Overview
- Verizon began notifying employees of 13,000 layoffs, representing about 13% of its roughly 100,000-person workforce.
- The cuts focus on non-union ranks and will affect roughly 20% of management, with no single department targeted.
- The company will convert 179 corporate-owned stores to franchises and close one location while reducing outsourced and external labor.
- A $20 million Reskilling and Career Transition Fund will offer digital training and job placement support for departing employees.
- Executives cite a need to free up investment for customer experience and AI initiatives, as reports describe this as the largest single reduction in Verizon’s history following about 20,000 prior cuts over three years.