Verizon is preparing to cut at least 15,000 jobs and convert 180 retail locations into franchises, marking the largest workforce reduction in the company’s history, according to multiple reports citing anonymous sources. The cuts, expected as soon as next week, represent roughly 15% of Verizon’s workforce and come amid mounting pressure in a crowded wireless market.
The move is part of a broader restructuring effort under CEO Dan Schulman, who has warned that Verizon needs sweeping changes to remain competitive as customer growth slows and rivals roll out cheaper plans. Cable giants like Comcast and Charter have also expanded into wireless service, further squeezing the company’s market share.
Bloomberg reported that as many as 20,000 jobs could ultimately be eliminated when franchise conversions are factored in, since employees at those stores would no longer be on Verizon’s payroll. Management positions will likely see the deepest cuts, with reports indicating that more than 20% of non-union managers could be affected.
Verizon ended 2024 with approximately 100,000 U.S. employees, having reduced its workforce by nearly 20,000 over the previous three years. Schulman said last month that the company must overhaul its cost structure and streamline operations, describing the future Verizon as “simpler, leaner and scrappier.”
The restructuring arrives during a broader wave of job losses across multiple sectors. Amazon confirmed nearly 14,000 corporate layoffs in late October, while Target announced plans to trim about 1,800 corporate positions. In total, employers cut more than 150,000 jobs in October — the largest monthly layoff surge in more than two decades, according to data from Challenger, Gray & Christmas.
Source: Reuters