Verizon set to cut about 15,000 jobs, convert some stores to franchises

Verizon is set to cut at least 15,000 jobs and convert 180 stores into franchises, marking its largest downsizing ever, according to reports from Reuters, the Wall Street Journal and Bloomberg on Thursday, Nov. 13, citing anonymous sources.

The wireless carrier is struggling with market pressures from fewer new customers, as competitors offer cheaper plans and cable companies, including Comcast and Charter, are entering the market.

The layoffs are reportedly set to take place as soon as next week and will affect about 15% of Verizon’s workforce. Converting company-owned stores into franchises will remove those employees from the telecom giant’s payroll, and according to Bloomberg, up to 20,000 jobs will be cut.

More: FCC approves Verizon’s $20 billion Frontier acquisition after DEI program cuts

The cuts will reduce non-union management positions by over 20% and mark one of CEO Dan Schulman’s first moves to downsize the company.

Verizon needs aggressive change, including “cost transformation, fundamentally restructuring our expense base,” Schulman said last month. “We will be a simpler, leaner and scrappier business.”

The company had about 100,000 U.S. employees at the end of 2024, after cutting almost 20,000 over three years, according to Reuters.

USA TODAY has reached out to Verizon to confirm the layoffs.

Verizon’s cuts are the latest in a string of layoff announcements across the economy.

Amazon confirmed that it cut 14,000 corporate jobs on Oct. 28, while Target reportedly said it plans to cut an estimated 1,800 corporate jobs on Oct. 23.

Employers slashed more than 150,000 jobs in October, the largest wave of layoffs in more than 20 years, a report from Challenger, Gray & Christmas said Thursday, Nov. 6.

Contributing: Reuters

This article originally appeared on USA TODAY: Verizon to cut 15,000 jobs in downsizing effort