Verizon Announces Layoffs of Over 13,000 Employees to Cut Costs

New York, NY — Verizon Communications Inc. has announced plans to lay off more than 13,000 employees, representing about 13 percent of its workforce. This decision comes as part of a broader strategy to cut costs and streamline operations, according to a memo from CEO Dan Schulman.

In the communication sent to employees, Schulman emphasized the need to reorient the company towards providing better service and value for customers. “Our current cost structure limits our ability to invest significantly in our customer value proposition,” he wrote. He also stated that the workforce reductions aim to simplify operations that have been hindering growth and customer satisfaction.

The announced layoffs mark the largest job cut in the company’s history, with reductions focused primarily on salaried positions. Notably, Verizon reported having approximately 100,000 full-time employees prior to these cuts.

Verizon’s internal memo outlined the company’s commitment to managing this transition respectfully, stating, “We deeply value their contributions and are committed to providing comprehensive resources to support our employees throughout this transition.” The company has set up a $20 million career transition fund to assist laid-off employees with skill development, job placement, and digital training.

The layoffs come as Verizon faces increasing pressures in the competitive wireless market, including a loss of approximately 7,000 postpaid phone customers in the past quarter. Schulman suggested that other measures, such as potentially converting corporate-owned retail stores into franchises, are also being implemented to improve operational efficiency.

Employees in the United States will be notified of their employment status starting Thursday, while those abroad will receive updates in the coming weeks. These measures reflect Schulman’s ongoing commitment to transform Verizon into a more agile and customer-focused organization as it navigates a rapidly changing technology landscape.