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Verizon slashing 15,000 jobs after new CEO’s price vow to customers

Verizon is battling rising competition as subscriber growth slows and cautious consumers are unwilling to buy premium wireless plans — Verizon is battling rising competition as subscriber growth slows and cautious consumers are unwilling to buy premium wireless plans (Bruce Bennett/Getty Images)

Verizon is reportedly planning to cut approximately 15,000 jobs, representing about 15% of its workforce, as part of a major restructuring.
The layoffs, expected to commence next week, will primarily target non-union management roles, affecting over 20% of that segment.
The move comes under the leadership of new CEO Dan Schulman, who aims to make Verizon a "simpler, leaner and scrappier business" amid increasing competition and slowing subscriber growth.
In addition to job cuts, Verizon intends to convert around 180 corporate-owned retail outlets into franchised operations.
Schulman has indicated a shift away from relying on price increases for financial growth, focusing instead on customer retention and cost transformation.

Verizon set to cut thousands of jobs and change some corporate-owned stores to franchises — In full