Verizon is set to lay off over 13,000 employees starting Thursday as part of an effort to reduce staff and increase investment in core areas.

The job cuts represent about 20 percent of Verizon’s workforce, which had 100,000 full-time employees at the end of the previous year.

What they’re saying: CEO Dan Schulman announced the layoffs in a letter, emphasizing the need to reorient the company to better serve and satisfy customers. • Schulman stated that simplifying operations and eliminating friction that frustrates customers are key goals behind the cuts.

Driving the news: The layoffs come as Verizon reported a loss of 7,000 net consumer postpaid phone connections; analysts had anticipated a gain of 19,000. • Competition from AT&T and T-Mobile, who continue to grow postpaid subscrib

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