With Verizon cutting 13K jobs and no unemployment data for Oct., job numbers in the US may be worse than we think

Company Overview - Verizon is preparing to cut approximately 13,000 jobs, marking the largest workforce reduction in its history [1] - The company employed about 100,000 people at the end of 2024 [1] Strategic Changes - Most layoffs will come from direct cuts, with additional reductions tied to transitioning about 200 corporate stores into franchise operations [2] - Daniel Schulman was appointed as the new CEO about a month prior to the layoffs, indicating a readiness to overhaul the organization [2] Market Position - Verizon lost 7,000 consumer postpaid phone customers in Q3 2025, contrary to Wall Street analysts' expectations of a gain of 19,000 [3] - Competitors T-Mobile and AT&T continue to grow their postpaid subscriber base, increasing pressure on Verizon [3] Cost Management - Schulman emphasized the need for efficiency and cost reductions as a way of life for the company [3] - The company is undergoing a significant shake-up to address customer losses and improve financial performance [4] Industry Context - Verizon's job cuts are part of a broader trend among major corporations, including Amazon, UPS, Target, and Nestle, which are also reducing jobs to protect margins and invest in automation and AI [5] - The telecom industry is facing heavy competitive pressure, leading to subscriber losses for Verizon [6]