Core Viewpoint - Verizon Communications is planning to announce layoffs next week, potentially affecting 15,000 to 20,000 employees, marking the largest layoffs in the company's history [1][2] Group 1: Layoff Details - The layoffs could reduce the company's workforce by up to 20%, with approximately 100,000 employees as of February this year [1] - The layoffs are expected to impact employees across all levels and business units, particularly in New Jersey, Texas, Florida, and New York [1] - Verizon is also planning to convert 200 company-owned stores into franchise operations [1] Group 2: Leadership and Strategic Changes - The layoffs are part of a transformation led by new CEO Daniel Schulman, who took over in October [1] - Schulman emphasized the need for a cultural, cost structure, and financial model shift to prioritize customer needs and enhance competitiveness [1] Group 3: Market Competition - Verizon is facing intense competition in the wireless and broadband markets, leading to a continuous loss of postpaid mobile users for three consecutive quarters [2] - In the third quarter, Verizon experienced a net loss of 7,000 postpaid mobile users, contrary to analyst expectations of gaining 19,000 users [2] - Other major U.S. companies are also undergoing workforce reductions, with some leveraging technology to improve efficiency [2]
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