Vodafone axing 11,000 jobs as U.K. wireless carrier aims to cut costs, boost growth

LONDON –

Wireless provider Vodafone mentioned Tuesday that it is shedding 11,000 staff as a part of a serious revamp aimed toward reducing prices and boosting flagging monetary efficiency.

Vodafone, one of many world’s greatest cell phone firms by subscribers, made the announcement because it reported that its annual earnings dropped 1.3% and forecast little or no earnings progress over the monetary 12 months.

“The circumstances of our industry and the position of Vodafone within it require us to change,” CEO Margherita Della Valle mentioned. “We need to take out complexity and simplify how we operate.”

Vodafone mentioned the reductions can be carried out over the following three years, with cuts already introduced in Italy, Germany and at its U.Okay. headquarters.

Della Valle, who took excessive job in January, goals to chop prices by 1 billion euros (US$1.1 billion) by 2026.

The job losses come amid sweeping cuts within the wider know-how business amid flagging financial progress and surging inflation.

Vodafone operates in markets throughout Europe and Africa and employed about 100,000 folks globally on the finish of final 12 months.