Overview
- Notices began this week for roughly 13% of Verizon’s workforce as the company also trims outsourced labor and closes one store.
- The reductions fall heavily on non-union management, affecting about 20% of that group, according to a company spokesperson.
- Verizon is launching a $20 million Reskilling and Career Transition Fund for departing employees, which the company says is not an AI-driven layoff.
- The company confirms 179 corporate-owned retail locations will shift to franchise operations as part of simplifying its footprint.
- Verizon expects a fourth-quarter severance charge reported at about $1.6–$1.8 billion, with most departures projected for next month, according to coverage of company disclosures.