Vodafone The company is reportedly planning its biggest job cuts in five years to rein in costs and revive its flagging performance.
The Financial Times quoted people briefed on the discussions as saying that the telecommunications group plans to cut several hundred jobs, most of them at its London headquarters.
Vodafone, which employs around 104,000 people worldwide and 9,400 people in the UK, has had a particularly difficult year after coming under pressure from a range of investors to simplify its business, exit underperforming units and decentralize its global operations.
The company said in November it plans to cut costs by 1 billion euros by 2026, as it flagged a decline in first-half profits partly due to weak performance in its biggest market, Germany.
Nick Read, the chief executive at the time, said the savings would be “achieved by streamlining and simplifying the group” and could result in job losses.