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1h ago

Verizon Plans About 15,000 Job Cuts, Its Largest Ever, Under New CEO Dan Schulman

Reports say the reductions target non-union management to fund a leaner operating model after slowing subscriber growth.

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New York, NY, USA - July 8, 2022: Front view of the Verizon Herald Square Store in Midtown Manhattan, New York City. Verizon Communications, Inc. is an American telecommunications conglomerate.

Overview

  • Multiple outlets report the cuts equal roughly 15% of Verizon’s U.S. workforce, with layoffs expected to begin as soon as next week.
  • People familiar with the plans say more than 20% of non-union management roles would be eliminated, with unionized retail largely spared.
  • Verizon is also expected to convert about 180 to 200 corporate-owned stores into franchises, shifting some employees off its payroll.
  • The company has not confirmed details, with a spokesperson saying nothing is finalized, while shares rose roughly 1.5% to 1.7% on the reports.
  • CEO Dan Schulman has pledged a multi-year cost transformation to support customer-focused investments after Verizon’s weaker postpaid phone gains versus AT&T and T-Mobile.