With just two months under his belt, Verizon's new CEO Hans Vestberg is already making some bold bets with the telecom operator's workforce. Late last month the company offered severance packages to approximately 44,000 workers as part of an effort to cut about $10 billion in costs while at the same time upgrade its network to 5G, which it said promises more efficiency.
But within The Wall Street Journal article on the layoffs was the news that Verizon had also signed a $700 million agreement with India-based Infosys to outsource much of its IT operations. The deal is structured so that Verizon employees that currently handle those jobs become Infosys employees. Verizon wouldn't say exactly how many of its IT team is impacted by the outsourcing deal but the The Wall Street Journal indicated it was somewhere around 2,500 employees both in the U.S. and overseas.