Verizon CEO Dan Schulman says the company is cutting 13,000 jobs

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Verizon Announces Layoffs of 13,000 Employees

Verizon CEO Dan Schulman made a significant announcement on November 20th in a letter to employees, stating that the wireless telecom company will be reducing its workforce by 13,000 employees, which accounts for approximately 13% of its total workforce. The decision comes as part of Verizon’s strategy to “evolve as a company” by cutting costs and restructuring its operations.

At the end of 2024, Verizon had a total of 99,600 employees, as reported in its most recent annual report. Schulman explained in the letter that the company’s current cost structure hinders its ability to make substantial investments in its customer value proposition, hence the need for a transformation within the organization.

As part of his new role as Verizon’s CEO, Schulman is tasked with overseeing the integration of Frontier Communications following its $20 billion acquisition, expected to be finalized in early 2026. The deal, announced in 2024, is seen as a strategic move by Verizon to expand its presence in artificial intelligence and connected smart devices.

Prior to leading Verizon, Schulman served as the CEO of PayPal and held key leadership positions at AT&T, Priceline, Virgin Mobile, and American Express.

Edited by Alain Sherter

The Associated Press contributed to this report.