Vodafone Said to Plan Hundreds of Job Cuts at U.K. Division
Originally posted on Bloomberg
Vodafone Group Plc, the world’s largest mobile-phone company, plans to cut hundreds of jobs in the U.K. to reduce costs and protect earnings amid the economic slowdown, two people with direct knowledge of the plan said.
The company aims to announce the measures tomorrow, said the people, who declined to be identified because the plans are confidential. The jobs will be eliminated at Vodafone’s U.K. operations, the people said, declining to give a precise number.
Vodafone Chief Executive Officer Vittorio Colao, the 47- year-old former McKinsey & Co. partner who took over in July, is pushing managers to eke out more profit from existing operations. Earlier this month, he agreed to merge the Australian unit with Hutchison Telecommunications Ltd.’s operation in the country, where growth prospects are slim.
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