US-based telecommunications company Verizon is preparing to cut approximately 15,000 jobs in the largest layoff in its history, according to a recent Reuters report citing a source familiar with the matter.

US companies announced over 25,000 job cuts this month, according to a recent Reuters report, as firms around the globe ramp up layoffs.

Amazon has announced it will eliminate approximately 14,000 corporate positions as part of an ongoing effort to "reduce bureaucracy" and streamline operations.

US tech companies Cisco and Oracle are set to eliminate hundreds of jobs in the San Francisco Bay Area, according to a San Francisco Chronicle report based on recent state filings.

Microsoft has recently confirmed plans to lay off up to 9,000 employees—just under 4% of its global workforce—as the company shifts its focus further toward artificial intelligence and streamlines internal operations.