Verizon Prepares for Historic Layoffs, Sources Say
Verizon Communications Inc. is reportedly planning its largest-ever workforce reduction, potentially axing 5,000 to 10,000 jobs, according to insider reports. The telecom giant’s restructuring aims to slash costs as it grapples with market shifts, rising expenses, and fierce 5G competition.
Scope of the Job Cuts
While unconfirmed by Verizon, sources reveal the layoffs could span:
– Customer service
– Network operations
– Middle management
The cuts would surpass previous downsizing efforts, reflecting a stark pivot in strategy.
4 Reasons Behind Verizon’s Decision
- Declining Traditional Revenue
Landline and cable TV profits are shrinking as users flock to streaming and 5G. - Soaring 5G Costs
Billions spent on infrastructure amid inflation and high interest rates are straining budgets. - AI Replacing Roles
Chatbots and automated systems are reducing demand for human labor in support and operations. - AT&T and T-Mobile Rivalry
Competitors’ aggressive 5G expansions force Verizon to prioritize profitability.
Backlash from Employees and Unions
The Communications Workers of America (CWA) condemned the move, arguing layoffs could degrade service and morale.
“Slashing jobs for short-term gains undermines Verizon’s reliability,” a union rep warned.
Timeline and Future Plans
Layoffs may start late 2023 or early 2024, with severance packages likely. Analysts urge Verizon to balance cost-cutting with innovation in cloud services and IoT to stay competitive.
The Bigger Picture
The reported cuts spotlight the tension between corporate survival and worker welfare in the tech-driven telecom era. Updates to follow.
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— By [Your Name], Senior Correspondent, NextMinuteNews
