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Reuters is reporting that Verizon’s new CEO plans to cut 15,000 jobs at the company, reducing non-union management ranks by a fifth
By Brad Randall, Broadband Communities
A report from Reuters last week said Verizon could cut 15,000 jobs as early as this week.
The report, published last Thursday, cited an unnamed source who was named as familiar with the matter.
The cuts would cut Verizon’s non-union management workforce by over 20%, the report stated.
Additionally, Reuters reported that Verizon plans to turn 180 of their retail stores into franchise operations.
While Verizon did not comment on the matter, Reuters reported, Verizon CEO Dan Schulman said last month that he plans to turn the provider into a leaner and scrappier business.
Schulman was named as CEO in October.
Currently, Verizon operates largely in the U.S. Northeast and Mid-Atlantic states.
Last year, Verizon announced its intention to cut around 4,800 jobs as part of wider restructuring. The “voluntary separation program” impacted US-based management positions, reducing the company’s 105,400-strong workforce by around 4.5 percent.
In total, the company has had to reduce its headcount by around 34,000 since 2018.
Verizon – alongside its competitors AT&T and T-Mobile – has been attempting to slimline its workforce for a number of years now, citing a highly competitive marketplace and a struggle for organic growth.
In 2023, Verizon scrapped over 6,600 jobs, with a large number of these jobs reportedly being shifted oversees.
It should be noted, however, that Verizon is not tightening the purse strings across the board – in fact, quite the opposite.
In 2024, Verizon signed a deal to purchase fiber network operator Frontier Communications for $9.6 billion.
The deal is the largest in Verizon’s history, adding around 2.2 million broadband subscribers to its footprint in 25 states.
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