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Verizon is preparing to eliminate approximately 15,000 roles as incoming CEO Dan Schulman advances a restructuring plan that he has described internally as a “cost transformation.”
The reduction represents around 15% of the workforce and marks the largest job cut the company has ever undertaken.
The most significant impact is expected to fall on non-union management posts, where more than a fifth of roles are set to disappear. Verizon also intends to convert between 180 and 200 of its corporate-owned retail locations into franchised outlets, effectively shifting those positions away from its direct payroll.
Schulman, previously PayPal’s chief executive and a long-standing Verizon board member, stepped into the top job only weeks ago. He has argued that Verizon must “fundamentally restructure our expense base” to build a “simpler, leaner and scrappier business.”
Competition pressures reshape priorities
Verizon’s drive to overhaul its cost structure comes as the company struggles to keep pace with rivals in the wireless market. It added some 44,000 postpaid wireless subscribers in the most recent quarter, far behind AT&T and T-Mobile, which continue to aggressively deploy pricing strategies and service bundles to expand their customer bases. Cable companies such as Comcast and Charter are also increasing competitive pressure as they build out their mobile offerings.
Rather than depend on further price rises, a tactic Verizon has used frequently in recent years, Schulman is shifting the emphasis toward operational efficiency and targeted investments. Analysts estimate that the job cuts alone could produce as much as $1billion a year in savings starting in 2026.
Franchise shift raises questions about customer experience
Such an extensive restructuring carries risk for operational stability and employee morale. Reducing a large slice of management may disrupt critical operations, weaken continuity and slow implementation of key initiatives. The decision to transition so many retail stores to franchise ownership may also challenge the firm's ability to tightly manage the customer experience, especially as churn remains a major concern in the wireless market.
It is also a marked departure from recent years, when Verizon focused heavily on investment-led expansion, including major spending on mid-band 5G spectrum and acquisitions such as TracFone. The new CEO's approach signals a shift toward structural efficiency and performance accountability rather than large capital outlays.
Analysts say the reset could help Verizon regain ground, though they caution that cost-cutting alone will not restore growth. Improving customer retention, reinforcing the company’s value proposition and defending its network performance credentials will remain essential.
Whatever outcomes they produce, the cuts mark the beginning of a strategy that is likely to shape Verizon’s direction for years.
