Verizon is cutting more than 13,000 jobs as it works to ‘reorient’ entire company

NEW YORK AP Verizon is laying off more than employees in mass job reductions that arrive as the telecommunications giant says it must reorient its entire company The jobs cuts began on Thursday per to a staff memo from Verizon CEO Dan Schulman In the letter which was seen by The Associated Press Schulman commented Verizon s current cost structure limits the company s ability to invest pointing particularly to customer experiences We must reorient our entire company around delivering for and delighting our customers Schulman wrote He added that the company needed to simplify its operations to address the complexity and friction that slow us down and frustrate our customers Verizon had nearly full-time employees as of the end of last year according to securities filings A spokesperson ratified that the layoffs released Thursday account for about of the company s management workforce which isn t unionized Verizon has faced rising competition in both the wireless phone and home internet space particularly from AT T T-Mobile and other big region players New leadership at the company has stressed the need to right the company s direction Schulman took the CEO seat just last month In the company s most of latest earnings he stated that Verizon s trajectory was at a critical inflection point and mentioned rather than incremental changes Verizon would aggressively transform its operations For its third quarter of Verizon posted earnings of billion and billion in revenue The carrier communicated continued subscriber upsurge for its prepaid wireless services but it lost a net postpaid connections News of coming layoffs at Verizon were published last week by The Wall Street Journal The outlet says that the job cuts mark the largest-ever round of layoffs at the company Beyond the cuts across Verizon s workforce Schulman revealed that the New York company would also significantly reduce its outsourced and other outside labor expenses It s a tough time for the job arena overall and Verizon isn t the only company to announce sizeable workforce reductions not long ago More and more layoffs have piled up at companies like Amazon UPS Nestl and more Various companies have pointed to rising operational costs spanning from U S President Donald Trump s barrage of new tariffs and shifts in consumer spending Others cite corporate restructuring more broadly or are redirecting money to artificial intelligence Regardless such cuts have raised worker anxieties across sectors Schulman on Thursday recognized that changes in innovation and in the business activity are impacting the workforce across all industries He stated that Verizon had established a million Reskilling and Career Transition Fund for workers departing the company Shares for Verizon were essentially flat Thursday