Verizon to give buyouts to 10,400

Verizon Communications said 10,400 employees, or about 6.8 percent of its total staff, were accepted for voluntary buyouts as the company seeks to trim $10 billion from costs and retool for 5G wireless technology.

The exit packages were available to as many as 44,000 Verizon employees, according to the statement.

The buyout is the company's second-largest, after a 2003 offer in which 21,600 employees accepted severance packages.

'For those who were accepted, the coming weeks and months will be a transition,” CEO Hans Vestberg wrote in a letter to employees. 'For the entire V Team, there will be opportunities to work differently as we prepare for the great things to come at Verizon.”

Vestberg took over five months ago from Lowell McAdam as chief executive officer at the largest U.S. wireless carrier.

Verizon aims to capitalize on its network investment and gain a lead in new 5G services while its competitors are challenged by merger integration.

Its largest rival, AT&T, also is preparing a 5G network, but it's been busy turning itself into a media conglomerate. T-Mobile is seeking approval for its $26 billion takeover of Sprint Corp.

Employees were told Monday that they were approved for the buyouts, which were capped at 60 weeks of salary and bonuses, and given departure dates depending on the work they were involved with. Some workers will leave by year-end and others as late as June.