The largest U.S. telecommunications provider by subscribers is planning to cut roughly 15,000 jobs, according to The Wall Street Journal.
Verizon Communications is slashing costs to cope with increased competition for wireless service and home internet, according to the paper.
The company had about 100,000 employees as of February, according to filings.
These reported cuts will be the largest ever for the company and should begin next week largely through layoffs.
Verizon also plans to transition about 200 stores into franchised operations.
According to the paper, Verizon has lost postpaid phone subscribers for three consecutive quarters.
The company’s new CEO, Daniel Schulman, telegraphed the move during a call in October, saying, “Cost reductions will be a way of life for us here.”
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