Verizon's Largest Layoffs: Restructuring and Future Challenges

Verizon plans to cut 15,000 jobs in its largest layoff, spearheaded by new CEO Dan Schulman, to tackle stagnation and rising competition. The restructuring will affect non-union management and transition retail stores to franchises. The company aims to become leaner, avoiding reliance on price hikes.

Verizon is poised to undergo significant restructuring, with plans to cut approximately 15,000 jobs, marking its largest-ever layoffs. This move, expected to impact about 15% of the workforce, comes under the leadership of new CEO Dan Schulman, following stagnation in the company's stock performance.

According to sources, the layoffs will target non-union management positions. In addition to job cuts, Verizon intends to transform around 180 corporate-owned retail stores into franchise operations. This strategy is a response to heightened competition from AT&T and T-Mobile US.

Schulman, who took charge at Verizon in October, emphasizes cost transformation to create a leaner business without relying on subscriber price hikes. The restructuring is part of a broader plan to combat subscriber churn and address the challenging wireless market dynamics.

(With inputs from agencies.)