Verizon Communications Inc. plans to eliminate roughly 15,000 jobs in what would be the largest job cuts in the company’s history, the Wall Street Journal reported on Thursday, citing people familiar with the matter. According to the report, the purpose of the job cuts is to cut expenses as the company faces growing competition in the wireless and home internet markets. The report stated that Verizon also intends to convert around 200 of its stores into franchise locations, moving those employees off its direct payroll. According to the securities filings cited in the report, the company had about 100,000 employees as of February. Last month, the telecommunications company appointed Dan Schulman as its new CEO, who vowed to reduce Verizon’s cost to serve and optimize its capital allocation in order to deliver “meaningful growth” in crucial financial metrics.
NN: Jobs go first then the stock market. The cracks are starting to shoe up.