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1h ago

Verizon Plans About 15,000 Layoffs, Will Franchise 180–200 Stores in Cost Overhaul

The moves reflect new CEO Dan Schulman's push to cut costs to counter slowing subscriber growth.

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.
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Overview

  • Roughly 15,000 jobs—about 15% of the U.S. workforce—are slated to be eliminated as soon as next week, according to multiple reports.
  • The reductions target non-union management roles, affecting more than 20% of that group, sources said.
  • About 180 to 200 corporate-owned retail locations are expected to be converted to franchise operations.
  • The Wall Street Journal and Reuters reported the plans, and Verizon did not immediately comment as the stock rose around 1.7%.
  • Schulman has signaled a “cost transformation” strategy after several quarters of postpaid phone subscriber losses and rising pressure from AT&T and T-Mobile.