Verizon will cut about 15,000 employees next week in the largest layoff spree to hit the company since its beginning, according to several reports.

The layoffs are part of a cost-saving measure as the company moves to compete with other companies jumping into the home internet service and wireless markets, according to the Wall Street Journal and Reuters , which each cited anonymous sources.

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The cuts are set to begin next week, according to the reports. With approximately 100,000 current employees, the cuts will affect approximately 15% of the company’s workforce.

The news co

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