Verizon To Let Go Almost 5,000 Employees

Verizon has announced a significant workforce reduction, planning to lay off 4,800 employees by March. Half of these cuts are expected by September. The company also revealed that it will set aside up to $1.9 billion in severance costs related to the layoffs. 

With 105,400 full-time employees as of February, this reduction accounts for about 4.5 per cent of its total workforce. Verizon's decision follows a broader trend of layoffs in the tech industry, with companies like Twitch, Google, Microsoft, and Intel also announcing major job cuts in 2024.