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WARN Act gives advance notice of upcoming mass layoffs
The labor law, which has gone viral on social media, gives workers a heads-up about impending layoffs – and the information is open to the public.
Verizon is planning to cut more than 13,000 jobs as part of a restructuring under its new CEO, who made the announcement in a memo on Thursday.
This would mark the largest round of layoffs in the telecommunication company’s history.
Verizon to cut more than 13,000 jobs
What we know:
The layoffs arrive as the telecommunications giant says it must "reorient" its entire company.
The job cuts began on Thursday, per to a staff memo from Verizon CEO Dan Schulman. In the letter, which was seen by The Associated Press, Schulman said Verizon’s current cost structure "limits" the company’s ability to invest — pointing particularly to customer experiences.
What they're saying:
"We must reorient our entire company around delivering for and delighting our customers," Schulman wrote. He added that the company needed to simplify its operations "to address the complexity and friction that slow us down and frustrate our customers."
A general view of a Verizon store on September 15, 2022 in Levittown, New York, United States. Many families along with businesses are suffering the effects of inflation as the economy is dictating a change in spending habits. (Credit: Bruce Bennett/ …
Layoffs account for 20% of its management workforce
Big picture view:
Verizon had nearly 100,000 full-time employees as of the end of last year, according to securities filings.
The layoffs, affecting nearly 20% of its management workforce, are set to take place as soon as next week, the person told Reuters.
Verizon has faced rising competition in both the wireless phone and home internet space — particularly from AT&T, T-Mobile and other big market players. New leadership at the company has stressed the need to right the company’s direction.
Speculation about the layoffs came earlier this month, when several media outlets reported that Verizon planned to cut up to 15,000 jobs.
What they're saying:
At the time, a Verizon spokesperson told FOX Local that current media reports were based on rumors and speculation and that Verizon has not made any announcement, nor any official numbers or timeline.
For its third quarter of 2025, Verizon posted earnings of $4.95 billion and $33.82 billion in revenue. The carrier reported continued subscriber growth for its prepaid wireless services, but it lost a net 7,000 postpaid connections.
Company layoffs continue
The backstory:
Many companies have already announced layoffs this year.
RELATED: 2025 layoffs: List of companies cutting jobs this year
Headcount reductions in early 2025 are taking place at companies in a broad range of sectors, impacting thousands of employees.
Earlier this year, Microsoft laid off about 3% of its workforce, amounting to about 6,000 people, and Starbucks laid off 1,100 corporate employees globally.
The Source: This story was reported from Los Angeles. The Associated Press contributed.