Vodafone Prepping Hundreds of Job Cuts in the UK
By James Falconer on Sunday, February 22nd, 2009 at 1:12 PM PST In Vodafone
Vodafone is reportedly getting ready to announce several hundred job cuts within its UK division. The cut announcements could come as early as this Tuesday. The news comes via anonymous sources at Bloomberg. Their sources did not want to be identified. When questioned on the matter, Vodafone (NYSE: VOD) spokesman Simon Gordon declined to comment (of course).
From a similar report at Cellular News:
The UK division has under performed the rest of its European operations, having turned in a margin on earnings before interest, taxes, depreciation and amortization of 23.2 percent in the six months ended Sept. 30. In Germany, Vodafone’s biggest market, the margin was 44 percent and in Italy 44.9 percent.
Vodafone Chief Executive Officer, Vittorio Colao warned earlier this month that there could be some job cuts as part of a company wide plan to reduce costs by an annualized 1 billion pounds by 2011. The company had approximately 72,000 staff worldwide at the end of June 2008, the most recent figure available from their Investor service.
Unfortunately this is just another sign of the times. The job cuts seem to keep coming, and coming… and coming. When will it stop?
[Via: Cellular-News]
Amazing! Vodafone anounced £4billion profits and then anounces Job cuts!! this is disgusting.. the company really shows no consideration for its staff. Another excuse like the last set of redundancy in 2006 over making billions of pounds of profit.. Economy has not affected the company..