Verizon Looking to Slash Employees as Company Restructures: Report
New Verizon CEO Dan Schulman plans to cut about 15,000 jobs, which would be the carrier's largest ever layoffs, Reuters reported Thursday, citing an unnamed source. The report pointed to pressure on Verizon to cut costs as its customer pool shrinks. A spokesperson declined comment.
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New Verizon Chairman Mark Bertolini said on CNBC Thursday that Schulman is developing a plan to evaluate the company’s price structure. “Dan’s coming up with the plan, so I don’t want to step on his parade,” Bertolini said. Verizon has gone from the No. 1 national carrier, based on market cap, bond ratings and market share, to No. 3, Bertolini said. “The network isn’t as differentiated as it used to be, in large part because everybody has been spending money to put these 5G networks in place,” he said. “Losing 30% share over the last eight years is an issue, and we have to do something different.”