Nov. 20 (UPI) — Verizon said Thursday it will lay off thousands of jobs in a cost reduction measure.
The telecommunications giant said some 13,000 workers will be let go due to “cost structure limits” in order for Verizon to be “faster and more focused,” according to CEO Dan Schulman.
“Changes in technology and in the economy are impacting the workforce across all industries,” he said in a message. “We see it in our families and within our communities.”
The company began 2025 with a roughly 100,000 strong workforce.
Schulman told Verizon employees that “every part” of the company will experience “some level of change” as Verizon focuses on “delighting our customers.”
Last month, Schulman, who arrived from PayPal, took over the Verizon helm hoping to cultivate a “leaner” business operation.
A Verizon spokesperson reiterated that cuts do not target a specific department.
The layoffs will impact roughly 20% of Verizon’s non-union management in a pool of approximately 70,000 employees, Verizon spokesman Kevin Israel told USA Today.
Meanwhile, Verizon announced it unveiled of a $20 million career transition fund for its recently fired personnel for “reskilling.”