Verizon to lay off over 13,000 workers

ISTANBUL

US-based telecom firm Verizon announced Thursday that it will cut more than 13,000 employees as it works to restructure and "evolve as a company" by reducing costs.

In an internal memo, CEO Dan Schulman emphasized the need to change and evolve to meet customer needs and increase the company's market leadership.

"Our current cost structure limits our ability to invest significantly in our customer value proposition. We must reorient our entire company around delivering for and delighting our customers," he wrote.

Schulman said the company's operations needed to be simplified, adding that they would begin laying off more than 13,000 employees and significantly reduce outsourcing and other external labor costs.

He noted that changes in technology and the economy are impacting the workforce in all sectors.

Verizon is creating a $20 million career transition fund for laid-off workers, Schulman said, so they may focus on the "opportunities and necessary skill sets as we enter the age of AI."

Verizon employed 99,600 workers at the end of 2024, according to its 2024 annual report.