Shocker: Verizon To Cut 15000 Jobs

Verizon is getting ready for one of the biggest job cuts in its history. The company plans to remove around fifteen thousand jobs in the United States as new CEO Dan Schulman starts a major clean up and restructuring plan.

The job cuts may begin as early as next week and will affect about fifteen percent of the company’s workforce. Most of the reductions will come from non union management roles. Verizon also plans to turn around one hundred and eighty company owned stores into franchise run stores.

The decision is worrying many employees because a large number of Indians work at Verizon in the US. Many of them now fear losing their jobs as part of this restructuring.

Verizon has been struggling as competition in the telecom market has become very strong. AT&T and T Mobile are gaining more customers with cheaper plans and big discounts. Cable companies are also offering combined internet and mobile plans, increasing pressure on Verizon.

The new CEO wants to cut costs and make the company simpler and faster. He says Verizon should focus more on keeping customers rather than raising prices. Even though Verizon has the highest prices in the industry, it has not been adding enough new customers.

In the last few years, the company has already cut thousands of jobs and spent billions to improve its network. Analysts say these new job cuts may help reduce expenses, but it is unclear if they will help Verizon gain more customers.

Verizon’s shares went up slightly after the news, showing that investors trust the new CEO’s tough decisions.