Vodafone Plans To Cut Several Hundred Jobs: Report

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According to media reports, Vodafone plans to cut “several hundred jobs,” the majority of which will be located at its London headquarters. It will be the company’s largest round of layoffs in five years.

This follows Vodafone’s November announcement of $1.08 billion in cost-cutting measures by 2026 in response to a deteriorating market outlook. European telco valuations have been reduced by nearly 50%, including Telefonica in Spain and Orange in France. High energy prices and rising interest rates have put a strain on the businesses.

Vodafone employs 104,000 people worldwide. However, it is unclear how much of an impact the job cuts will have in India, where the company operates under the Vi brand with Idea.

Vodafone CEO Nick Read, whose tenure as CEO saw the company lose more than 40 per cent of its value has stepped down. Vodafone’s chief financial officer, Margherita Della Valle, has been named interim CEO.

Vodafone also agreed to sell its business in Hungary to local IT company 4iG and the Hungarian state for $1.82 billion in cash earlier this week. This transaction was first announced in August of last year.

In November, last year, company said, “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.”

As part of a restructuring exercise, cab aggregator Ola has also laid off employees from some of its verticals. According to them, the Bengaluru-based company has laid off approximately 200 employees from its technology and product teams, with engineering roles being the hardest hit.

According to reports, e-commerce company Amazon has also begun laying off around employees in India as part of its largest global retrenchment exercise. Amazon has notified affected employees via email that they have been laid off.



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