Verizon Job Cuts and Restructuring

about 1 month ago

Alexandra Seanova

"Unfortunately for them, though, some pretty bad news today. Um, they are expecting job cuts. Very interesting at a time that we don't have a jobs report to be seeing these announcements from corporations. Kind of getting a sense of what the labor market is looking at. And this report right now says that uh the layoffs aren't expected to affect Verizon's unionized employees including those who work in smaller retail stores. But the cuts could get pretty aggressive. The reduction could impact 10,000 to 15,000 workers according to people familiar with the matter. And this is part of really aggressive efforts by the new CEO Dan Schulman. Uh he recently unveiled plans to reclaim market share for the company. And here he is acting accordingly. The stock ended down ended about flat today."

The update on Verizon details expected aggressive job cuts impacting up to 15,000 workers as part of a restructuring plan by CEO Dan Schulman. While the layoffs exclude unionized and smaller retail employees, the overall sentiment is cautious given the potential impact on market share and investor sentiment.

Related Stocks