Verizon to cut about 15,000 jobs as it restructures, source says [View all]

Source: Yahoo Finance

WASHINGTON (Reuters) -Verizon is planning to cut about 15,000 jobs in the telecommunications company's largest ever layoffs as part of a restructuring under its new CEO, a ​person familiar with the matter told Reuters on Thursday.

The layoffs, affecting about 15% of its workforce, are ‌set to take place as soon as next week, the person said. Verizon's shares rose about 1.4% on the news. They have largely stagnated over the ‌last three years, with a gain of 8% compared with the S&P 500's near-70% rise.

A Verizon spokesperson declined to comment.

The cuts, following the appointment of former PayPal boss Dan Schulman as CEO in early October, are aimed at its non-union management ranks and are expected to affect more than 20% of that workforce, one source said. Verizon also plans to transition around ⁠180 corporate-owned retail stores into franchised operations,‌ the source added.

Read more: https://finance.yahoo.com/news/verizon-cut-15-000-jobs-160715206.html