Verizon plans to lay off 15,000 employees in the next several days, the most in the company’s history

Verizon Communications is set to reduce its workforce by around 15,000 positions in the United States, which represents the most significant job cut in the company’s history, as reported exclusively by the Wall Street Journal on Thursday. The reductions, accounting for approximately 15 percent of Verizon’s nearly 100,000-strong U.S. workforce, are anticipated to commence within the upcoming week.

The majority of job losses are set to occur through direct layoffs, with approximately 200 company-owned retail stores transitioning to franchised operations, thereby removing the impacted employees from Verizon’s payroll. The company announced that this action is part of a larger cost-reduction initiative launched by its newly appointed chief executive officer, Dan Schulman. Schulman, who assumed leadership in early October, has highlighted the importance of becoming “a simpler, leaner and scrappier business.”

Verizon’s announcement arrives in the context of increasing competition in the wireless and home-internet sectors, where the carrier has faced subscriber losses for three straight quarters and has fallen behind major competitors. Experts indicate that the layoffs aim to assist Verizon in optimizing its operations and addressing its recent decline in performance.

The conversion of retail stores and the reduction of the workforce indicate a strategic shift from its traditional retail model and cost framework.