Verizon Communications revealed plans Monday to cut thousands of U.S. jobs by the middle of next year. Reuters reports that the wireless carrier will eliminate about 10,400 positions through the company’s voluntary separation program.
“The New York-based company has been looking at cutting costs as it ramps up investment in its next generation 5G network, which is expected to fuel growth. The company has said it was on track to reach $10 billion in cumulative cash savings by 2021,” Reuters reports.
Verizon reportedly had 152,300 employees as of the end of the third quarter.
Reuters adds: “As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.”