Verizon to sack 15,000 workers as new CEO restructures

The new Chief Executive Officer (CEO) of Verizon, Dan Schulman, is planning to cut about 15,000 jobs in the United States telecommunications company’s largest ever layoffs.

The layoffs, affecting about 15% of Verizon’s workforce, are set to take place as soon as next week, a person familiar with the matter told Reuters on Thursday, November 13, 2025.

The source added that the cuts will reduce non-union management ranks by more than 20% and Verizon also plans to turn about 180 corporate-owned retail stores into franchised operations.

A spokesperson for the company declined to comment.

The wireless carrier faces mounting market pressure amid concerns over a shrinking pool of new customers as older rivals offer cheaper plans and cable operators jump into the fray.

Schulman was appointed in early October, arriving from the helm at PayPal as promotions by rivals AT&T and T-Mobile have intensified, particularly around the launch of new iPhone models, with aggressive discounts and trade-in deals to retain subscribers and win new customers.

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Schulman said last month that Verizon needs aggressive change including “cost transformation, fundamentally restructuring our expense base.”

“We will be a simpler, leaner and scrappier business,” the CEO added.

Verizon had about 100,000 U.S. employees at the end of 2024, after cutting almost 20,000 over three years.

In 2024, the company announced a reduction of 4,800 employees through a voluntary programme and took a nearly $2 billion charge. In 2018, the firm said about 10,400 employees would leave under a prior voluntary exit program.

Verizon spent $52 billion to acquire key wireless midband spectrum in a 2021 auction to boost its 5G network. Some analysts questioned if it paid too much.

The company also struck a $20 billion deal to acquire Frontier Communications last year. It spent $6 billion to acquire prepaid mobile phone provider TracFone Wireless.

The Star