Vodafone layoffs are reportedly the next in line, ready to impact hundreds as the world economy struggles to cope. As per latest updates, these Vodafone layoffs may be the biggest round of job cuts for the company in last five years.
According to a report in the Financial Times, Vodafone is resorting to these job cuts as the telecoms group is trying to rein in costs and revive its performance. Moreover, the company is looking to axe hundreds of jobs, mostly in its London headquarters.
The FT report on Vodafone layoffs adds that the company employs about 1,04,000 people globally and out of these, 9,400 are in the UK alone. It has also had a challenging year as it came under pressure from several investors to simplify it sprawling business, shed poorly performing units and decentralise its global operations, as per the report.
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In November, Vodafone reportedly also said that it would work towards cutting €1 Billion of costs by 2026 as group profits slipped in the first half of the year. As per FT’s report, the company said in a statement, “We are reviewing our operating model, focusing on streamlining and simplifying the group. We will say more about the changes when we announce our third-quarter results on February 1.”
Vodafone layoffs come at a time when the European telecom sector is as it is battling with a tough time, especially with energy prices and interest rates soaring. With such high costs, the telecom has now resorted to cutting jobs to calm down the situation.
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