In a devastating development, the telecommunications giant Verizon Communications announced its intention to cut around 15,000 jobs, and panic sprang across the industry. These job cuts represent roughly 15% of its US workforce and mark the largest round of layoffs in Verizon's history. This shocking maneuver comes against a backdrop of stagnating subscriber growth, intensifying competitive pressure and a leadership change and it raises a big question: is Verizon just adjusting to a new reality, or is its long term business model under threat?
