Verizon to cut 15,000 jobs amid growing competition pressures - WSJ

Investing.com -- Verizon plans to cut approximately 15,000 jobs as part of cost-reduction efforts while facing increased competition in wireless service and home internet markets, according to a report from the Wall Street Journal, citing people familiar with the matter.

The job cuts, which represent the largest workforce reduction in the company’s history, are expected to take place within the next week. Most of these reductions will be implemented through layoffs.

In addition to the job cuts, Verizon intends to convert about 200 stores into franchised operations, which will move those employees off the company’s payroll.

The largest U.S. telecommunications provider by subscriber base has been struggling with competitive pressures in both wireless and home internet segments.

As of February, Verizon employed approximately 100,000 people.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.