Verizon confirms earlier reports of job cuts, will lose 13,000 positions as it restructures

Verizon CEO Dan Schulman says the company is establishing a US$20-million career transition fund for laid-off employees.

U.S. wireless carrier Verizon VZ-N said Thursday it will cut more than 13,000 jobs in its largest single layoff as it works to shrink costs and restructure operations.

Verizon also said it plans to convert 179 corporate-owned retail stores into franchised operations and close one store.

Verizon’s new CEO, Dan Schulman, said in a note to employees the company would reduce its workforce by more than 13,000 employees across the organization, and significantly reduce outsourced and other outside labour expenses.

“Our current cost structure limits our ability to invest significantly in our customer value proposition,” Schulman wrote in a note to employees seen by Reuter