Verizon Communications is laying off more workers, reducing the number of company-owned retail stores, and realigning its structure as the nation's largest wireless carrier continues to cut costs under new CEO Daniel Schulman.

Verizon told employees Thursday it will reduce the number of corporate-owned stores to 1,000 as part of its three-year strategy, and will also restructure some departments, according to an internal email and call reviewed by Barron's. Both retail and corporate jobs will be cut as part of these changes, according to the email and call.

Verizon representatives didn't respond to a request for comment. Barron's reported earlier this week that Verizon would announce layoffs on Thursday.

Reuters on Thursday afternoon reported that about 3,000 employees will be affected. That would equal about 3.3% of the company, based on Verizon's total head count of 89,900 employees at the end of 2025.

Schulman has made cost savings a priority since he took the job last October. During an earnings call in January, Schulman said Verizon was aiming to save $5 billion in operating expense in 2026 and a "substantial portion" of the savings would come from head count reductions among other areas.

In November, Verizon cut 13,000 jobs, the company's largest-ever layoff. It announced a smaller round of layoffs this past May.

The reduction in company-owned stores will allow Verizon to invest in premium in-store experiences, according to the company's email. A portion of Verizon's existing retail stores will be acquired by third-party retailers, or what it refers to as "indirect agents," effective Aug. 16. Verizon also sells products at big box stores like Costco and Best Buy.

The company is also merging its Customer Success and Consumer Sales Organization Operations teams, and is redesigning its teams around three pillars, Mobile, Home and Value brands, the email said.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com

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July 16, 2026 16:45 ET (20:45 GMT)

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