Verizon Is Laying Off Over 13,000 Workers

Verizon is preparing to laic disconnected much than 13,000 employees, aliases astir 13 percent of its workforce. In a connection to employees, Verizon CEO Dan Schulman says that nan reductions travel arsenic portion of plans to trim costs and “reorient” nan institution “around delivering for and delighting our customers,” arsenic first reported by The Wall Street Journal.

The institution reported having astir 100,000 full-time labor in September. Schulman writes successful nan memo that Verizon plans to “significantly trim our outsourced and different extracurricular labour expenses.” Verizon appointed Schulman — who antecedently headed up PayPal — arsenic CEO past period arsenic nan institution originates its “next phase” of growth.

“As a customer-first culture, we person to align our teams and resources to create caller worth for customers and build a faster, stronger and much proactive Verizon,” Schulman writes. “To do that, we must simplify our operations to reside nan complexity and clash that slow america down and frustrate our customers.”

Verizon’s most caller net report revealed that it had mislaid astir 7,000 postpaid telephone customers arsenic nan institution continues to grow its net offerings pinch a $20 cardinal merger pinch fibre supplier Frontier and a woody to get nan antenna-based net work supplier Starry.

The bearer will statesman notifying US-based labor of their position connected Thursday, according to nan WSJ, while labor overseas will person connection successful nan “coming weeks.” It will besides connection a $20 cardinal “reskilling and profession modulation fund” for impacted workers.

Here’s Schulman’s afloat memo to employees:

Team,

Thank you for nan galore messages you’ve shared astir nan activity we request to do to strengthen
our company. I admit your ideas and candor. The pridefulness you person for nan domiciled that Verizon
plays successful people’s lives is abundantly clear, arsenic is your desire for america to lead nan industry.

As I shared astatine our astir caller all-employee meeting, we request to alteration and germinate arsenic a
company to meet nan needs of our customers and grow our marketplace leadership. Our current
cost building limits our expertise to put importantly successful our customer worth proposition. We must
reorient our full institution astir delivering for and delighting our customers.

As a customer-first culture, we person to align our teams and resources to create caller worth for
customers and build a faster, stronger and much proactive Verizon. To do that, we must simplify
our operations to reside nan complexity and clash that slow america down and frustrate our
customers.

Today, we will statesman reducing our workforce by much than 13,000 labor crossed the
organization, and importantly trim our outsourced and different extracurricular labour expenses. We
deeply worth their contributions and are committed to providing broad resources to
support our labor passim this transition. Every portion of nan institution will experience
some level of change, and we will person conversations pinch each affected worker to ensure
they are treated pinch nan utmost respect and care.

Changes successful exertion and successful nan system are impacting nan workforce crossed each industries.
We spot it successful our families and wrong our communities. To thief our group hole for their future,
we person established a $20 cardinal Reskilling and Career Transition Fund for employees
departing Verizon. This money will attraction connected accomplishment development, integer training and occupation placement to
help our group return their adjacent steps. Verizon is nan first institution to group up a money to specifically
focus connected nan opportunities and basal accomplishment sets arsenic we participate nan property of AI. It is my intent to
also activity pinch different companies and nan nationalist assemblage to reside nan opportunities and
challenges successful a world wherever exertion will effect each of us.

Change is necessary, but it tin beryllium difficult—especially erstwhile it affects weighted teammates. It’s
important that we nonstop our power and resources to group Verizon connected a way to success. The
actions we’re taking are designed to make america faster and much focused, positioning our company
to present for our customers while continuing to seizure caller maturation opportunities. Being a
customer-first, cost-conscious civilization will beryllium a measurement of life for us. And each of america is responsible
for surviving up to that commitment.

In nan coming weeks, your leaders will stock caller organizational structures and priorities that
align pinch our guidance arsenic a company. As we make these changes, we must activity together to
ensure we extremity nan twelvemonth strong, pinch a moving commencement to 2026. The 4th fourth is an extremely
important 1 for us, truthful I admit everyone base down to make it a awesome one, moreover successful the
face of change.

Our early will beryllium defined by really we lead from present — pinch clarity, attraction and a shared imagination to
win successful nan marketplace and present meaningfully for our customers, shareholders and each other. To
those colleagues who will beryllium leaving, convey you for your galore contributions. To those continuing
with us, I admit your continued committedness arsenic we build a stronger Verizon together.

Dan