Verizon to shed 10,400 employees as part $10 bn cash savings

Verizon has revealed that the U.S. wireless carrier will be shedding about 10,400 employees by mid next year as part of the company’s voluntary separation program.
verizon-technology-for-data-plans-in-usVerizon, which recently announced a major restructuring including the appointment of a new CEO, had 152,300 employees at the end of the third-quarter ending September 30.

The New York-based telecom operator has been looking at cutting costs as it enhances investment in its 5G network, Reuters reported. The company said it was on track to reach $10 billion in cumulative cash savings by 2021.

Verizon Communications expects to take charges of $1.8 billion to $2.1 billion in the current quarter for job cuts.

Verizon employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, as part of the separation program.

“This program coincides with Verizon’s recently announced realigned organization structure designed to optimize growth opportunities in the 5G era,” the company said.