Verizon to cut about 15,000 jobs as it restructures, source says

Record ID: 2272838

  • Title: Verizon to cut about 15,000 jobs as it restructures, source says
  • Date: 13th November 2025
  • Summary: NEW YORK, NEW YORK, UNITED STATES (NOVEMBER 13, 2025) (REUTERS) VARIOUS OF STARBUCKS WORKERS PROTESTING IN FRONT OF STARBUCKS IN LOWER MANHATTAN, HOLDING SIGNS THAT READ (English) "UNBREARABLY OVERWORKED," "SUPPORT STRIKING WORKERS" (SOUNDBITE) (English) REY SHAO, 23, STARBUCKS SUPERVISOR AT 2 BROADWAY, MANHATTAN, SAYING:  "My name is Rey, and I'm a supervisor at this loca
  • Embargoed:
  • Keywords: Dan Schulman Verizon layoffs telecomm telecommunications
  • Location: VARIOUS LOCATIONS
  • City: VARIOUS LOCATIONS
  • Country: US
  • Topics: Company News Markets,Economic Events,North America
  • Reuters ID: LVA001184813112025RP1
  • Aspect Ratio: 16:9
  • Story Text: Verizon is planning to cut about 15,000 jobs in the telecommunications company's largest ever layoffs as part of a restructuring under its new CEO, a person familiar with the matter told Reuters on Thursday (November 13).
    The layoffs, affecting about 15% of its workforce, are set to take place as soon as next week, the person said.
    Verizon's shares rose about 1.4% on the news. They have largely stagnated over the last three years, with a gain of 8% compared with the S&P 500's near-70% rise.
    A Verizon spokesperson declined to comment.
    The cuts, following the appointmentof former PayPal boss Dan Schulman as CEO in early October, are aimed at its non-union management ranks and are expected to affect more than 20% of that workforce, one source said. Verizon also plans to transition around 180 corporate-owned retail stores into franchised operations, the source added.
    The Wall Street Journal reported the cuts earlier.
    Verizon is battling rising competition as subscriber growth slows and cautious consumers are unwilling to buy premium wireless plans. It has faced mounting pressure from rivals AT&T and T-Mobile US as the U.S. wireless market matures.
    Verizon had about 100,000 U.S. employees at the end of 2024, after cutting almost 20,000 over three years. Last year it announced a reduction of 4,800 employees through a voluntary program and took a nearly $2 billion charge. In 2018, Verizon said about 10,400 employees would leave under a prior voluntary exit program.
    (Production: Gerardo Gomez)
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