Verizon to Cut 15,000 Jobs as Major Restructuring Begins

In a sweeping move that signals one of the biggest shake-ups in the US telecom sector this year, Verizon is preparing to cut about 15,000 jobs—nearly 15% of its American workforce—beginning as early as next week. The step marks the company’s largest round of layoffs to date and comes just weeks after former PayPal chief Dan Schulman took over as CEO.

The restructuring is expected to hit Verizon’s non-union management ranks the most, with more than 20% of that group likely to be impacted. Alongside job cuts, the company plans to shift around 180 corporate-run retail stores into franchise operations, a move that further underscores its push to simplify operations and reduce costs.

The decision follows a period of mounting competitive pressure in the US wireless market, where subscriber growth has slowed and consumers have become more hesitant to pay for premium plans. Verizon, traditionally positioned at the high end of pricing in the industry, has been facing tougher competition from AT&T and T-Mobile as customers increasingly shop for better deals.

In recent years, Verizon has been navigating heavy investments and rising operational challenges. The company spent $52 billion in 2021 to secure critical C-band spectrum and later finalized a $20 billion acquisition of Frontier Communications. It also bought TracFone Wireless for $6 billion to strengthen its prepaid mobile segment. These expansions, while strategic, added significant financial strain at a time when market growth was already cooling.

To counter this, Verizon has been steadily trimming its workforce. The company had roughly 100,000 US employees at the end of 2024, down from around 120,000 three years earlier. Last year, it eliminated 4,800 positions through a voluntary severance program and absorbed nearly $2 billion in related charges.

As Schulman steps into leadership, Verizon is positioning itself for what insiders describe as a “leaner” and more focused future. The upcoming layoffs are expected to be a central part of that reset, aimed at reshaping operations as the company works to stabilize subscriber numbers and regain competitive footing in a maturing telecom market.

The weeks ahead will determine just how fast—and how deeply—this transformation unfolds for one of America’s largest telecommunications providers.