- Vodafone Group ( NASDAQ: VOD ) is looking to eliminate several hundred jobs as part of $1.08B cost-saving measure announced in November last year.
- Citing people familiar with the matter, the Financial Times reported that the move will mostly affect employees at its London headquarters.
- The British telecom group is working to trim costs in the wake of a deteriorating market outlook. Group profits fell in the first half of the year partly due to a weak performance in Germany, its largest market.
- Since the announcement of the cost saving initiative, the company's CEO Nick Read has stepped down as the board expressed its unhappiness with the progress under him. Stock plunged more than 40% since Read took over in October 2018, despite spin-off of Vodafone's infrastructure unit, Vantage Towers.
- The telecom firm employs about 104,000 people globally and 9,400 people in the U.K. The exact scale of the intended job cuts are currently unknown.
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Vodafone looking to eliminate several hundred jobs in cost-saving effort