Business
Verizon to lay off 15,000 employees under new CEO’s cost-cutting plan
Dan Schulman’s restructuring strategy targets 15% of Verizon’s workforce amid rising competition and financial pressure.
Verizon is set to slash around 15,000 jobs, or roughly 15% of its workforce, in what would be the company’s biggest-ever layoff, according to multiple reports. The move comes just weeks after Dan Schulman, formerly of PayPal, took over as CEO.
Sources familiar with the company say the majority of the cuts will come through layoffs, primarily targeting non-union management roles. In parallel, Verizon plans to convert approximately 180 corporate stores into franchises, shifting affected staff off its direct payroll.
Schulman, in internal strategy conversations, has emphasised that Verizon needs to be “simpler, leaner and scrappier.” Analysts suggest the job cuts are part of a broader transformation to reduce costs and shore up financial stability amid stiff competition from rivals and slowing customer growth.
Verizon has seen declining postpaid subscriber numbers in recent quarters, adding further pressure to its business model. Under the restructuring plan, the company will also review its capital allocation, streamline operations, and rework its cost base to remain competitive long-term.
For HR leaders and talent professionals, this is a stark example of how C-level change can lead to deep workforce restructuring — and a warning of the “cost discipline” narrative being played out at even the largest global companies.
Sources familiar with the company say the majority of the cuts will come through layoffs, primarily targeting non-union management roles. In parallel, Verizon plans to convert approximately 180 corporate stores into franchises, shifting affected staff off its direct payroll.
Schulman, in internal strategy conversations, has emphasised that Verizon needs to be “simpler, leaner and scrappier.” Analysts suggest the job cuts are part of a broader transformation to reduce costs and shore up financial stability amid stiff competition from rivals and slowing customer growth.
Verizon has seen declining postpaid subscriber numbers in recent quarters, adding further pressure to its business model. Under the restructuring plan, the company will also review its capital allocation, streamline operations, and rework its cost base to remain competitive long-term.
For HR leaders and talent professionals, this is a stark example of how C-level change can lead to deep workforce restructuring — and a warning of the “cost discipline” narrative being played out at even the largest global companies.
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