T-Mobile US to cut 5,000 jobs as cheaper plans weigh on costs

T-Mobile US said on Thursday it would reduce its workforce by about 7% by cutting 5,000 jobs in the United States as the wireless carrier grapples with rising costs related to adding more subscribers in a competitive market.

The carrier has been taking the lion’s share of subscribers looking for cheaper plans in the last three quarters through discounted bundles, but that has taken a toll on T-Mobile.

“What it takes to attract and retain customers is materially more expensive than it was just a few quarters ago,” CEO Mike Sievert said in an email to employees.

The jobs cuts over the next five weeks will target corporate and back-office roles, and some technology jobs, Sievert said, adding that retail and consumer care divisions will not be impacted.

Definitive Healthcare to reduce workforce by 42 people, or approx. 4 percent

Restructuring plan: On July 27, 2023, the Company committed to a restructuring plan intended to reduce operating costs, improve operating margins, and continue advancing the Company's ongoing commitment to profitable growth. The Plan provides for a reduction of the Company's current workforce by 42 people, or approximately 4 percent of its total workforce. The Company estimates that in the third quarter of 2023 it will incur pre-tax cash restructuring and related charges to its GAAP financial results of approximately $1.8 million to $2.0 million, consisting primarily of severance payments, employee benefits, and related cash expenses, as well as a non-cash charge related to the vesting of share-based awards for employees who are terminated. The Company expects the Plan will be substantially complete by the end of the third quarter of 2023.

Wish to reduce workforce by approx. 255 employees

Board approves plan to reduce workforce by approx. 255 employees, or about 34% of the current global workforce; ests approx. $8.7 mln in restructuring charges

• WISH's Board of Directors approved a plan to reduce the Company's workforce by approximately 255 employees, representing about 34% of the Company's current global workforce (the "RIF Plan"). This includes approximately 160 employees in the United States, representing about 41% of the Company's domestic workforce and approximately 95 non-U.S. employees, representing about 26% of the Company's international workforce. In connection with the RIF Plan, and in compliance with the WARN Act, for a period of 60 days commencing on August 1, 2023, the impacted employees will be provided severance benefits, including cash severance payments and reimbursement of medical insurance premiums. The RIF Plan is intended to refocus the Company's operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies.
• The Company estimates that it will incur non-recurring charges of approximately $8.7 million related to WARN Act compliance, severance payments to affected employees globally, and other personnel reduction costs in connection with the RIF Plan. The Company expects that the majority of these charges will be incurred in the third quarter of 2023 and that the implementation of the RIF Plan will be substantially complete by the end of fiscal year 2023.
• The Company expects to realize run-rate savings of approximately $43 million to $46 million on an annualized basis starting in the fourth quarter of 2023.