In one of the most significant shakeups at the telecom giant in years, Verizon is preparing to eliminate roughly 15,000 U.S. positions as part of a broad restructuring effort under newly appointed CEO Dan Schulman, according to a source familiar with the plans. The reductions—amounting to about 15% of the company’s workforce—could begin as early as next week and would mark Verizon’s largest round of layoffs to date.

The move reflects the competitive strains facing the nation’s largest wireless carrier. With subscriber growth slowing across the industry, Verizon has been squeezed between aggressive promotions from longtime rivals AT&T and T-Mobile and the growing presence of cable operators like Comcast and Charter, which are bundling mobile service with broadband to lure customers.

The cuts are expected to fall heavily on non-union management roles, trimming those ranks by more than 20%. Verizon also plans to convert about 180 company-owned retail stores into franchised locations as it seeks a leaner operating model. A company spokesperson declined to comment on the restructuring plans.

Schulman, who stepped into the CEO role in October after seven years on Verizon’s board and a high-profile tenure leading PayPal, has signaled an urgent need to reset the telecom’s cost structure. He has argued that Verizon must simplify operations and shift away from an overreliance on price increases, noting that the company already charges the highest rates in the sector.

The pressure to adapt is mounting. In the third quarter, Verizon added just 44,000 postpaid phone subscribers—well behind AT&T and far short of T-Mobile’s more than 1 million additions. Meanwhile, the company’s stock, though up modestly on early reports of the restructuring, has significantly lagged the broader market over the past three years.

Analysts say Schulman’s immediate challenge is stabilizing Verizon’s customer base. That may require costly handset subsidies and promotional spending—raising questions about whether savings from the upcoming layoffs will be sufficient to offset the higher retention costs. “What we don’t know is whether these reductions will actually help to balance the increased spending required to stop customer losses,” said Craig Moffett of MoffettNathanson.

Verizon has already undergone extensive cost-cutting in recent years, eliminating nearly 20,000 jobs since 2021 and launching multiple voluntary exit programs. The company has also made large, strategic bets—including a $52 billion investment in midband spectrum to bolster its 5G network and a $20 billion acquisition of Frontier Communications.

The Wall Street Journal first reported the planned job cuts.