Telecom giant Verizon has begun laying off roughly 13,000 employees, launching one of its largest workforce reductions in recent years as part of a sweeping corporate restructuring effort.
The job cuts, first hinted at last week in a report by The Wall Street Journal, were confirmed after an internal email viewed by Gizmodo showed that notifications had already started going out to affected employees. The layoffs span multiple departments and are expected to continue in phases over the coming weeks.
Verizon has framed the move as a necessary step in a broader reorganization to streamline operations, cut costs and reposition the company for long-term competitiveness amid slowing wireless growth and intensifying pressure from rivals like AT&T and T-Mobile.
“Our current cost structure limits our ability to invest significantly in our customer value proposition,” wrote Verizon’s new-ish CEO, Dan Schulman, in an email sent Thursday and shared with Gizmodo (the Journal originally reported on the email). “We must reorient our entire company around delivering for and delighting our customers,” the top executive added.
Schulman, who took over the top spot in October, said in the email that the layoffs would reduce Verizon’s “outsourced and outside labor expenses.” To help the workers who are losing their jobs, Verizon has established a $20 million Reskilling and Career Transition Fund, Schulman said. This fund will “focus on skill development, digital training and job placement to help our people take their next steps,” he shared.
The CEO added that technological change was sweeping through the economy. “Changes in technology and in the economy are impacting the workforce across all industries,” he wrote. “Change is necessary, but it can be difficult—especially when it affects valued teammates. It’s important that we direct our energy and resources to set Verizon on a path to success. The actions we’re taking are designed to make us faster and more focused, positioning our company to deliver for our customers while continuing to capture new growth opportunities.”
The layoffs come as major U.S. tech companies—including Amazon, Google and Meta—have also carried out large-scale job cuts this year, signaling that corporate belt-tightening remains in full force despite signs of economic stabilization.
