US EditionVerizon 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.
188 Articles
188 Articles
Verizon is cutting more than 13,000 jobs as it works to ‘reorient’ entire company
KEY TAKEAWAYS: Verizon cuts over 13,000 employees, largest in company history. New CEO Dan Schulman aims to simplify operations and improve customer experience. Layoffs impact about 20% of management workforce and reduce outsourced labor. $20 million fund established for reskilling and career transitions for affected employees. Verizon is laying off more than 13,000 employees in mass job reductions that arrive as the telecommunications gia…
Verizon begins cutting 13,000 workers as global jobs massacre accelerates
Verizon posted nearly $5 billion in profit in the third quarter alone and is aggressively restructuring to boost its stock price, slash labor costs and prepare for intensified competition in wireless, home internet and enterprise services.
Verizon cutting more than 13,000 jobs in move to ‘reorient’ entire company
Verizon is laying off more than 13,000 employees in mass job reductions that arrive as the telecommunications giant says it must “reorient” its entire company. The jobs cuts began on Thursday, per to a staff memo from Verizon CEO Dan Schulman. In the letter, which was seen by The Associated ...
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