Mobile phone giant Vodafone has announced it will cut 11,000 jobs globally over the next three years as part of an overhaul to cut costs.
Vodafone is a multinational telecommunications company that operates in several countries around the world. It provides a range of services including mobile and fixed-line telephony, broadband and internet services, and digital television.
Vodafone was founded on September 16, 1991. It originated in the United Kingdom as a subsidiary of Racal Electronics plc, a British electronics company. Initially, Vodafone focused on providing mobile telecommunications services.
Vodafone employs over 105,000 people globally.
Margherita Della Valle, recently appointed Vodafone’s group chief executive, said the cull comes as part of a plan to simplify the business.
It will impact the group’s UK headquarters in Newbury, Berkshire, as well as markets worldwide.
Ms Della Valle said: “Our performance has not been good enough.
“To consistently deliver, Vodafone must change.”
“We will simplify our organisation, cutting out complexity to regain our competitiveness,” she added.
It comes as Vodafone reported a 1.3% drop in full-year earnings to a lower-than-expected 14.7 billion euros (£12.8 billion) and forecast little or no growth in earnings over the current financial year.
The group’s former boss Nick Read, who was ousted abruptly in December due to concerns over the group’s performance, unveiled plans late last year to drive around one billion euros (£883 million) of cost savings.
The firm said at the time it could lead to job losses but did not put a figure on the number of roles being cut.
