Virgin Media O2 Layoffs: Up To 4,000 Jobs At Risk In Major Restructuring, Report Says
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Virgin Media O2 is preparing to cut up to 4,000 jobs as part of a major restructuring to reduce costs.
- ✓A Sky News report on Saturday said this affects a quarter of its workforce.
- ✓The company wants to lower its £22 billion debt and save around £600 million this year.
Story at a Glance
- Category
- BUSINESS
- Reported By
- NDTV Profit
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
British telecoms operator Virgin Media O2 is reportedly preparing to cut thousands of jobs as part of a major restructuring in order to reduce operating costs.
According to a Sky News report on Saturday, around 4,000 employees could be affected, representing approximately a quarter of its 16,000-strong workforce.
The precise number of redundancies has not been finalised, but the proposed reductions are expected to affect primarily non-customer-facing positions.
Several changes at senior leadership levels are also reportedly underway as the company reviews its organisational structure.
Virgin Media O2, jointly owned by Liberty Global and Spain's Telefonica, declined to comment on the reported job cuts.
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