Summary
Verizon plans to lay off about 15,000 employees, which is around 15% of its U.S. workforce, as part of a restructuring plan led by its new CEO, Dan Schulman. The job cuts will mainly affect non-union management roles and come as Verizon faces increased competition and slowing subscriber growth. The company is also planning to franchise approximately 180 corporate-owned retail stores.
Key Facts
- Verizon plans to cut 15,000 jobs, representing 15% of its U.S. workforce.
- The layoffs are part of a restructuring effort under new CEO Dan Schulman.
- Non-union management positions will be most affected, with more than 20% of those roles impacted.
- Verizon will change about 180 corporate-owned stores into franchises.
- The company faces increased competition from AT&T and T-Mobile as subscriber growth slows.
- Verizon spent significant amounts on acquisitions and spectrum purchases in recent years.
- The company had around 100,000 U.S. employees at the end of 2024 and laid off nearly 20,000 over three years.
- Verizon stock rose 1.3% in midday trading as news of the layoffs emerged.
