Verizon to cut up to 20,000 jobs under new CEO Schulman

Verizon Communications is poised to undertake one of its most significant workforce reductions ever, with plans to cut 15,000 to 20,000 jobs — roughly 15–20% of its approximately 100,000-strong staff — under the leadership of its newly appointed CEO, Dan Schulman.

Key Highlights

• Verizon plans up to 20,000 layoffs as new CEO Dan Schulman initiates sweeping cost-cutting reforms.
• The restructuring includes franchising retail stores and streamlining operations to address declining subscriber numbers.

The layoff drive, expected to begin imminently, will span multiple levels of the company, affecting both corporate and management roles. According to insider sources, the process will kick off with in-person manager-employee conversations next week, and most affected workers could be off the payroll by year-end.

In addition to cutting jobs, Verizon is preparing to convert around 180–200 company-owned retail stores into franchise operations. This shift is a key part of Schulman’s strategy to simplify operations and reduce fixed costs.

Schulman, who took over as CEO in early October and previously led PayPal, is spearheading a broader “cost transformation” agenda. He has emphasized the need for Verizon to become “simpler, leaner and scrappier” to counter its recent financial and competitive challenges.

These radical changes are aimed at stemming Verizon’s decline in customer numbers — the company recently reported three consecutive quarters of postpaid subscriber losses, even as rivals like T-Mobile and AT&T have continued to aggressively expand. Schulman believes that by reducing costs and refocusing on customer value, Verizon can reclaim market share and return to stronger financial footing.