United States wireless carrier Verizon will reduce its workforce by more than 13,000 in its largest single layoff as it aims to shrink costs and restructure operations.
The company said it plans to convert 179 corporate-owned retail stores into franchised operations and close one store.
Alongside the job cuts, Verizon said it will also significantly reduce outsourced and other outside labour expenses.
"Our current cost structure limits our ability to invest significantly in our customer value proposition," Schulman wrote in a note to employees seen by Reuters.
"We must simplify our operations to address the complexity and friction that slow us down and frustrate our customers."
Last week, news outlets reported that Verizon planned to cut approximately 15,000 employees, with most of the layoffs affecting its American workforce.
According to Schulman, the company will be establishing a US$20 million career transition fund for laid-off employees to focus on "opportunities and necessary skill sets as we enter the age of AI”, despite saying he layoffs were not a result of AI.
At the end of last year, the wireless carrier had 100,000 employees, according to security filings.
A spokesperson for Verizon confirmed the most recent layoffs, which would account for around 20% of the company’s management workforce that isn’t unionised.
This comes as the company faces growing competition in both the wireless phone and home internet spaces, particularly from AT&T, T-Mobile, and other major players.
Schulman noted in the company’s last earnings report that its trajectory was at a “critical inflection point” and that it would “aggressively transform” its operations.
For its third quarter of 2025, Verizon posted earnings of $4.95 billion and $33.82 billion in revenue.
The carrier reported continued subscriber growth for its prepaid wireless services, but it lost a net 7,000 postpaid connections.
Verizon spent US$52 billion to acquire key wireless midband spectrum in 2021 to boost its 5G network. Last year, it acquired Frontier Communications for US$20 billion and spent US$6 billion to acquire prepaid mobile provider TracFone Wireless.
At the time of writing, Verizon (NYSE: VZ) stocks are down by 1.04% to US$40.76.
