A Verizon building in New York City. The telecommunications company is planning its largest-ever layoffs as part of a restructuring under its new CEO.

Verizon VZ-N is planning to cut about 15,000 jobs in the telecommunications company’s largest-ever layoffs as part of a restructuring under its new CEO, a person familiar with the matter told Reuters on Thursday. The layoffs, affecting about 15 per cent of its work force, are set to take place as soon as next week, the person said.

Verizon’s shares rose about 1.4 per cent on the news. They have largely stagnated over the last three years, with a gain of 8 per cent compared with the S&P 500’s near-70-per-cent rise.

A Verizon spokesperson declined to comment.

The cuts, following the appointment of former PayPal boss Dan Schulman as CEO i

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