🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Vodafone set to cut around 1,300 jobs in Germany - Handelsblatt

Published 29/03/2023, 17:15
© Reuters. FILE PHOTO: Branding hangs outside a Vodafone shop in Oxford, Britain, May 16, 2017. REUTERS/Toby Melville
VOD
-

FRANKFURT (Reuters) - Vodafone (LON:VOD) wants to cut around 1,300 full-time jobs in Germany, its regional boss Philippe Rogge told German newspaper Handelsblatt on Wednesday.

Administrative and management positions are predominantly affected, said Rogge in his first public comments since becoming Vodafone Germany CEO in July.

"If we want to finance our ambitions, we have to take this painful step," said Rogge, who is also a member of the group's board of directors in London.

The "restart" for Vodafone Germany will help to make it leaner as Deutsche Telekom (ETR:DTEGn)'s most important competitor, said Rogge.

Around 6.3% of the 14,230 full-time jobs in Germany will be cut, the report said.

This follows the British telecoms giant saying on March 13 it planned to shed 1,000 jobs in Italy - almost a fifth of its total workforce there.

© Reuters. FILE PHOTO: Branding hangs outside a Vodafone shop in Oxford, Britain, May 16, 2017. REUTERS/Toby Melville

In November, the telecoms group announced cost-saving measures worth 1 billion euros ($1.1 billion) in the wake of a deteriorating market outlook.

($1 = 0.9230 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.