Verizon is planning to eliminate approximately 15,000 jobs, representing about 15% of its workforce, in a significant restructuring effort. These layoffs, which are described as the largest ever for the wireless carrier, are expected to occur within the next week and will primarily target non-union management positions, affecting over 20% of that group. Additionally, Verizon intends to convert around 180 corporate-owned retail stores into franchised locations.
The job cuts follow the appointment of Dan Schulman, former CEO of PayPal, as Verizon's new chief executive in early October. Schulman has indicated a need for aggressive change, including significant cost transformation and restructuring of the company's expense base to create a "simpler, leaner and scrappier business." He has also expressed a desire to focus more on customers and avoid price hikes, stating that relying heavily on price increases without subscriber growth is unsustainable.
Verizon is facing increased competition and slowing subscriber growth in the maturing US wireless market, with rivals AT&T and T-Mobile US applying pressure. Consumers are also becoming more reluctant to purchase premium wireless plans. The company had an estimated 100,000 US employees at the end of 2024.
