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Verizon Prepares 15,000 Job Cuts and Store Franchising in Cost Overhaul

The reported cuts are part of Dan Schulman’s push to fund customer-focused investments by restructuring Verizon’s cost base.

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

  • Multiple outlets report Verizon plans to eliminate about 15,000 roles—roughly 15% of its U.S. workforce—as soon as next week, its largest reduction on record.
  • Sources say cuts will fall mainly on non-union management, trimming that group by more than 20%, with most reductions via layoffs.
  • About 180 to 200 company-run retail stores would shift to franchise operators, moving those employees off Verizon’s payroll.
  • Verizon has not confirmed the plan on the record, and some reports suggest the total could be as high as 20,000 jobs.
  • CEO Dan Schulman has outlined a cost transformation to counter subscriber losses and aggressive promotions from AT&T, T-Mobile and cable competitors.