Verizon to Cut 15,000 Jobs in Restructuring

Verizon Communications Inc., the United States' largest wireless carrier, is preparing to lay off about 15,000 employees, representing 15 percent of its workforce, in what would be the company's largest round of job cuts in its history. The reductions, part of a broader restructuring effort under new Chief Executive Officer Dan Schulman, are expected to begin as soon as next week, according to people familiar with the matter.

The layoffs will primarily target nonunion management positions, affecting more than 20 percent of that segment of the workforce, the sources said. In addition, Verizon plans to convert approximately 180 corporate-owned retail stores into franchised operations, which could further reduce its direct payroll by shifting those employees off the company's books. A Verizon spokesperson declined to comment on the plans.

Schulman, who joined as CEO in early October after serving on Verizon's board for seven years, has emphasized the need for significant operational changes. During the company's third-quarter earnings call last month, he stated, "We will be a simpler, leaner and scrappier business." He also highlighted the unsustainability of relying on price...