New york: US-based telecom firm Verizon announced Thursday that it will cut more than 13,000 employees as it works to restructure and "evolve as a company" by reducing costs. According to Anadolu Agency, in an internal memo, CEO Dan Schulman emphasized the need to change and evolve to meet customer needs and increase the company's market leadership. "Our current cost structure limits our ability to invest significantly in our customer value proposition. We must reorient our entire company around delivering for and delighting our customers," he wrote. Schulman stated the company's operations needed to be simplified, adding that they would begin laying off more than 13,000 employees and significantly reduce outsourcing and other external labor costs. He noted that changes in technology and the economy are impacting the workforce in all sectors. Verizon is creating a $20 million career transition fund for laid-off workers, Schulman said, so they may focus on the "opportunities and necessary skill sets as we e nter the age of AI."