Verizon May Cut 1,000 Jobs by Year-End as It Seeks to Consolidate

Verizon is reportedly planning to cut 1,000 jobs by the end of the year. The wireless carrier plans to offer buyouts to employees as it seeks to consolidate some of its product teams, according to a person with knowledge of the plan cited by Bloomberg. No word yet on what areas of the business in which the cuts may occur, but Verizon spokesman Ray McConville said the company is 'always looking for ways to make the business more efficient.' The reports come on the heels of telecom company Ericsson's plans to cut $1.2 billion in costs by 2017 that is also expected to include job cuts. Earlier this month, Sprint announced it will let an additional 2,000 workers go.