Verizon announced plans to cut at least 15,000 jobs and convert 180 company-owned stores into franchises, marking the largest downsizing in the telecom giant's history.

The move comes as the company faces mounting competition from rivals like AT&T, T-Mobile, and cable providers such as Comcast and Charter.

According to sources cited by Reuters , the Wall Street Journal, and Bloomberg, the layoffs could begin as soon as next week, affecting roughly 15% of Verizon's U.S. workforce.

Converting stores into franchises will remove additional employees from the company's payroll, potentially raising total job cuts to 20,000. Non-union management positions are expected to decline by over 20%.

Verizon CEO Dan Schulman, who joined the company in October after leading PayPal, said last mont

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