Verizon Shares Surge 5.8% Amid Major Restructuring and 13,000 Job Cuts

Verizon (VZ) shares jumped 5.8% following the announcement of a significant restructuring plan and major leadership changes. The company confirmed it will lay off approximately 13,000 employees as part of an aggressive strategy to streamline operations and reduce costs. In a shift in its retail model, Verizon also plans to convert 179 corporate-owned stores into franchise locations. These initiatives are led by CEO Dan Schulman as part of a broader turnaround strategy following the acquisition of Frontier Communications. The restructuring specifically targets the Verizon Consumer Group to better align the business with the company's long-term transformation agenda. Market participants reacted positively to the cost-cutting measures, viewing them as a necessary step to improve operational efficiency and cash flow.