Verizon begins laying off more than 13,000 employees in a bid to ‘reorient' the entire company

Core Viewpoint - Verizon is laying off over 13,000 employees as part of a significant restructuring effort aimed at reorienting the company to better serve its customers and simplify operations [2][3][4]. Company Overview - The layoffs represent about 20% of Verizon's management workforce, which is not unionized, and the company had nearly 100,000 full-time employees at the end of the previous year [4]. - The job cuts are the largest in Verizon's history and come amid rising competition in the wireless and home internet markets from companies like AT&T and T-Mobile [5][7]. Leadership Changes - Dan Schulman, who became CEO just last month, emphasized the need for aggressive transformation rather than incremental changes, stating that Verizon is at a "critical inflection point" [6][7]. - Schulman acknowledged that changes in technology and the economy are affecting the workforce across all industries [10]. Financial Performance - In the third quarter of 2025, Verizon reported earnings of $4.95 billion and revenue of $33.82 billion, with continued growth in prepaid wireless services but a loss of 7,000 postpaid connections [7]. Cost Management - Alongside workforce reductions, Verizon plans to significantly cut outsourced and other external labor expenses [8]. - The company has established a $20 million "Reskilling and Career Transition Fund" for departing employees [10].