Verizon Communications, which has recently come under scrutiny due to its alleged role in the “Arctic Frost” probe, is set to slash roughly 15,000 jobs, the Wall Street Journal (WSJ) reported on Thursday.
The telecommunications giant is hoping the move will help to lower costs amid growing competition, the WSJ reported, citing anonymous sources familiar with the matter. The plan would mark the largest workforce reduction in the company’s history, the outlet reported. (RELATED: EXCLUSIVE: Massive Telecom Merger Champions Workers In A Way Biden Admin Never Could, FCC Chair Says)
Obama-appointed federal judge James Boasberg signed orders in 2023 barring telecom carriers from informing 11 GOP members of Congress that special counsel Jack Smith had subpoenaed their cell phone records from Jan. 4 and Jan. 7, 2021. While Verizon complied with Smith’s subpoena, AT&T did not.
Verizon did not respond to the Daily Caller News Foundation’s request for comment.
The job cuts are expected to occur in the next week, the anonymous sources told the WSJ. Most of Verizon’s workforce reduction is projected to be a result of layoffs, the same sources told the outlet.
SAN ANSELMO, CALIFORNIA – SEPTEMBER 30: In this photo illustration, the Verizon logo is displayed on a smartphone screen on September 30, 2024 in San Anselmo California. (Photo Illustration by Justin Sullivan/Getty Images)
Moreover, Verizon is also planning to transition around 200 stores into franchised operations, which will remove some employees from its payroll, one of the anonymous sources explained to the WSJ. The telecommunications company had around 100,000 employees as of February of this year, the WSJ reported, citing securities filings.
Verizon CEO Daniel Schulman said during a call in October that the company “is at a critical inflection point,” the WSJ reported.
“We have a tremendous amount of opportunity to be more efficient, to be scrappier,” Schulman added, according to the WSJ. “Cost reductions will be a way of life for us here.”
Major U.S. retailer Target announced on Oct. 23 that it is slashing 1,800 corporate jobs following years of lackluster sales, CNBC reported. Moreover, Bloomberg reported in July that Walmart, the world’s largest retailer, was eliminating hundreds of jobs.
In May, Verizon announced that it was axing all of its diversity, equity and inclusion programs “effective immediately.”
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