US EditionVerizon to cut about 15,000 jobs as it restructures: Report
Verizon will cut 15,000 jobs, about 15% of its U.S. workforce, and shift 180-200 stores to franchises to reduce costs amid slowing subscriber growth and rising competition.
- This month, Verizon Communications is planning to cut about 15,000 jobs, with the layoffs expected to begin as soon as next week.
- Amid intensifying competition for wireless and home internet customers, Dan Schulman, Chief Executive Officer since October, has pushed aggressive cost transformation to make Verizon Communications "simpler, leaner and scrappier."
- Most reductions will be direct layoffs, and Verizon Communications will transition around 180 corporate-owned retail stores into franchised operations, removing those employees from its payroll.
- The cuts will hit about 15% of Verizon workforce with roughly 100,000 U.S. employees, but it remains unclear how many jobs will be permanently lost due to franchising shifts.
- After years of large acquisitions including a $20 billion Frontier deal and a $6 billion TracFone purchase, CEO Dan Schulman said `We are going to take bold and fiscally responsible action to redefine Verizon's trajectory at this critical inflection point for our company`.
59 Articles
59 Articles
Report: Verizon Plans Largest-Ever Layoffs
Verizon is preparing for the largest workforce reduction in the company's history, the Wall Street Journal reports, citing "people familiar with the matter." The sources say the company plans to cut about 15,000 jobs, around 15% of its workforce. The move comes as the telecom giant faces intensifying competition...
Springfield News-Leader
Verizon set to cut about 15,000 jobs, convert some stores to franchises
Multiple outlets reported that the cuts will affect about 15% of Verizon's workforce.
Verizon may cut 15,000 jobs next week
The Wall Street Journal reported that Verizon plans to cut about 15,000 jobs over the next week. Sources told the publication that Verizon is attempting to reduce costs as it faces more competition for wireless service and home internet customers. At the reported scope, this would be the largest reduction in history for the telecom company. Verizon leadership indicated that a sea change was coming in its third-quarter financial report last month…
The largest telecommunications provider in the US is trying to reduce costs amid fierce competition in the mobile phone market.
Cell Phone Carrier Set For MASSIVE Layoffs * 100PercentFedUp.com * by Danielle
Verizon, one of the world’s largest telecommunications companies, plans to cut approximately 15,000 jobs as part of a restructuring plan under its new CEO. The layoffs will impact about 15% of its employees, making it the largest workforce reduction in the wireless carrier’s history. Next week, Verizon is set to lay off about 15,000 employees which is roughly 15% of its workforce, marking the largest job cuts in the wireless carrier’s history a…
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