Verizon starts laying off over 13,000 employees, WSJ reports

Verizon (VZ) will notify over 13,000 employees of layoffs beginning Thursday, aiming to reduce costs and reverse customer losses, CEO Dan Schulman said in an email to staff viewed by The Wall Street Journal, Patience Haggin reports. The layoffs are expected to decrease Verizon’s labor expenses for nonunion employees by approximately 20%. “Our current cost structure limits our ability to invest significantly in our customer value proposition,” Schulman wrote in Thursday’s email. “We must reorient our entire company around delivering for and delighting our customers.” Schulman said in the email that Verizon will significantly reduce its outsourced and outside labor expenses. Verizon had about 100,000 employees as of February, according to securities filings.