• Verizon Communications will eliminate approximately 15,000 jobs, the largest single-round workforce reduction in company history
  • The cuts target non-union management positions and coincide with the conversion of up to 200 company-owned retail stores to franchised operations
  • The restructuring comes as Verizon faces intensifying competitive pressure, having lost 7,000 postpaid phone subscribers in Q3 2025 while rival T-Mobile added 1 million

Verizon Communications Inc. is embarking on its most aggressive workforce reduction ever, planning to cut roughly 15,000 jobs as new Chief Executive Officer Dan Schulman moves swiftly to overhaul the telecommunications giant's cost structure and operational model.

The layoffs, which will primarily affect non-union management roles with more than 20% of those positions being eliminated, are expected to begin immediately, according to people familiar with the matter. The scale of the cuts represents a stark acceleration of Verizon's restructuring efforts, reducing its workforce from approximately 100,000 employees to about 85,000.

Schulman, who took the helm in late 2024 after leading PayPal, has emphasized creating a "scrappier," leaner Verizon where cost reductions become a "way of life." The job cuts are part of a broader initiative that includes converting 180-200 company-owned retail stores into franchised operations, effectively removing those employees from Verizon's payroll.

The drastic measures come amid mounting competitive pressures in the saturated U.S. wireless market. Verizon's third-quarter results revealed the company lost 7,000 postpaid phone subscribers—a sharp reversal from the 18,000 net additions it recorded in the same period a year earlier. Meanwhile, rival T-Mobile US Inc. added 1 million postpaid phone customers in what marked its strongest quarter in over a decade.

Verizon's restructuring reflects broader economic pressures across multiple sectors. October 2025 saw over 150,000 jobs cut nationwide, the largest monthly layoff surge in more than two decades, according to data from Challenger, Gray & Christmas. The telecommunications company joins other major employers including Amazon and Target in announcing significant workforce reductions in recent months.

Company representatives did not immediately respond to requests for comment on the specific timing of the layoffs or severance packages for affected employees. The communications workers union, which represents Verizon's unionized workforce, declined to comment.

Industry analysts note that with revenue growth increasingly difficult to achieve in the current competitive environment, cost-cutting may be Verizon's only viable path to meeting financial targets. "In a market where price increases are essentially impossible, Verizon's only lever to pull is on the cost side," said Roger Entner of Recon Analytics. "This restructuring, while painful, represents the new reality for legacy carriers facing competition from both traditional rivals and cable companies expanding into wireless."

Correction: An earlier version of this article misstated the number of job cuts. The correct figure is approximately 15,000 positions.