According to an article in bizjournals.com (link below), Verizon is killing off 10,400 jobs, as part as a “voluntary buyout.”
The employees are mainly U.S.-based and exclude Verizon’s Oath media business, but will include wireless. Those accepting the buyout will get up to 60 weeks of salary, bonus and benefits, depending on length of service. The goal is to put the billions of dollars it saves into supporting next-generation technology.
This isn’t the first time Verizon has offered buyouts to employees as a means of cutting costs. Earlier this year, the company offered buyouts to 44,000 employees. At the time, chief executive Hans Vestberg (left) said the severance packages gave Verizon “an opportunity to find more efficiencies” in size and scope.
The initiative is meant to help Verizon save $10 billion over the course of four years, and it plans to invest those savings into 5G technology.
Verizon, however, is in the midst a major restructuring.
Vestberg confirmed recently that Verizon will be organized into three “customer-facing areas,” including consumer, business and Oath (Verizon Media Group).
Read the entire article here
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