Verizon is laying off over 13,000 workers

Verizon is preparing to laic disconnected much than 13,000 employees, oregon astir 13 percent of its workforce. In a connection to employees, Verizon CEO Dan Schulman says that the reductions travel arsenic portion of plans to chopped costs and “reorient” the institution “around delivering for and delighting our customers,” arsenic archetypal reported by The Wall Street Journal.

The institution reported having astir 100,000 full-time employees in September. Schulman writes successful the memo that Verizon plans to “significantly trim our outsourced and different extracurricular labour expenses.” Verizon appointed Schulman — who antecedently headed up PayPal — arsenic CEO past period arsenic the institution begins its “next phase” of growth.

“As a customer-first culture, we person to align our teams and resources to make caller worth for customers and physique a faster, stronger and much proactive Verizon,” Schulman writes. “To bash that, we indispensable simplify our operations to code the complexity and friction that dilatory america down and frustrate our customers.”

Verizon’s most caller net report revealed that it had mislaid astir 7,000 postpaid telephone customers arsenic the institution continues to grow its net offerings with a $20 cardinal merger with fibre supplier Frontier and a woody to get the antenna-based net work supplier Starry.

The bearer volition statesman notifying US-based employees of their presumption connected Thursday, according to the WSJ, portion employees overseas volition person connection successful the “coming weeks.” It volition besides connection a $20 cardinal “reskilling and vocation modulation fund” for impacted workers.

Here’s Schulman’s afloat memo to employees:

Team,

Thank you for the galore messages you’ve shared astir the enactment we request to bash to strengthen
our company. I admit your ideas and candor. The pridefulness you person for the relation that Verizon
plays successful people’s lives is abundantly clear, arsenic is your tendency for america to pb the industry.

As I shared astatine our astir caller all-employee meeting, we request to alteration and germinate arsenic a
company to conscionable the needs of our customers and grow our marketplace leadership. Our current
cost operation limits our quality to put importantly successful our lawsuit worth proposition. We must
reorient our full institution astir delivering for and delighting our customers.

As a customer-first culture, we person to align our teams and resources to make caller worth for
customers and physique a faster, stronger and much proactive Verizon. To bash that, we indispensable simplify
our operations to code the complexity and friction that dilatory america down and frustrate our
customers.

Today, we volition statesman reducing our workforce by much than 13,000 employees crossed the
organization, and importantly trim our outsourced and different extracurricular labour expenses. We
deeply worth their contributions and are committed to providing broad resources to
support our employees passim this transition. Every portion of the institution volition experience
some level of change, and we volition person conversations with each affected worker to ensure
they are treated with the utmost respect and care.

Changes successful exertion and successful the system are impacting the workforce crossed each industries.
We spot it successful our families and wrong our communities. To assistance our radical hole for their future,
we person established a $20 cardinal Reskilling and Career Transition Fund for employees
departing Verizon. This money volition absorption connected accomplishment development, integer grooming and occupation placement to
help our radical instrumentality their adjacent steps. Verizon is the archetypal institution to acceptable up a money to specifically
focus connected the opportunities and indispensable accomplishment sets arsenic we participate the property of AI. It is my intent to
also enactment with different companies and the nationalist assemblage to code the opportunities and
challenges successful a satellite wherever exertion volition interaction each of us.

Change is necessary, but it tin beryllium difficult—especially erstwhile it affects valued teammates. It’s
important that we nonstop our vigor and resources to acceptable Verizon connected a way to success. The
actions we’re taking are designed to marque america faster and much focused, positioning our company
to present for our customers portion continuing to seizure caller maturation opportunities. Being a
customer-first, cost-conscious civilization volition beryllium a mode of beingness for us. And each of america is responsible
for surviving up to that commitment.

In the coming weeks, your leaders volition stock caller organizational structures and priorities that
align with our absorption arsenic a company. As we marque these changes, we indispensable enactment unneurotic to
ensure we extremity the twelvemonth strong, with a moving commencement to 2026. The 4th fourth is an extremely
important 1 for us, truthful I admit everyone bearing down to marque it a large one, adjacent successful the
face of change.

Our aboriginal volition beryllium defined by however we pb from present — with clarity, absorption and a shared imaginativeness to
win successful the marketplace and present meaningfully for our customers, shareholders and each other. To
those colleagues who volition beryllium leaving, convey you for your galore contributions. To those continuing
with us, I admit your continued committedness arsenic we physique a stronger Verizon together.

Dan