Verizon Communications plans to announce another round of layoffs this week as part of a cost-cutting drive under CEO Daniel Schulman. The layoffs are expected to be announced on Thursday morning, according to Barron's, which cited an employee briefed on the plans, though the number of affected employees could not be verified. Schulman, who became CEO last October, has made cost reduction a priority; the company cut 13,000 jobs in November, its largest-ever workforce reduction, and carried out a smaller round of layoffs in May, leaving it with 89,900 employees at the end of 2025. On a January earnings call, Schulman said Verizon was targeting $5 billion in operating expense savings in 2026, with a substantial portion expected from headcount reductions. The move comes ahead of Verizon's second-quarter earnings report on July 24.
Verizon Communications IncVerizon plans another round of layoffs as part of a cost-cutting drive to achieve $5 billion in operating expense savings in 2026, indicating ongoing financial restructuring.