Nov 20, 2025 Latest Videos from Bloomberg Radio
Verizon Communications Inc. announced wide-ranging layoffs Thursday morning that will shrink the company by as much as 20% of its non-union workforce, a major step in a turnaround plan led by new Chief Executive Officer Dan Schulman. The largest wireless carrier in the US gave notice that it will begin by cutting more than 13,000 employees, according to an internal message Schulman sent to employees that was seen by Bloomberg News. Bloomberg's John Butler joins Paul Sweeney and Scarlet Fu to discuss.

Verizon Communications Inc. announced wide-ranging layoffs Thursday morning that will shrink the company by as much as 20% of its non-union workforce, a major step in a turnaround plan led by new Chief Executive Officer Dan Schulman.
The largest wireless carrier in the US gave notice that it will begin by cutting more than 13,000 employees, according to an internal message Schulman sent to employees that was seen by Bloomberg News. Schulman, lead independent director at Verizon, was named to the top job last month after two consecutive quarters of subscriber losses and lackluster stock performance. He’s promised a “simpler, leaner and scrappier” business.
“Our current cost structure limits our ability to invest significantly in our customer value proposition,” Schulman wrote in the letter. “We must reorient our entire company around delivering for and delighting our customers.”
The dismissals extend to employees at every level across all parts of the business, including retail workers, customer service representatives and some senior executives. The bulk of affected employees will be off Verizon’s payroll by the end of year. Employees can expect further restructuring in the coming weeks, Schulman said.
Verizon has roughly 100,000 employees across the country. About one-third are represented by the Communications Workers of America and the International Brotherhood of Electrical Workers. Few of those employees will be impacted by the cuts, Verizon said.
Verizon has sizable pockets of workers across New Jersey, Texas, Florida and New York. The company is reevaluating its real estate portfolio in light of the downsizing and may close some offices. It will also convert 179 company-owned stores to franchises and close one store in New York City. Verizon will still hold 1,300 corporate-owned stores and more than 6,000 franchises, a spokesperson said.
The company will make available a $20 million fund to help employees learn new skills if they choose, including retraining for a job market that’s being impacted by the rise of artificial intelligence.
Schulman, the former CEO of PayPal Holdings Inc., replaced Hans Vestberg and stepped in just before Verizon reported yet another decline in mobile subscribers in the third quarter. Schulman pledged to “aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders.”