Verizon Communications CEO Daniel Schulman will oversee the sale of 274 retail locations and the elimination of approximately 500 corporate jobs.
Verizon Communications CEO Daniel Schulman announced that the company will sell 274 retail locations and cut roughly 500 corporate positions, affecting about 3,000 employees in total. The store divestiture, effective August 16, aims to leave the carrier with approximately 1,000 company-owned locations as part of a long-term strategic plan. These workforce reductions are part of a broader effort by Daniel Schulman to slash $5 billion in operating expenses by 2026 to offset declining market share. The move follows a historic round of 13,000 layoffs in November 2025 and a smaller wave of cuts in May. To further reduce costs, the company is increasing its reliance on artificial intelligence for customer service and has tightened its capital expenditure guidance. Despite the layoffs, Verizon reported a positive first-quarter net gain in postpaid phone subscribers since 2013. The company also recently completed a $20 billion acquisition of Frontier Communications while maintaining a competitive stance against rivals AT&T and T-Mobile.