Business Verizon employees receive terrifying email from CEO promising 13,000 layoffs

[CentralMass]

https://www.dailymail.co.uk/yourmoney/article-15310587/verizon-layoffs-email-CEO.html
"Verizon employees have been hit with a devastating letter announcing that about 13 percent of the company's workforce is being axed.

Verizon's CEO Dan Schulman sent the notice on Thursday, detailing the company's intentions to 'evolve as a company' by clashing costs and restructuring operations.
Resulting mass layoffs at the telecom giant will affect thousands of employees.

'Today, we will begin reducing our workforce by more than 13,000 employees across the organization, and significantly reduce our outsourced and other outside labor expenses,' Schulman wrote in the letter.

At the end of 2024, Verizon employed 99,600 workers, according to its most recent annual report.

'Our current cost structure limits our ability to invest significantly in our customer value proposition,' Schulman added.

News of the layoffs was reported last week by The Wall Street Journal, which said that the 13,000 job cuts mark the largest-ever round of layoffs at the company.

America's biggest wireless carrier is battling shrinking customer numbers and rising competition across the wireless and home-internet markets.

Verizon — the largest US telecom provider by subscribers — has been losing lucrative postpaid phone customers for three straight quarters as rivals T-Mobile and AT&T step up aggressive promotions.
caps a disastrous stretch for the telecom giant, which has been losing subscribers at an alarming pace.

Verizon acknowledged in April that it lost 289,000 monthly wireless customers in the first quarter alone — more than double the losses from the same period last year and far worse than Wall Street expected.

The company told investors the exodus 'reflects the impact of recent pricing actions,' after the company raised rates and scaled back discounts.

Once known for big holiday promotions, Verizon pulled back after Christmas last year — while rivals T-Mobile and AT&T kept slashing prices. The decision backfired spectacularly as frustrated customers ditched the service for cheaper competitors. "

[ret5hd]

1. Justin time for xmas!

oh, the joy of wrapping all those notices! the thrill of watching all their faces! what a time to be alive!

[dalton99a]

2. Totally unexpected customer response "after the company raised rates and scaled back discounts"

[enid602]

3. Bullshit

“Our current cost structure limits our ability to invest significantly in our customer value proposition,' Schulman added.”