Verizon Plans 15,000 Job Cuts As Wireless Competition Intensifies

Benzinga

Verizon will cut about 15,000 jobs and convert 200 stores to franchises as it tries to reduce costs amid fierce competition in wireless and home internet. The move follows subscriber losses and comes as the company pushes to streamline operations and improve efficiency.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Verizon said it will cut roughly 15,000 jobs next week to reduce costs as competition intensifies

00:08in wireless and home internet markets, according to The Wall Street Journal.

00:13The carrier plans to shift about 200 stores into franchised operations, moving those employees

00:18off its payroll.

00:19Verizon lost 7,000 consumer postpaid phone connections last quarter after three straight

00:25quarters of declines, while AT&T and T-Mobile added subscribers.

00:30CEO Daniel Shulman said Verizon must streamline unprofitable legacy operations, become more

00:35efficient, and embrace ongoing cost reductions as it reaches a critical inflection point.

00:41Analysts at Morgan Stanley said improving performance in a mature telecom market will be difficult,

00:46but possible over time.

00:48For all things money, visit Benzinga.com.

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