After losing postpaid phone subscribers for three straight quarters, and as competition intensifies among the major wireless carriers for home internet and mobile service, Verizon (VZ) plans undertake its largest job cuts over the next week, according to sources cited by The Wall Street Journal.
The telecommunications company – under the helm of a new CEO who pledged to cut costs and reverse customer losses – is slated to let go of roughly 15,000 employees and transition ~200 stores into franchises, further reducing Verizon’s (VZ) payroll.
“We have a tremendous among of opportunity to be more efficient, to be scrappier, this is a turnaround for us. Cost reductions will be a way of life for us here,” CEO Daniel Schulman said on the company’s most recent earnings call with analysts.
Added CFO Anthony Skiadas, “we will be looking at cost with the new lens and will be focused on driving significant cost savings across all aspects of our business.”