On November 21, 2025, American telecom giant Verizon announced a significant workforce reduction of over 13,000 employees on Thursday, November 20. This marks the largest layoff in the company’s history and is aimed at cutting costs and restructuring its operations.
According to an internal memo sent by Verizon’s new CEO, Dan Schulman, as seen by Reuters, the wireless network operator will be reducing over 13,000 employees across the entire company and significantly cutting down on outsourcing and other external labor expenditures.
In addition to the workforce reductions, the company plans to convert 179 company-owned retail stores into franchise-operated stores and close one store in New York City. Verizon has a significant number of employees in New Jersey, Texas, Florida, and New York.
Schulman stated in the memo, “Our current cost structure has limited our ability to make significant investments in our customer value proposition,” and added, “We must streamline operations to address the complexities and frictions that slow us down and frustrate customers.”
The layoffs will affect employees at various levels across the company’s business segments, including retail store employees, customer service representatives, and some executives. Most affected employees are expected to depart by the end of the year. Schulman mentioned that further restructuring of employees is anticipated in the coming weeks.
As of the end of 2024, Verizon employed approximately 100,000 individuals nationwide, with about one-third being members of the Communications Workers of America and the International Brotherhood of Electrical Workers unions. The company mentioned that few of these union members would be impacted by the layoffs.
Verizon has around 70,000 non-union employees, and over the past three years, the telecom company has let go of nearly 20,000 employees in total.
A spokesperson for the company stated that following the layoffs and business restructuring, Verizon will still maintain 1,300 company-owned stores and over 6,000 franchise-operated stores.
Schulman disclosed that Verizon has allocated a $20 million special fund to assist laid-off employees in learning new skills, including retraining for job markets impacted by artificial intelligence.
Verizon clarified that the layoffs were not a result of the company’s adoption of artificial intelligence technology.
Schulman, who previously served as the company’s lead independent director, was appointed as CEO last month. Verizon had been facing consecutive quarters of user loss and poor stock performance. Schulman pledged to create a “simpler, more streamlined, and more resilient” enterprise moving forward.