Vodafone Telecommunication's major player is reportedly planning to slash hundreds of jobs, mostly at its London-based headquarters, to cut costs in the global economic slowdown.
In November last year, the company said it will cut 1 billion euros ($1.08 billion) of costs by 2026. Its CEO Nick Read stepped down in 2022 end, was replaced by chief financial officer Margherita Della Valle for an interim period. The Financial Times reported that this will be the company's "biggest round of job cuts in five years". Vodafone employs about 104,000 people globally and 9,400 people in the UK.
He had said that cost savings measures would "be achieved through streamlining and simplification of the group". In a statement, Vodafone said it was reviewing its 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," said the company. Earlier this week, the company agreed to sell its business in Hungary to a local IT company called 4iG and the Hungarian state for $1.82 billion.