Verizon plans to cut about 15,000 jobs, WSJ reports

Verizon (VZ) plans to cut about 15,000 jobs in an effort to reduce costs as it faces increased competition for wireless service and home internet, according to people familiar with the matter, The Wall Street Journal’s Patience Haggin and Suzanne Vranica report. The cuts are expected to take place in the next week, and the majority of the reduction is expected to be made through layoffs, the people say. Verizon also plans to transition about 200 stores into franchised operations.