Summary
Verizon plans to cut about 15,000 jobs as it faces tough competition in the market. These cuts are part of the company's efforts to lower costs and handle ongoing losses in customer numbers.
Key Facts
- Verizon will cut around 15,000 jobs starting next week.
- The company faces strong competition in the wireless and home internet markets.
- Verizon has been losing postpaid phone subscribers for three quarters in a row.
- The job cuts are the biggest in Verizon’s history.
- Verizon had about 100,000 employees in February.
- As part of the plan, around 200 stores will shift to franchised operations, transferring employees from Verizon's payroll.
