Verizon Plans Largest Layoff: Up to 15,000 Jobs Cut Next Week

NEW YORK, NY – Verizon is preparing to reduce its workforce by approximately 15,000 employees, according to a report from The Wall Street Journal. This layoff marks the largest in the company’s history and comes amid rising competition in the wireless services market.

The layoffs are expected to occur next week and will primarily be implemented as layoffs, affecting about 15% of Verizon’s total workforce. As of February, the company reported having around 100,000 employees, indicating a significant impact on its operations.

In addition to the layoffs, Verizon plans to convert approximately 200 of its retail stores into franchises. This change is expected to further reduce the number of employees on the company’s payroll.

On Thursday, Verizon’s stock saw a slight increase of 1.5% in morning trade, although overall market sentiment around the telecommunications giant has been described as ‘bearish.’

Verizon has not yet responded to requests for comments regarding the layoffs. As the situation develops, customers and investors are advised to stay informed.