Verizon says 10,400 managers accept buyout offer of up to 60 weeks pay

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FILE- This April 23, 2018, file photo shows the logo for Verizon above a trading post on the floor of the New York Stock Exchange. Verizon is undergoing a significant restructuring under new CEO Hans Vestberg, including its dominant wireless division, as it prepares to roll out its 5G technology. Three months after Vestberg took […]

NEW YORK (AP) – Verizon says 10,400 U.S. managers have accepted a voluntary buyout offered as the company seeks to trim costs to invest more into its push into the next-generation network known as 5G. That’s about 7 percent of its global workforce.
    
Verizon offered the buyouts to 44,000 employees earlier this year. The staffers taking the buyouts are mainly U.S.-based management staffers, excluding its Oath media business and staffers in some customer facing roles.
    
The New York company is in the midst of a cost-cutting program to save $10 billion over four years to help it invest in 5G technology. Those accepting the buyout will get up to 60 weeks of salary, bonus and benefits, depending on length of service.

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