By Max Greenhalgh • 16 May 2023 • 11:17
Vodafone to cut 11,000 jobs
Photo credit: Vodafone
Telecoms company to cut 11,000 jobs worldwide over the next 3 years.
Telecoms giant Vodafone has announced huge job cuts worldwide which will affect UK operations. The job cuts of 11,000 jobs represent 12% of its global workforce.
Vodafone chief executive, Margherita Della Valle said:
“Today I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change.”
Della Valle continued: “My priorities are customers, simplicity and growth,” Della Valle said. “We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect.”
The job cuts come as Vodafone announced a drop in year-end earnings of 1.3%. With the announcement of job cuts, shares in the company fell by 4%.
Vodafone has 18 million UK mobile customers with a further 1 million broadband users.
The company are currently in the closing stages of a merger with fellow telecoms company Three. When complete it will be the largest mobile company in the UK.
Equity analyst at Hargreaves Lansdown, Matt Britzman, said the firm’s performance had been “lacklustre” in recent years but added Della Valle’s honesty about the companies performance was “refreshing”, but investors were yet to be convinced she could turn things around.
Vodafone has not confirmed how many of the planned 11,000 cuts will be in the UK.
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