Verizon's Bold Restructuring: 13,000+ Jobs on the Line, 20% Nonunion Workforce Cut

Verizon just dropped a bombshell. New CEO Dan Schulman is making some serious moves—slashing over 13,000 jobs (roughly 20% of the nonunion workforce) and converting 179 company-owned retail stores into franchises. Notifications start Thursday.

Why the axe now?

Verizon’s bleeding subscriber numbers. Three straight quarters of mobile customer losses while competitors are eating their lunch. Schulman put it bluntly in his memo: “Our current cost structure limits our ability to invest significantly in our customer value proposition.” Translation: They need cash to compete.

The numbers:

• 13,000+ layoffs (10,000-15,000 previously reported)
• ~20% reduction in nonunion staff
• 179 stores converting to franchises
• Down to ~100,000 employees by end of 2024
• Unionized workers remain protected

What this means:

Verizon’s in a tight spot. Facing dual pressure from wireless and home-internet competition, they’re betting big on cost-cutting to fund the customer experience overhaul. Whether it works? Markets will judge. But one thing’s clear—Big Telecom is reshuffling hard.