entitled to restitution. Verizon will also pay the Division a civil penalty of $250,000 and $75,000 in costs. Additionally, Verizon has agreed to change its price advertising to accurately inform consumers about the actual costs to utilize its products. Verizon also must now provide consumers clearer written disclosures of the terms of their orders and give customers broader cancellation rights if their first bills do not accurately reflect their orders. The company also agreed to honor all price guarantees and allow consumers who do not receive an offered promotional price to cancel without penalty. Verizon will not offer promotional items it cannot deliver and agreed to implement improvements to its sales, customer service and billing functions. Verizon has also agreed to resolve consumer complaints not already addressed in the settlement through the Consumer Protection Division's mediation and arbitration programs.


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