In a devastating development, the telecommunications giant Verizon Communications announced its intention to cut around 15,000 jobs, and panic sprang across the industry. These job cuts represent roughly 15% of its US workforce and mark the largest round of layoffs in Verizon's history.

Telecommunications giant Verizon is implementing a significant restructuring, announcing the layoff of over 13,000 employees as it seeks to "reorient" its entire company.

Schulman said Verizon must "reorient" around customer experience and streamline operations to remove costly complexity and improve investment capability.