Story perspectives

Verizon to Lay Off 13,000 in Major Restructuring

11/22/2025

Summary

Story summary

Verizon Communications will lay off over 13,000 employees, its largest workforce reduction.
CEO Dan Schulman, who took over in October, stated the layoffs are necessary to streamline operations and boost competitiveness against AT&T and T-Mobile.
The company will convert 179 corporate-owned stores into franchises and close one location.
A $20 million Reskilling and Career Transition Fund will support affected employees, with more than 80% expected to exit by December.

History

Historical Context

The 2001 merger of Verizon and GTE marked a pivotal moment in the telecommunications industry, creating a major player with over 40 million customers amid intense competition from AT&T and T-Mobile. Today, Verizon's layoff of over 13,000 employees and establishment of a $20 million Reskilling Fund reflect ongoing challenges in adapting to market demands and technological advancements.

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Story summary

Verizon Communications will lay off over 13,000 employees, its largest workforce reduction.
CEO Dan Schulman, who took over in October, stated the layoffs are necessary to streamline operations and boost competitiveness against AT&T and T-Mobile.
The company will convert 179 corporate-owned stores into franchises and close one location.
A $20 million Reskilling and Career Transition Fund will support affected employees, with more than 80% expected to exit by December.

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