edited by: Mohammad Haris
Last Update: January 14, 2023, 10:04 AM IST
Vodafone employs 104,000 people globally.
This follows Vodafone’s November announcement of cost saving measures worth $1.08 billion through 2026 in the face of a deteriorating market outlook.
Telecom services major Vodafone is planning to shed “several hundred jobs” and most of them are based in its London headquarters, according to a report. financial Times Citing two people informed about the discussions. It says that this is going to be the biggest round of job cuts for the company in five years.
This follows Vodafone’s November announcement of cost savings measures worth $1.08 billion by 2026 in the face of a deteriorating market outlook. European telecom companies including Telefónica in Spain and Orange in France have seen their valuations cut by nearly 50 per cent. Businesses have come under intense pressure amid high energy prices and rising interest rates.
Vodafone employs 104,000 people globally. However, it could not be verified how much the job cuts would impact India, where the company works with Idea under the V brand name.
Vodafone CEO Nick Read, under whose tenure as chief executive the company lost more than 40 percent of its value, is set to step down at the end of 2022. Vodafone’s Chief Financial Officer Margherita Della Valle has taken over as interim CEO.
Earlier this week, Vodafone also agreed to sell its business in Hungary to local IT company 4iG and the Hungarian state for $1.82 billion in cash. The deal was first announced in August last year.
“We are reviewing our operating model, with a focus on streamlining and simplifying the group. We will have more to say about the changes when we announce our third quarter results on 1 February,” the company said. Said in November.
Cab aggregator Ola has also laid off employees from some of its verticals as part of the restructuring exercise. The Bengaluru-based company has given pink slips to around 200 employees from its technical and product teams, and engineering roles have been the most affected, he said.
E-commerce company Amazon has also started laying off employees. India As per reports, as part of its biggest retrenchment exercise across the globe. Amazon has sent an email to the concerned employees informing them that they have been removed.
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