Information
Reuters is reporting that Verizon’s new CEO plans to chop 15,000 jobs on the firm, decreasing non-union administration ranks by a fifth
By Brad Randall, Broadband Communities
A report from Reuters final week mentioned Verizon might minimize 15,000 jobs as early as this week.
The report, printed final Thursday, cited an unnamed supply who was named as acquainted with the matter.
The cuts would minimize Verizon’s non-union administration workforce by over 20%, the report said.
Moreover, Reuters reported that Verizon plans to show 180 of their retail shops into franchise operations.
Whereas Verizon didn’t touch upon the matter, Reuters reported, Verizon CEO Dan Schulman mentioned final month that he plans to show the supplier right into a leaner and scrappier enterprise.
Schulman was named as CEO in October.
At the moment, Verizon operates largely within the U.S. Northeast and Mid-Atlantic states.
Final yr, Verizon introduced its intention to chop round 4,800 jobs as a part of wider restructuring. The “voluntary separation program” impacted US-based administration positions, decreasing the corporate’s 105,400-strong workforce by round 4.5 p.c.
In whole, the corporate has needed to cut back its headcount by round 34,000 since 2018.
Verizon – alongside its rivals AT&T and T-Cell – has been making an attempt to slimline its workforce for quite a lot of years now, citing a extremely aggressive market and a wrestle for natural progress.
In 2023, Verizon scrapped over 6,600 jobs, with numerous these jobs reportedly being shifted oversees.
It ought to be famous, nonetheless, that Verizon just isn’t tightening the purse strings throughout the board – in actual fact, fairly the alternative.
In 2024, Verizon signed a deal to buy fiber community operator Frontier Communications for $9.6 billion.
The deal is the most important in Verizon’s historical past, including round 2.2 million broadband subscribers to its footprint in 25 states.
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