Verizon to Slash 15,000 Jobs as New CEO Launches Major Restructuring

Verizon is preparing for its largest round of layoffs in company history, with plans to cut roughly 15,000 U.S. jobs as part of a major restructuring push under new CEO Dan Schulman, according to a source familiar with the matter. The cuts, expected as early as next week, represent about 15% of Verizon’s U.S. workforce and mark a sharp shift as the telecom giant confronts slowing subscriber growth and rising competitive pressure.

The reductions will hit non-union management roles particularly hard, trimming that segment by more than 20%. Verizon also intends to convert around 180 corporate-owned retail stores into franchise locations as part of its broader cost-cutting initiative. The company declined to comment on the reported changes.

Schulman, formerly the CEO of PayPal and a Verizon board member for seven years, stepped into the role in October as rival carriers AT&T and T-Mobile aggressively push discounts and promotions, especially during new iPhone launches. With cable operators like Comcast and Charter bundling wireless plans with broadband, Verizon is facing an increasingly crowded and price-sensitive market.

The CEO has emphasized the need for sweeping operational changes, stating that Verizon must become a “simpler, leaner and scrappier business.” He has also rejected further price hikes, acknowledging that Verizon’s premium pricing strategy is no longer sustainable without stronger subscriber growth.

Verizon added just 44,000 postpaid wireless subscribers in the third quarter, trailing AT&T and far behind T-Mobile’s more than 1 million net additions. To win back customers, analysts say Verizon may need to increase device subsidies—raising questions about how the company will balance costs. While the layoffs may help offset these expenses, analysts remain uncertain whether the savings will be enough.

Verizon shares ticked up around 1.5% following news of the planned cuts, though the stock has largely underperformed in recent years. The company has already eliminated nearly 20,000 jobs over the past three years and continues to face scrutiny after significant investments, including $52 billion for midband spectrum and major acquisitions such as Frontier Communications and TracFone Wireless.

The Wall Street Journal first reported the upcoming workforce reductions.