Verizon Communications plans to eliminate roughly 15,000 positions as part of a major cost-cutting effort amid intensifying competition in wireless and home internet, according to people briefed on the strategy, The Wall Street Journal reports.

The reductions, expected to roll out over the coming week, would mark the largest workforce cutback in the company’s history. Most of the shrinkage will come through direct layoffs, the people said.

Verizon also intends to convert about 200 of its retail locations into franchised stores, effectively moving those workers off Verizon’s payroll and onto that of franchise operators.

The company, the largest U.S. telecom provider by subscriber count, has been under pressure as it fights to retain and attract both mobile and broadband customers. Verizon has reported losses of key postpaid phone subscribers for three quarters in a row.

In October, Verizon appointed Daniel Schulman, its lead independent director, as chief executive. Schulman, previously the CEO of PayPal and Virgin Mobile USA, has pledged to aggressively streamline operations, cut expenses across the business and stem customer defections.

He has said the company has significant room to operate more efficiently and that ongoing cost reductions will be embedded into how Verizon runs its business.

Verizon reported having about 100,000 employees as of February, according to its securities filings.