Verizon Communications Inc (NYSE:VZ, ETR:BAC) is set to cut approximately 15,000 jobs, or about 15% of its US workforce, marking the largest layoffs in the company’s history.
The reductions are expected to begin as soon as next week as part of a restructuring under new CEO Dan Schulman.
The layoffs will primarily affect non-union management roles, with some estimates suggesting that more than 20% of that group could be impacted.
Verizon also plans to convert roughly 180 corporate-owned retail stores into franchised operations, a move that will shift some employees off the company’s payroll.
Unionized employees are not expected to be affected by the headcount reduction.
Verizon, which had roughly 100,000 US employees at the end of 2024, faces mounting pressure to cut costs amid a competitive and contracting telecom market.
It has experienced slowing subscriber growth and increased competition from rivals AT&T and T-Mobile, which have drawn customers with lower-priced plans. In the last quarter, Verizon added 44,000 new monthly subscribers, compared with T-Mobile’s gain of over 1 million.
Verizon shares slipped 0.3% to about $41 on the news, up 2.5% so far this year.