Verizon begins reducing workforce by more than 13,000 employees

The US-based telecom major is also in the midst of significantly reducing its outsourced and other outside labour expenses.

In a letter to employees on 20 November, Verizon CEO, Dan Schulman, has confirmed that the company is undergoing major restructuring, including layoffs.

Citing the latest financial data shared in the company's recent all-employee meeting, he called out a need for the company to change and evolve. He said: "Our current cost structure limits our ability to invest significantly in our customer value proposition. We must reorient our entire company around delivering for and delighting our customers."

The priority now, he wrote, is to align teams and resources to create new value for customers and build a faster, stronger and more proactive company. As such, operations need to be simplified to address the complexity and friction that is currently slowing the company down, and frustrating its customers, he said.

With this context, the telecom major has begun reducing its workforce by more than 13,000 employees, and is also significantly reducing its outsourced and other outside labour expenses. Schulman wrote: "Every part of the company will experience some level of change, and we will have conversations with every affected employee to ensure they are treated with the utmost respect and care."

Going on to share details on any outplacement support to be provided, Schulman said a US$20mn 'Reskilling and Career Transition Fund' has been established for employees departing Verizon. This fund will focus on skill development, digital training and job placement to help people take their next steps.

He also provided clarity on the path forward for the rest of the organisation, whereby in the coming weeks, company leaders are expected to share new organisational structures and priorities that align with the refreshed direction. Calling for a running start to 2026, he stated: "The fourth quarter is an extremely important one for us, so I appreciate everyone bearing down to make it a great one, even in the face of change."

He signed off the letter with: "To those colleagues who will be leaving, thank you for your many contributions. To those continuing with us, I appreciate your continued commitment as we build a stronger Verizon together."

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