Telecommunications giant Verizon Communications Inc. will cut around 15,000 jobs starting next week as the company seeks to contend with an increasingly competitive market, the Wall Street Journal reported, citing people familiar with the matter.
The company has faced stiff competition over wireless and home internet users, with losses among its postpaid phone subscribers – or those who pay in a billing cycle – for three straight quarters. The moves therefore aim to reduce the company’s cost base and figure out how to reverse customer losses.
Verizon had around 100,000 employees as of February, and these cuts would mark the biggest jobs cut in the company’s history. The jobs will not simply disappear, however: Part of the plan to make a leaner, tighter operation would see around 200 stores shifted over to franchised operations, which would take any employees at those locations off the Verizon payroll.
This is a breaking news story. Update will follow.
