Verizon CEO announces start of 13,000 layoffs across company

Verizon (VZ) CEO Dan Schulman announced to employees that 13,000 employees across the company will start getting laid off today. Schulman wrote,”As I shared at our most recent all-employee meeting, we need to change and evolve as a company to meet the needs of our customers and expand our market leadership. Our current cost structure limits our ability to invest significantly in our customer value proposition. We must reorient our entire company around delivering for and delighting our customers…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. We deeply value their contributions and are committed to providing comprehensive resources to support our employees throughout this transition. Every part of the company will experience some level of change, and we will have conversations with every affected employee to ensure they are treated with the utmost respect and care.”