British telecoms operator Virgin Media O2 is preparing a sweeping shake-up that could lead to thousands of job losses, Sky News reported on Saturday, according to Reuters. As many as 4,000 roles could be affected out of a workforce of roughly 16,000 people.
The precise number has not yet been finalised. A cost-reduction target is expected to be confirmed when the company reports its third-quarter results on Tuesday.
Most of the jobs expected to go are in non-customer-facing roles, the report said, while a number of senior leadership changes are already under way. The company is also expected to look again at how it uses contractors and suppliers as part of its effort to reduce costs.
Virgin Media O2 is jointly owned by Liberty Global and Spain’s Telefonica. The planned shake-up comes as the company carries debt of about £22 billion. The Financial Times reported in September that shareholders were seeking cost reductions of about £600 million.
The cuts would follow significant layoffs at BT Group and Vodafone Three, as UK telecoms operators seek to become more efficient.
Virgin Media O2 did not immediately respond to a request for comment, Reuters reported.
Source: Reuters report (reporting by Sky News, via Reuters).
Note: The featured image is illustrative only and is not a photo of the company or the job cuts.
