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Telecom giant Verizon is embarking on a significant restructuring initiative that will result in the layoff of over 13,000 employees. This move is part of a broader strategy to streamline operations, reduce costs, and prioritize customer satisfaction. As part of the restructuring, Verizon is also aiming to reduce its reliance on outsourced labor and recently appointed Dan Schulman as its new CEO. The company’s future direction will heavily emphasize artificial intelligence (AI), signaling a strategic shift towards embracing advanced technologies. To support affected employees, Verizon has established a $20 million reskilling and career transition fund. This fund will provide resources for skill development, digital training, and job placement assistance, enabling departing employees to adapt to the evolving job market driven by technological advancements. US-based employees will be notified of their status starting Thursday, with international employees to follow in the coming weeks.