Virgin Media O2 to axe thousands of jobs in sweeping shake-up: Report
The telecoms group aims to save £800 million a year by 2029 as most cuts hit non-customer-facing roles.
- Virgin Media announced plans to cut thousands of jobs as part of a radical restructuring. The company, jointly owned by Liberty Global and Telefonica, faces intense pressure to reduce costs across its 16,000-strong workforce.
- Mounting concerns over the £22 billion debt pile prompted the strategic transformation. Shareholders sought to reduce costs by about £600 million, leading to planned redundancies and a review of supplier contracts.
- Trade union officials at the CWU and Prospect have received briefings regarding the impending transformation. Most affected staff will occupy non-customer-facing roles, with senior leadership changes already underway.
- Management will confirm specific cost-reduction targets when Virgin Media presents quarterly results next Tuesday. A source told Sky that "the final numbers on cost reduction are still moving around."
- Planned job losses join significant layoffs across the telecommunications sector as operators seek efficiency amid rising cost pressures. Up to 4,000 of the 16,000-strong workforce could be affected, representing 25 per cent of staff.
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British Internet and mobile communications provider Virgin Media O2 is likely to remove thousands of jobs and increase the use of artificial intelligence.
Zeit Online
Virgin Media O2 is preparing to cut thousands of jobs and reduce its ambitions in the advancement of fiber optics, in an attempt to expand its profitability in the midst of fierce competition in the UK broadband and mobile telephony markets. The telecommunications operator, jointly controlled by Liberty Global and Telefónica, has been pressured by the expansion of the national fibre network of the competitor BT and by dozens of small alternative…
Virgin Media O2 to cut thousands of jobs and slash costs
The telecoms group said it expected to save around £300 million ($400 million) in staff expenses, as part of a broader plan to slash costs by around £800 million a year by 2029. The group, which employs 16,000 people, did not confirm how many jobs would be axed but said the number would be in the thousands. "While many of these decisions are tough, they are necessary for our future success and growth," chief executive Lutz Schuler said in a st…
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