US EditionVerizon to cut about 15,000 jobs as it restructures: Report
- 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`.
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92 Articles
Verizon Reportedly Plans to Cut 15,000 Jobs & Get Rid of Some of Its Stores
Verizon Communications, the nation’s largest wireless carrier, is preparing its most significant restructuring in company history, with plans to eliminate at least 15,000 positions and transition approximately 180 company-owned retail locations into franchised operations. The moves, expected to begin as early as next week, would reduce the company’s U.S. headcount by roughly 15 percent and […] The post Verizon Reportedly Plans to Cut 15,000 Jobs…
Verizon to slash 15,000 jobs in its biggest shake-up ever
Most of the reduction is expected to come through layoffs, while about 200 company-owned stores will transition into franchised operations – a shift that will remove those employees from Verizon's direct payroll. The carrier employed about 100,000 people as of February, according to filings.Read Entire Article
Tech Radar
TV Tech Industry NewsVerizon reportedly set to cut as many as 15,000 jobs
Thousands could lose their jobs as Verizon stores turn into franchise stores and management departs.
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