WASHINGTON — Verizon Communications plans to eliminate roughly 15,000 jobs, its largest workforce reduction in company history, as part of restructuring under new leadership, Reuters reported.
According to the news outlet, the job cuts, representing about 15% of Verizon’s U.S. workforce, are expected to launch as soon as next week and come amid mounting pressure from wireless and broadband competition.
Newly appointed CEO Dan Schulman, who took the helm in early October, has signaled a pivot toward cost discipline and streamlined operations, the San Francisco Chronicle reported. The layoffs will focus largely on non-union management positions and will include the conversion of roughly 180 to 200 corporate-owned retail stores into franchises.
Verizon, which employs around 100,000 workers in the U.S., has faced three straight quarters of postpaid subscriber losses and growing market share challenges from rivals such as AT&T and T‑Mobile US, as well as cable firms bundling mobile and broadband services, Reuters declared.
Fox Business reported the cuts are expected to launch as soon as next week.
Verizon has not provided a statement on the cuts.
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