Verizon's biggest-ever layoffs: 15,000 people out as company reshapes
Verizon is letting go of approximately 15,000 employees—the largest layoff in its history—as new CEO Dan Schulman pushes for a leaner, more efficient company.
The move comes as Verizon faces tough competition in wireless and home internet, and plans to transition 200 of its stores into franchises.
Who's affected and why?
These cuts follow three straight quarters of subscriber losses for Verizon while rivals like T-Mobile are gaining ground.
What's next for laid-off employees?
Verizon has set up a $20 million Reskilling and Career Transition Fund to help those impacted pick up new skills and find fresh opportunities.
The company says it wants to support everyone through this tough transition.
Fun fact:
As part of the shake-up, Verizon is shifting about 200 company-owned stores to franchise status—a big change aimed at staying nimble as the industry evolves.