Verizon to Cut 3,000 Jobs as CEO Pushes Cost Reductions

Verizon Communications is preparing another round of layoffs as Chief Executive Officer Daniel Schulman seeks to reduce operating costs, Barron's Daily reported.

Verizon is reducing headcount and selling hundreds of company-owned retail stores to franchise operators. (Photo: Verizon)

The wireless carrier said it would eliminate 3,000 positions and reduce the number of retail stores it owns directly.

According to the report, Verizon plans to cut 2,500 retail jobs and 500 corporate positions. The company also intends to sell 274 company-owned stores to franchise operators, reducing its corporate-owned store count to about 1,000.

Verizon is also restructuring several departments, according to an internal email and conference call reviewed by Barron's. Based on Verizon's reported workforce of 89,900 employees at the end of 2025, the layoffs would affect about 3.3% of its staff.

Schulman has emphasized cost reduction since taking over as CEO in October.

During a January earnings call, he said Verizon was targeting $5 billion in operating expense savings for 2026, with a substantial portion expected to come from workforce reductions.

The company previously announced 13,000 job cuts in November, its largest layoff on record, followed by a smaller round of reductions in May.