Virgin Media O2 plans to cut thousands of jobs as part of an £800m annual cost-saving programme aimed at tackling its £22bn debt, The Guardian reported. The telecoms group, a joint venture between Liberty Global and Telefónica, expects job reductions to deliver £300m of the total, cutting its staff costs by 30% within two years.
It did not give a figure for job losses, but the paper said up to 25% of its 16,000 staff could go. Most cuts are expected in roles that do not deal directly with customers, and the company intends to make greater use of AI in customer service, network planning and fault management. It will also use fewer contractors, review supplier contracts and stop upgrading its network to full fibre, currently half complete, beyond existing commitments. Chief executive Lutz Schüler said standing still was not an option.
Source: The Guardian
