Verizon, with $101.81 billion in operating revenue this year, plans to cut about 15,000 jobs, the largest cut in its history, and shift 200 stores to franchises. This comes a month after Daniel Schulman became CEO. In the third quarter, Verizon lost 7,000 postpaid phone subscribers, while competitors AT&T and T-Mobile gained. Schulman, former CEO of PayPal, aims to reduce costs and reverse customer losses. During his tenure at PayPal, revenue tripled to $30 billion. He also orchestrated Virgin Mobile’s $483 million sale to Sprint Nextel.

Read more at Yahoo Finance: Verizon will cut about 15,000 jobs after new CEO says ‘cost reductions will be a way of life for us here’