Verizon to lose almost 5,000 employees by March

2024’s brutal streak of tech layoffs continues to develop.

Verizon is the newest firm to announce cuts, saying on Thursday that it expects to lose 4,800 workers by March, with about half of these leaving in September, per MarketWatch. The telecom large additionally stated it should cost as much as $1.9 billion earlier than taxes in severance pay. As not too long ago as February, Verizon reported it had 105,400 full-time workers, so about 4.5 p.c of its headcount can be reduce by the top of March.

This yr has been a vicious yr for tech layoffs. Massive firms like Twitch, Google, Microsoft, Sony, Amazon, and now Verizon have introduced cuts in a single type or one other since January 1. Final month, Intel introduced it will reduce greater than 15,000 workers.

As at all times, finest needs to these affected by Verizon’s layoffs.