Verizon Contract Expiration

Verizon to Cut About 15,000 Jobs

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Telecommunications company is looking to reduce costs as it works to stem customer losses

The layoffs include shifting about Verizon 200 stores into franchise​s​, moving employees off ​the books.

Verizon Communications plans to cut roughly 15,000 jobs, its largest reduction ever, to reduce costs amid rising competition.
 

Verizon Communications VZ 1.47%increase; green up pointing triangle is planning to cut roughly 15,000 jobs, looking to reduce costs as it contends with increased competition for both wireless service and home internet customers, according to people familiar with the matter.

The cuts, the largest ever for the carrier, are set to take place in the next week, the people said. The majority of the reduction is expected to be made through layoffs. 

Verizon also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll, one of the people said.

The company had about 100,000 employees as of February, according to securities filings.

Verizon, the largest U.S. telecommunications provider by subscriber base, faces a fierce battle in both wireless and home internet markets. It has lost crucial postpaid phone subscribers for three consecutive quarters, as other wireless companies pick off customers. In April, it began offering a price-lock guarantee for a swath of customers, though competitors have also since pushed similar promotions.

In the most recent quarter, Verizon lost a net 7,000 postpaid phone connections, while Wall Street analysts had forecast a gain of 19,000. AT&T and T-Mobile have both been growing those subscriber counts.

Last month, Verizon named its lead independent director Daniel Schulman as its new chief executive officer. Schulman, a former CEO of PayPal and Virgin Mobile USA, has said he would aggressively reduce the company’s entire cost base and take steps to reverse the customer losses.

“Verizon is at a critical inflection point,” he said last month in a call discussing the company’s third-quarter results.

The company has said it plans to exit or streamline legacy businesses that don’t offer clear paths to profitability, and will look to be a more nimble organization.

“We have a tremendous amount of opportunity to be more efficient, to be scrappier,” Schulman said. “Cost reductions will be a way of life for us here.”

Morgan Stanley analysts wrote in an October note that delivering Schulman’s vision in a mature U.S. telecom market would “not be easy or quick.” They said it is “possible—if not probable—that Verizon can improve operating and financial performance over time while remaining a rational actor in the marketplace.”

Verizon joins a wave of companies slimming down, with some finding tech-driven ways of improving efficiencies. Corporate giants including Amazon.com, United Parcel Service and Target have all announced job cuts in recent weeks.

The IBEW Local 2322 Benevolent Fund will be donating and delivering meals to families in the Southeast for Thanksgiving. Last year we helped 151 families and would like to accomplish the same and more if possible.  Let's help in trying to minimize the burden on our fellow neighbors in need.  We will need volunteers and donations to make this possible, so if you are able to help, please message me or utilize the information on the flyer below. Our PayPal link and QR code are attached to donate. Your generosity is greatly appreciated!!

VZ employees, don't forget to double your donation of $25 or more with VZ Matching Gifts Program !!

paypal.me/2322BenFund

We regret to announce the passing of James Hoey, who was an active member, a CO Tech out of our Brockton CO.  We are deeply saddened by his passing and extend our sympathies to his friends, family and co-workers. 

Rest In Peace Jim

James Michael Hoey of Brockton, Massachusetts
August 31, 1958- October 7, 2025

It is with heavy hearts that we announce the passing of James Michael Hoey. He passed away unexpectedly.

James was the proud father of his three children, James, Christine and Caroline, whom he loved deeply. He was a devoted son of Mary E. Hoey of Milton and the late Edward P. Hoey of Jamaica Plain.

He is also survived by his loving siblings: Mary Beth and her husband Joseph of Brewster, Ma, Timothy and his wife Kara of Milton, MA, Brian and his wife Pamela of Dedham, MA and Brendan and his wife Ellen of Milton, MA.

James was also the beloved uncle to Megie and her husband, Ryan, as well as John, Aidan, Ryan, Patrick, Shane, Colin, Bridget and Dillon, all of whom adored their Uncle Jimmy. He never missed a game, baptism, graduation or birthday, and he was a steady positive role model in their lives.

He was also blessed with two grandnephews, Finn and Seamus, who brought him endless joy and laughter, as well as a dedicated and loving Godson of Margaret Adams, (Auntie Peggy) of Milton Ma.

Jimmy was a graduate of Catholic Memorial High School, class of 1977 and a proud veteran who served his country honorably in the United States Navy. He was a dedicated member of IBEW Local 2322 and Local 103 and a valued employee of Verizon.

Although Jimmy resided in Brockton, he was always a Jamaica Plain (JP) boy at heart, where he created a lifetime worth of fond and hilarious memories and stories.

For over 25 years, Jimmy was a proud friend of Bill W., forming countless lifelong friendships and serving as a beacon of strength, humility, and hope for many. His warmth and humor touched everyone who knew him.

Visiting hours at the William J. Gormley Funeral Home, 2055 Centre St. West Roxbury, MA on Monday, October 20 from 4 PM to 8 PM. Funeral from the funeral on Tuesday, October 21 at 9 AM, followed by a Funeral Mass at Saint Theresa of Avila Church, 2078 Centre St. West Roxbury at 10 AM. Relatives and friends are invited. Interment St. Joseph Cemetery. To live stream the Funeral Mass, please visit www.sttheresaparishboston.com www.sttheresaparishboston.com.

In lieu of flowers, donations may be made in his memory to: The Wilson House P.O. Box 46, 378 Village Street East Dorset, VT 05253.

Jimmy will be remembered for his unwavering love of family, his loyalty to friends, his kindness, generosity and deep spirituality. He was loved by many, and he will be dearly missed.

https://www.legacy.com/us/obituaries/name/james-hoey-obituary?id=59779373#obituary

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