Verizon layoffs: US telco to cut 13,000 jobs in largest single purge; to shrink costs, restructure

Verizon Jobs Cut: In addition to the layoffs, Verizon will convert 179 corporate-owned retail outlets into franchised stores and shut down one location. The company disclosed in a regulatory filing that it expects to take a severance charge of between $1.6 billion and $1.8 billion in the fourth quarter. More than 80% of affected staff are expected to exit next month. Verizon shares fell 1% on Thursday following the announcement.