Verizon Communications Inc. is discussing plans to announce job cuts across the company next week, according to people familiar with the wireless carrier’s plans, a major step in a transformation led by new Chief Executive Officer Dan Schulman.

With the company counting just under 100,000 employees at the end of 2024, the move would represent one of the most sweeping workforce reductions in Verizon’s recent history, states the report.

Verizon Communications is reportedly planning significant companywide job cuts, potentially eliminating 10,000 to 15,000 positions as part of new CEO

Verizon is planning to cut about 15,000 jobs in the telecommunications company’s largest-ever layoffs as part of a restructuring under its new CEO. Reuters reported the looming layoffs on Thursday, citing an unnamed person familiar with the matter.

Verizon has about 100,000 employees. The planned cuts are part of an aggressive strategy that Schulman recently unveiled to reclaim market share