Verizon (VZ) has announced that it is cutting 3,000 jobs as part of an ongoing restructuring at the U.S. telecommunications giant.
Verizon, which is the largest U.S. wireless carrier, said that it will lay off 2,500 retail workers and 500 corporate staff in the latest round of cuts.
Additionally, Verizon is selling 274 of its corporate-owned stores to bring the total number down to about 1,000.
Management also plans to restructure some departments within the company as it continues to push for cost savings under new Chief Executive Officer (CEO) Dan Schulman.
The latest round of layoffs equals about 3.3% of the company’s employees, based on Verizon’s total head count of 89,900 at the end of last year.
Schulman has made cost savings a priority since he took the helm of Verizon last October. The new CEO has said that he aims to save $5 billion U.S. in operating expenses this year.
Schulman has also said that a “substantial portion” of the cost savings will come from head count reductions and staff cuts.
Last November, Verizon eliminated 13,000 jobs, the company’s largest-ever round of layoffs. A small round of staff cuts also occurred this May.
Verizon is scheduled to report its second-quarter financial results on July 24.
VZ stock has declined 22% over the past five years to trade at $43.88 U.S. per share.
Tech Insider
