New Verizon CEO Dan Schulman, former PayPal chief, is set to oversee the largest workforce reduction in the company's history, with 15,000 jobs to be cut. This comes just weeks after he assumed the role, amid ongoing subscriber losses and mounting investor pressure, highlighting the challenges facing the telecom giant.
The layoffs, representing approximately 15% of Verizon's total workforce and over 20% of its non-union management ranks, are expected to begin as early as next week. This drastic measure underscores the company's urgent need to curb costs and stabilise its declining financial performance.
