America's largest wireless carrier cuts 15,000 jobs

Verizon is set to lay off around 15,000 workers, marking its largest job cuts ever. This decision comes amid declining customer numbers and increased competition from T-Mobile and AT&T. Over the next week, layoffs will primarily occur through direct cuts, with around 200 retail stores transitioning to franchises, removing those employees from Verizon’s payroll.

The company has experienced significant customer losses, including 289,000 wireless customers in one quarter. This trend followed a controversial price increase and reduced discounts. New CEO Daniel Schulman aims to reverse these losses and implement cost-cutting measures, stating, "Cost reductions will be a way of life for us here."