Verizon plans 15,000 layoffs as it shifts stores to franchises

Verizon is preparing to cut about 15,000 jobs and convert a large share of its retail outlets into franchises, marking the company’s biggest retrenchment to date, USA Today reported, citing multiple outlets including Reuters, the Wall Street Journal and Bloomberg.

The cuts, expected as soon as next week, would affect roughly 15% of the wireless carrier’s US workforce. Bloomberg reported that the final number of job losses could reach as high as 20,000 once staff from company-owned stores are shifted off Verizon’s payroll as part of the franchise move.

The reports said the restructuring reflects mounting pressure on Verizon’s core wireless business, which has been hit by slowing subscriber growth, cheaper rival plans and intensifying competition from cable operators such as Comcast and Charter. The company has struggled to keep pace with competitors in a saturated market where customer churn is becoming increasingly costly.

Reuters reported that the layoffs will fall heavily on non-union management roles, reducing those positions by more than 20%. The move would also be one of the first major downsizing steps overseen by CEO Dan Schulman, who took the helm earlier this year. Schulman warned last month that Verizon required “cost transformation” and a fundamental reset of its expense base, saying the company would become “a simpler, leaner and scrappier business.”

According to Reuters, Verizon employed about 100,000 people in the US at the end of 2024, after cutting nearly 20,000 jobs over the previous three years. The proposed restructuring suggests the company is preparing for a deeper overhaul as competitive and margin pressures intensify.

The sweeping job cuts place Verizon among several major employers announcing reductions this autumn. Amazon confirmed the loss of 14,000 corporate roles in late October, while Target has reportedly outlined plans to eliminate around 1,800 corporate positions. According to a report from Challenger, Gray & Christmas, employers cut more than 150,000 jobs in October—the largest monthly total in more than two decades.

With investor scrutiny building and rivals reshaping their own cost structures, analysts say Verizon’s next challenge will be demonstrating whether the franchise strategy and leaner workforce can stabilise performance in a rapidly shifting market.