Vodafone Expected to Announce Job Cuts this Week
Published on: 8th Nov 2008
Note -- this news article is more than a year old.
Vodafone is expected to announce a series of cost cuts aimed at generating savings of £1 billion (USD1.6 billion) a year and could leads to substantial job cuts in its European workforce. The company is also expected to report that sales have remained difficult in its UK and Spanish markets where the company warned of problems earlier this year.
"Whether they set a target now or in May, there will have to be a cost plan," Terence Sinclair, telecoms analyst at Citigroup told the Sunday Times newspaper. "£1 billion is just 3% of sales."
On Tuesday the company is expected to post a half-year operating profit of £5.7 billion on sales of £19.8 billion.
Vittorio Colao took over at the top of the firm in July from Arun Sarin, who had already embarked on service consolidations following a series of acquisitions by his predecessor, Sir Chris Gent.
On the web: Sunday Times