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Virgin Media O2 to cut thousands of jobs in £800m cost drive
Virgin Media O2 has confirmed plans to cut thousands of jobs from its 16,000-strong UK workforce as part of an £800 million cost-saving drive by 2029.
Virgin Media O2 has confirmed it will axe thousands of jobs from its 16,000-strong workforce in a cost-cutting drive aimed at saving £800 million annually by 2029. The company said approximately £300 million of these savings will come from job cuts, with staff costs targeted to fall by around 30 per cent. Most redundancies are expected to affect non-customer-facing roles, including head office, IT and support functions, whilst senior leadership positions are already being cut. The telecoms giant, jointly owned by Liberty Global and Telefónica, is also increasing its use of artificial intelligence and reducing spending on contractors and suppliers. CEO Lutz Schüler said the moves were necessary given market conditions, regulatory pressures and technological change, whilst committing to treat departing employees fairly.
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