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Verizon cutting more than 13,000 jobs as it restructures
Verizon restructures amid increased competition and cost pressures, laying off over 13,000 employees and franchising 179 stores to improve operational efficiency.
- On Thursday, Verizon announced it will cut more than 13,000 jobs in its largest single layoff, led by new CEO Dan Schulman.
- Facing mounting market pressure from fewer new customers, Verizon cited costs from a $52 billion midband spectrum purchase and acquisitions of Frontier Communications and TracFone Wireless last year.
- Reducing outside labor, Verizon will convert 179 corporate-owned retail stores to franchises, cut outsourced labor, and create a $20 million career transition fund as Schulman wrote, `Our current cost structure limits our ability to invest significantly in our customer value proposition`.
- Most cuts will hit the U.S. workforce of about 100,000 employees including about 70,000 non-union staff, following almost 20,000 jobs cut over the prior three years, a company spokesperson confirmed.
- A Reuters report last week said Verizon could cut 15,000 jobs as early as this week, while Verizon added just 44,000 monthly bill-paying wireless subscribers in Q3 compared to T‑Mobile's more than 1 million net additions.
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Verizon Communications, the largest telecommunications company in the United States, announced Thursday a mass layoffs plan to reduce the non-union workforce by up to 20%, which means a cut of more than 13,000 jobs.The employment record is part of the restructuring plan put in place by the new CEO, Dan Schulman.Continue reading
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Coverage Details
Total News Sources85
Leaning Left21Leaning Right9Center40Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 30%
C 57%
13%
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