Verizon poised for major layoffs as new CEO Dan Schulman pursues sweeping overhaul

Verizon Communications, the largest telecom operator in the United States, is reportedly preparing to announce significant companywide layoffs as early as next week, with the cuts expected to form a central part of new Chief Executive Dan Schulman’s turnaround strategy. Bloomberg, citing people familiar with the matter, reported that the company is considering the elimination of between 10,000 and 15,000 roles, although final decisions are still being assessed. Verizon, which had just under 100,000 employees at the end of 2024, is expected to spare its unionised workforce, including those at a small number of retail locations, the sources informed.

Schulman, who assumed the CEO position last month, has set out an assertive plan to regain market share following several consecutive quarters of subscriber losses. In a parallel shift, the Wall Street Journal reported that Verizon is preparing to convert around 200 company-owned retail stores into franchise outlets, signalling a substantial restructuring of its consumer-facing footprint. Schulman, formerly the CEO of PayPal Holdings, was appointed to replace Hans Vestberg after the carrier posted two straight quarters of subscriber declines and continued to lag behind its biggest competitors in stock performance. The company subsequently reported a third consecutive drop in mobile subscribers during the third quarter.

Upon taking charge, Schulman stated that he intended to aggressively transform the company’s culture, cost structure and overall financial profile to ensure Verizon can prioritise customers, compete effectively and deliver stable returns to shareholders. He recently reiterated that Verizon requires urgent, far-reaching change, informed that the company must undertake cost transformation and fundamentally rebuild its expense base, adding that it must become a simpler, leaner and more agile business.