Vodafone Group Plc is mullings to shed several hundred jobs, most of which are located at its London headquarters, the FT reported on Friday, citing people familiar with the matter.
Vodafone Group Plc considers cutting several hundred jobs, the most of which are situated at its London headquarters. After a weakening market picture, Vodafone announced cost-saving steps totaling USD 1.08 billion in November, in the wake of a deteriorating market scenario. Since then, the company's Chief Executive Officer Nick Read has stepped down, a tenure during which the British telecom group's share price nearly halved, as the board expressed its displeasure with the progress under him.
Earlier this week, Vodafone agreed to sell its operations in Hungary to the Hungarian government and local IT firm 4iG for a total of 1.7 billion euros (USD 1.82 billion) in cash.
Vodafone, which has 9,400 employees in the UK and approximately 104,000 worldwide, has had a particularly difficult year. As per Financial Times, the company faced intense pressure from investors to decentralize its global operations, streamline its complex business, and get rid of underperforming businesses.
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