Verizon will cut over 13,000 jobs, convert 179 stores to franchises, and close one store to reduce costs and restructure operations. CEO Dan Schulman plans to streamline operations, reduce outsourced labor, and invest in improving customer value. The job cuts are part of a larger effort to reset priorities and regain market leadership. Verizon faces stiff competition from rivals like AT&T and T-Mobile, with concerns over a shrinking customer base and pressure to offer more competitive plans. Verizon’s CEO, Dan Schulman, aims to focus on AI opportunities and skill sets for laid-off employees, as the company transitions into the age of AI. Verizon’s recent job cuts are not related to the company’s use of AI technology. Verizon’s new CEO, Dan Schulman, is facing challenges from competitors like AT&T and T-Mobile, who are offering aggressive discounts and trade-in deals around the launch of new iPhone models. In the third quarter, Verizon added just 44,000 new bill-paying wireless subscribers, trailing behind AT&T and T-Mobile. Verizon had approximately 100,000 employees in the U.S. at the end of 2024, including about 70,000 non-union employees. The company has cut nearly 20,000 jobs in the past three years. Verizon has made significant investments in its 5G network, spending $52 billion on midband spectrum acquisition in 2021, acquiring Frontier Communications for $20 billion, and purchasing TracFone Wireless for $6 billion.

Read more at Yahoo Finance: Verizon cutting more than 13,000 jobs as it restructures