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Why is Vodafone laying-off hundreds of people globally? Know the reason

Vodafone has employed around 104,000 people across the world out of which around 9,400 people are based in the United Kingdom. In November 2022, the company said that it will be cutting around 1 billion euros ($1.08 billion) of costs by 2026.

Reported By : IANS Edited By : Saumya Nigam
Noida
Published on: January 14, 2023 14:02 IST
Vodafone
Image Source : INDIA TV Vodafone

Vodafone Idea (Vi), a telecommunication player has been reportedly planning to slash hundreds of jobs, mostly at its London-based headquarters, to cut costs in the global economic slowdown.

The Financial Times reported that this will be the company's "biggest round of job cuts in five years". ALSO READ: Airtel 5G Plus reaches Jammu and Kashmir: Know more

 

Vodafone has employed around 104,000 people across the world out of which around 9,400 people are based in the United Kingdom.

 

India Tv - Vodafone

Image Source : VODAFONEVodafone logo

ALSO READ: Reliance 5G services started in Jaipur, Jodhpur and Udaipur

 

In November (2022) last year, the company said it will cut 1 billion euros ($1.08 billion) of costs by 2026.

ALSO READ: VingaJoy CHOTA BHEEM VB-SX10 Powerbank: Quick Review

Its CEO Nick Read stepped down in 2022 end, was replaced by chief financial officer Margherita Della Valle for an interim period.

Read stepped down as Group Chief Executive and as a Director of Vodafone on December 31, following which he will be available as an adviser to the Board until March 31, 2023.

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.

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