Verizon 15,000 Job Cuts, Restructuring

Verizon is undertaking its largest-ever restructuring, planning to cut approximately 15,000 jobs, primarily from its non-union management ranks, and transition about 180 corporate-owned retail stores into franchised operations. These changes are being implemented under the new CEO, Dan Schulman, who joined in early October from PayPal. The move aims to address slowing subscriber growth and intense competition from rivals like AT&T and T-Mobile US in the United States wireless market. Dan Schulman emphasized the need for aggressive change, including 'cost transformation' and 'fundamentally restructuring our expense base,' to become a 'simpler, leaner and scrappier business' and achieve sustainable growth without relying heavily on price increases. Analysts like Craig Moffett of Leerink Partners suggest these cost reductions are intended to offset higher planned costs for customer retention.