Verizon Cuts 15,000 Jobs as CEO Says "Cost Reduction is Our Way of Life"

Job cuts are expected to hit one of the world’s largest telecommunications companies just over a month after crowning its new CEO.

The cost-cutting efforts come just a month after Daniel Schulman assumed the CEO role. (Photo: Downtown Brooklyn) 

Verizon, which has operating revenue of $101.81 billion so far this year, plans to cut about 15,000 jobs in the next week, according to the Wall Street Journal (WSJ).

The wireless service and home internet provider is looking to pare back costs as it grapples with increased competition, sources also told Nino Paoli of Fortune. This cut would be the largest ever for the carrier, and a majority of the reduction is likely to be made through layoffs, according to WSJ. 

The company had around 99,600 employees on a full-time-equivalent basis by the end of 2024, according to a securities report filed in February.

The company also plans to shift about 200 stores to franchises, moving affected employees off its payroll, the report said.

The cost-cutting efforts come just a month after Daniel Schulman, who had served almost eight years as the company’s lead independent director, assumed the CEO role.

“Verizon is at a critical inflection point,” he said in late October during the company’s third-quarter earnings call. “The only way we can drive sustainable value for our shareholders is by significantly raising our game and winning responsibly in the market.”