Verizon Plans 15,000 Job Cuts as New CEO Launches Major Restructuring

Verizon Plans 15,000 Job Cuts as New CEO Launches Major Restructuring
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Verizon’s new chief executive is preparing to eliminate about 15,000 jobs in what will be the company’s largest round of layoffs, Reuters reported. The U.S. telecommunications giant, which provides wireless, internet and broadband services, is facing intensifying competition and slowing subscriber growth as rivals promote cheaper plans and cable operators expand into mobile offerings.

The cuts—representing roughly 15% of Verizon’s workforce—could begin as early as next week, according to a source familiar with the plans. The reductions will primarily affect non-union management roles, which are expected to shrink by more than 20%. Verizon also intends to convert around 180 company-owned stores into franchised outlets. The company declined to comment on the reported plans.

CEO Dan Schulman, who joined Verizon in October after leading PayPal, has said the business must simplify operations and overhaul its cost base to remain competitive. Verizon added only 44,000 postpaid wireless subscribers in the third quarter, trailing AT&T and far behind T-Mobile, which led the market with more than 1 million additions.

Verizon shares rose about 1.5% following the news. Analysts said the restructuring may help the company fund more aggressive handset subsidies aimed at retaining customers, though it remains unclear whether the savings will offset rising retention costs.