Verizon to cut about 15,000 jobs: Report
The US’ largest telecom company, Verizon, is planning to cut about 15,000 jobs in its largest-ever layoffs, according to a recent report by Reuters. This significant reduction in workforce is set to affect approximately 15% of Verizon’s total employees and is expected to take place as soon as next week. The decision comes as the company strives to undergo aggressive changes, including a “cost transformation” and a fundamental restructuring of its expense base, as stated by newly-appointed CEO Dan Schulman last month.
The telecom industry has been experiencing a period of significant transformation in recent years, with the rise of new technologies and changing consumer habits. As a result, companies like Verizon are facing increasing pressure to adapt and evolve in order to remain competitive. The planned layoffs are seen as a strategic move by Verizon to streamline its operations, reduce costs, and improve its overall efficiency.
The impact of the layoffs on Verizon’s employees and the wider community is likely to be significant. The loss of 15,000 jobs will not only affect the individuals directly employed by the company but also have a ripple effect on the local economies where Verizon operates. The company has a large presence in several states across the US, and the layoffs are likely to be felt in many communities.
Verizon’s decision to cut jobs is not an isolated incident in the telecom industry. Several other major players have also undergone significant restructuring efforts in recent years, including layoffs and cost-cutting measures. The industry is highly competitive, and companies are constantly looking for ways to reduce costs and improve their bottom line.
The planned layoffs at Verizon are also a reflection of the company’s efforts to transition towards a more digital and technology-focused business model. As consumers increasingly turn to online and mobile services, telecom companies are having to adapt their offerings and operations to meet the changing demands of the market. This has led to a shift towards more automated and digital processes, which in turn has reduced the need for certain types of jobs.
In addition to the layoffs, Verizon is also expected to undergo a significant transformation of its business operations. The company has announced plans to invest heavily in new technologies, including 5G networks and artificial intelligence. These investments are seen as crucial to Verizon’s long-term success and will likely involve the creation of new jobs and opportunities in areas such as software development, data analytics, and cybersecurity.
The announcement of the layoffs has sparked a mixed reaction from industry analysts and experts. Some have praised Verizon’s decision to take proactive steps to address its cost base and improve its competitiveness, while others have expressed concerns about the impact on employees and the wider community.
Newly-appointed CEO Dan Schulman has been instrumental in driving the changes at Verizon. Since taking over the reins, Schulman has emphasized the need for aggressive change, including a “cost transformation” and a fundamental restructuring of the company’s expense base. The planned layoffs are seen as a key part of this effort, and Schulman has stated that the company is committed to making the necessary changes to ensure its long-term success.
In conclusion, the planned layoffs at Verizon are a significant development in the telecom industry. The decision to cut 15,000 jobs is a reflection of the company’s efforts to adapt to changing market conditions and improve its competitiveness. While the impact on employees and the wider community will be significant, the move is seen as a necessary step towards ensuring the long-term success of the company.
As the telecom industry continues to evolve, it is likely that we will see more companies undergoing significant transformations, including layoffs and cost-cutting measures. The key to success will be the ability to adapt and evolve, while also investing in new technologies and innovative business models.
The future of the telecom industry is uncertain, but one thing is clear: companies like Verizon will have to be proactive and strategic in their efforts to remain competitive. The planned layoffs at Verizon are just the beginning of a new chapter in the company’s history, and it will be interesting to see how the company navigates the challenges and opportunities that lie ahead.
Source: https://www.reuters.com/business/verizon-cut-about-15000-jobs-wsj-reports-2025-11-13/
