Verizon to Cut About 15,000 Jobs in Largest-Ever Layoff
The Wall Street Journal reported that Verizon Communications said it plans to eliminate approximately 15,000 jobs, roughly 15% of its U.S. workforce, in what will be its largest workforce reduction in company history, according to sources familiar with the matter.
According to Bloomberg, the Verizon job cuts are expected to begin as early as next week and will affect over 20% of the company’s non-union management ranks, affecting around 20 thousand employees.
Like if the largest-ever layoffs are not enough, Verizon plans to convert about 180–200 of its corporate-owned retail stores into franchise operations, shifting the employment of those staff members off Verizon’s payroll.
The action follows persistent challenges in subscriber growth. In the third quarter, Verizon added 44,000 bill-pay wireless subscribers, far behind rivals such as T‑Mobile US, which reported more than 1 million additions in the same period.
Verizon shares had risen about 1.5% following the news, amid concerns of stagnation.
Incoming Chief Executive Officer Dan Schulman, who assumed the role in early October, has emphasized the need for “cost transformation” and a streamlined operating model.
He said previously that relying too heavily on price increases rather than subscriber growth is unsustainable.
Verizon’s workforce was approximately 100,000 U.S. employees at the end of 2024, after reducing nearly 20,000 workers over the prior three years, including about 4,800 voluntary separations in 2024.
According to Reuters, Verizon’s restructuring comes amid intensifying competition from its wireless peers and cable operators entering mobile services.
The company has also made large capital investments over recent years in wireless mid-band spectrum (about $52 billion in 2021) and the acquisition of TracFone Wireless for roughly $6 billion. Some analysts question whether the returns on those investments can offset the cost burdens.
Verizon declined to comment when asked for confirmation of the job-cut plan.
