A major tech company is gearing up to eliminate roughly 15,000 jobs in the company’s largest round of layoffs ever.
The move from Verizon comes about a month after the company named former PayPal boss Dan Schulman as its new CEO.
A person familiar with the matter told Reuters the cuts represent some of the executive’s first efforts to restructure as the company continues to face rising competition and mounting market pressure.
According to the outlet, the 15,000 job-cuts account for about 15% of Verizon’s U.S. workforce.
Layoffs are expected to begin as soon as next week.
Non-union management roles are expected to reduce by more than 20% following the cuts, the source told Reuters, adding the company plans to convert 180 corporate retail store into franchised operations.
Verizon has faced three consecutive quarters of subscriber losses and faces growing market challenges from companies like AT&T, T-Mobile US and cable firms bundling broadband and mobile services.
According to Reuters, the company had about 100,000 U.S. employees at the end of 2024 after cutting approximately 20,000 over three years.
In 2018, the company said about 10,400 employees left under a voluntary exit program.
Last year, the telecommunication offered a similar exit plan for employees and reduced its workforce by 4,800 employees.
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