Verizon is cutting more than 13,000 jobs in a massive round of layoffs, a move the company says is essential to reshaping its operations amid rising competition and shifting market pressures.

According to The Associated Press, the layoffs, which began Thursday, were detailed in a memo from CEO Dan Schulman, who took over the company’s top job just last month. 

The memo warned that Verizon’s current cost structure “limits” its ability to invest in improvements — particularly those tied to customer experience.

“We must reorient our entire company around delivering for and delighting our customers,” Schulman wrote. He said Verizon must streamline operations “to address the complexity and friction that slow us down and frustrate our customers.”

According to the company, the cuts represent roughly 20% of its management workforce, which is not unionized. Verizon ended last year with nearly 100,000 full-time employees, securities filings show.

The restructuring comes as Verizon faces escalating pressure from competitors in wireless and home internet markets, including AT&T and T-Mobile. 

With subscriber preferences shifting and performance lagging in key areas, Schulman has argued that the carrier’s trajectory is at a “critical inflection point.”

In its most recent earnings report, covering the third quarter of 2025, Verizon posted $4.95 billion in earnings and $33.82 billion in revenue. While the company saw gains in prepaid wireless subscribers, it lost a net 7,000 postpaid connections — a key metric for its long-term stability.

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The Wall Street Journal previously reported the coming job cuts, noting that this marks the largest single round of layoffs in Verizon’s history.

Schulman also said the company will “significantly reduce” outsourced labor and other external expenses as part of its broader restructuring effort. He emphasized that Verizon is not alone in facing economic and technological upheaval.

“Changes in technology and in the economy are impacting the workforce across all industries,” he wrote.

The turbulent job market has been marked by layoffs at major companies, including Amazon, UPS, and Nestlé. 

Some businesses have pointed to rising costs fueled by President Donald Trump’s tariffs and ongoing shifts in consumer spending. Others are cutting jobs to redirect resources toward artificial intelligence or to facilitate broader corporate restructuring.

To help departing employees, Verizon has established a $20 million “Reskilling and Career Transition Fund,” aimed at easing the transition for workers whose jobs are being eliminated.

Despite the sweeping changes, Verizon’s stock showed little movement Thursday, reflecting cautious investor reaction as the company embarks on its largest organizational shake-up in decades.