Verizon plans to eliminate approximately 15,000 jobs and convert 180 of its retail stores into franchises in a significant downsizing effort. This move is attributed to increasing market pressures, including competition from cable companies entering the wireless market, which has led to fewer new customers for Verizon.
The layoffs are expected to occur imminently and will primarily impact non-union management positions, reducing them by over 20%. The franchise conversion will also shift employees from Verizon's direct payroll. These actions are part of Verizon's strategy to become a more simplified and cost-efficient business, as indicated by company statements on the need for aggressive change and expense restructuring.
This significant workforce reduction follows previous cuts, as Verizon had already reduced its employee count by nearly 20,000 over the preceding three years, and had approximately 100,000 U.S. employees at the end of 2024. The company has not yet officially confirmed the layoffs. These cuts align with a broader trend of large-scale job reductions across various major companies in the current economic climate.
