Verizon to Cut About 15,000 Jobs as New CEO Dan Schulman Accelerates Restructuring—Retail Franchising and Management Layoffs Could Begin Next Week
Verizon plans to cut about 15,000 jobs, or 15% of its workforce, in its largest layoff to date, sources say. The cuts will mainly hit non-union management, with over 20% of that group affected. Around 180 to 200 company-owned stores will convert to franchises. Announcements could come as early as next week; Verizon declined to comment.