The carrier giant told more than 6,000 customer service employees on a Wednesday call that there would be a “restructuring,” according to a report from The Verge.
Verizon Communications reportedly held a meeting with customer service employees Wednesday to announce “restructuring” and “streamlining” measures that are thought to result in significant layoffs.
More than 6,000 Verizon employees were present on the Wednesday call. A prerecorded message to employees said that more details would be shared on May 25.
A Verizon spokesperson said in an emailed statement that the company “is constantly looking for ways to better serve our customers with innovative products and services. From time to time, we make adjustments in our workforce to meet the changing needs of our customers.”
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The carrier giant said on the call that June 7 would be the deadline for impacted employees to accept a severance offer of two weeks per year of tenure, or, in select cases, apply for roles to “transition to the next stage of your career journey.” ,” according to a report from The Verge.
The report said that those who apply for new positions are not guaranteed to be hired, and for those who don’t take the severance option, the affected employees will be “informed of their future” at Verizon on June 23.
The restructuring warning comes a month after Verizon reported its Q1 2023 earnings that included a shrinking consumer subscriber base, but increased business user subscriptions.
Basking Ridge, NJ-based Verizon moved Sowmyanarayan Sampath, former executive vice president and group CEO of Verizon Business, to serve as CEO of Verizon Consumer Group, which oversees its customer service operation, in March.
Verizon during its first fiscal quarter of 2023 that ended March 31 reported mixed results as the telecom giant added 136,000 postpaid phone net additions to its Verizon Business segment, while dropping 263,000 users in its consumer business.
Verizon Business generated $7.5 billion during Q1 2023, representing a decrease of 3 percent year over year due to lower wireline and wireless equipment revenue that offset growth in wireless service revenue.
The carrier’s stock fell 2.23 percent on Thursday morning.
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