Overview
- The move would be the carrier’s largest layoff to date, totaling about 15,000 positions or roughly 15% of its U.S. workforce, according to people familiar with the plans.
- Cuts would fall largely on non-union management, affecting more than 20% of that group, with job reductions expected to start next week.
- Roughly 180 to 200 company-owned retail locations are expected to be converted into franchised stores, the reports say.
- Verizon has not commented publicly on the reports, which were first detailed by the Wall Street Journal and also reported by Reuters.
- Shares rose about 1.7% after the news as new CEO Dan Schulman pursues cost restructuring to address slowing subscriber growth and competition from AT&T and T-Mobile.