Verizon Begins Layoffs Aimed at 20% Cut in Non-Union Staff

Verizon Communications Inc. announced wide-ranging layoffs Thursday morning that will shrink the company by as much as 20% of its non-union workforce, a major step in a turnaround plan led by new Chief Executive Officer Dan Schulman. The largest wireless carrier in the US gave notice that it will begin by cutting more than 13,000 employees, according to an internal message Schulman sent to employees that was seen by Bloomberg News. Bloomberg's John Butler joins Paul Sweeney and Scarlet Fu to discuss. (Source: Bloomberg)