British telecommunications operator Virgin Media O2, which is jointly owned by Liberty Global and Spain’s Telefonica, will cut thousands of jobs in a sweeping shake-up, Sky News reported on Oct 31, citing people close to the company.
Up to 4,000 of Virgin Media O2’s 16,000 employees could be affected, although the precise number of job cuts has yet to be finalised, the report said.
Most of the job cuts are expected to affect non-customer-facing roles, while a number of senior leadership changes are already under way, the report said.
Virgin Media O2 declined to comment on the report.
The company is also expected to review its usage of contractors and suppliers in an effort to reduce costs, the report said.
The Financial Times reported in July that the company’s owners were weighing options to reduce the company’s £22 billion (S$37.7 billion) debt pile.
In September, the Financial Times reported Virgin Media O2’s shareholders were seeking to reduce costs by about £600 million. REUTERS
