Verizon Begins Layoffs of Over 13,000 Employees as New CEO Launches Major Cost-Cutting Drive
Verizon has begun laying off more than 13,000 employees in its largest-ever job cut under new CEO Dan Schulman. The telecom giant launches a major cost-cutting overhaul amid rising competition in wireless and home-internet markets.
Verizon begins its biggest-ever workforce reduction as new CEO Dan Schulman launches a sweeping restructuring plan to strengthen competitiveness.
Verizon Communications has begun its largest-ever round of layoffs, with more than 13,000 employees set to be impacted as part of a sweeping restructuring under newly appointed CEO Dan Schulman.
According to an internal email reviewed by The Wall Street Journal, Verizon will start notifying employees from Thursday about their employment status. The layoffs mark the most aggressive cost-reduction initiative in the company’s history, aimed at stabilizing performance amid intensifying competition.
CEO Dan Schulman Pushes for “Customer Delight” Strategy
Schulman, who took charge recently, said the company must fundamentally reorient around “delighting customers” as Verizon continues to lose ground in both the wireless and home-internet markets. Rivals have been gaining momentum, putting pressure on Verizon’s subscriber base and revenue outlook.
In a recent address, Schulman outlined the company’s transformation roadmap, which includes major investments in AI, quantum computing, and humanoid robotics, alongside deep cost cuts to rebuild competitiveness.
Competition Driving Urgent Overhaul
Verizon’s performance in recent quarters has been challenged by aggressive offers from competing telecom operators. The CEO emphasized that the layoffs, while difficult, are essential to streamline operations and return the company to growth.
The restructuring is expected to unfold over the coming months as departments adjust to the reduced workforce and Verizon accelerates its shift toward next-generation technologies.
