Not Amazon, Microsoft, Google, Meta, This Company Cuts 13,000 Jobs As Part Of Company’s Restructuring Exercise, Name Is…

Verizon has started a major restructuring plan that includes cutting more than 13,000 jobs as part of a wider effort to simplify its operations and reduce costs. The US-based telecom giant is also working to lower its dependence on outsourced and external labour.

In a letter to employees dated 20 November, Verizon CEO Dan Schulman said the company must transform after reviewing recent financial data shared during an all-employee meeting. He wrote that the current cost structure is limiting Verizon’s ability to invest in improving the customer experience. According to Schulman, the company now needs to reorganise itself around delivering better value and service to customers.

The CEO said Verizon aims to make the organisation faster, stronger and more proactive. He added that the company must eliminate complexity and friction in its operations, which are slowing it down and affecting customer satisfaction.

As part of the restructuring, Verizon has begun reducing its workforce by more than 13,000 employees. Schulman said that every department will see some changes and that affected employees will be informed personally. He emphasised that the company will ensure all outgoing staff are treated with respect and care.

To support those leaving, Verizon has created a 20 million dollar Reskilling and Career Transition Fund. This fund will help employees build new skills through digital training and guide them in finding new job opportunities. Schulman said the goal is to ensure a smoother transition for everyone affected.

He also told employees that the company will share new organisational structures and priorities soon as Verizon prepares for 2026. Calling the current quarter extremely important, he urged staff to stay focused and deliver strong results despite the challenges.