Verizon plans its largest-ever layoffs, cutting 15,000 jobs

US-based telecommunications company Verizon is preparing to cut approximately 15,000 jobs in the largest layoff in its history, according to a recent Reuters report citing a source familiar with the matter.

The cuts, which could begin as early as next week, represent about 15% of the US telecom giant's workforce, states the report. The plan will reportedly reduce non-union management ranks by more than 20% and involves converting around 180 corporate-owned retail stores into franchised operations.

The move is one of the first major restructuring efforts by new CEO Dan Schulman, who took the role in early October. He has stated the company needs aggressive change, including a "fundamental restructuring" of its expenses to become a "simpler, leaner and scrappier business."

Verizon faces intense market pressure from rivals offering cheaper plans, states the Reuters report, adding that the company added just 44,000 monthly wireless subscribers in the third quarter, significantly lagging behind competitors T-Mobile and AT&T. The market is also being disrupted by cable operators like Comcast, which bundle mobile service with internet.

A Verizon spokesperson declined to comment to Reuters on the report. The company had about 100,000 employees at the end of 2024, following years of prior workforce reductions.