Verizon Confirms Its Largest-Ever Layoff: Over 13,000 Employees Reportedly Affected In Restructuring Drive
Synopsis
According to a report by The Wall Street Journal, the company will begin notifying the affected employees starting Thursday.
Verizon Communications Inc. (VZ) reportedly confirmed its largest-ever round of layoffs on Thursday amid an ongoing restructuring drive to cut costs.
According to a report by The Wall Street Journal citing an internal memo sent by Verizon CEO Dan Schulman to employees, the company will begin notifying the affected employees starting Thursday.
A Reuters report stated that a Verizon spokesperson confirmed the layoffs, calling it an “opportunity for Verizon to reset, restructure, and realign our priorities on ways that will help us regain our leadership as a communications provider.”
Verizon shares were down by 0.3% in Thursday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.
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