Any insight or rumors regarding John Stankey's comment in the final paragraph from the earnings call? Included is commentary previous to that for context. What's next? More MVO, more layoffs? Specifically, any rumors regarding corporate downsizing in Dallas and/or offloading of portions of wireline network?
Now let's turn to Slide 14 to talk about our efficiency and cost initiatives. New work to improve the overall efficiency and effectiveness of our operations have progressed over the past few months.
We previously shared with you that we're targeting an additional 4% reduction in labor-related
costs, including benefits and contract employees in 2020 alone. That work will ramp quickly, and we plan for it to deliver $1.5 billion in additional cost savings. In fact, we've already identified and implemented about half of those savings.
Another significant opportunity for us is product information technology rationalization. We feel comfortable that we can generate another $2 billion of annual run-rate efficiencies exiting 2022. This will come from thinning our product portfolio, simplifying our market offers, rationalizing
call centers, modernizing our information technology and enhancing the level of customer self-support. In addition, streamlining will have the added benefit of enhancing our market agility and ultimately lead to improved market effectiveness.
Our assessment work continues, and I expect, in the next 90 days, we'll have additional efficiency initiatives underway for some of our network, corporate, sales and procurement functions.