Verizon plans to cut about 15,000 jobs, or roughly 15% of its workforce, as part of a major restructuring under new CEO Dan Schulman, said a source familiar with the matter.

The layoffs, expected as early as next week, would be the largest in the company’s history.

Verizon will also reduce its non-union management ranks by more than 20% and convert about 180 corporate-owned retail stores into franchises.

Shares rose 1.5% after news of the cuts.

Schulman, who became CEO in October after leading PayPal, is moving to lower costs amid rising competition from AT&T, T-Mobile, and cable operators offering bundled plans.

The company had about 100,000 US employees at the end of 2024.

It previously cut nearly 20,000 jobs over three years, and last year reduced its workforce by 4,800 through a voluntary program.

🔗 Source: Reuters