British telecoms firm Virgin Media O2 to cut thousands of jobs, Sky News reports
Up to 4,000 staff could be affected, with most cuts expected to affect non-customer-facing roles.
British telecommunications firm Virgin Media O2, jointly owned by Liberty Global and Spain’s Telefonica, is reportedly set to lay off thousands of employees as part of a major restructuring, according to Sky News. The potential job cuts, which could involve up to 4,000 out of the company's 16,000 staff members, are expected to primarily impact non-customer-facing roles, according to sources familiar with the matter.
In addition to the workforce reductions, Virgin Media O2 is also considering changes to its leadership structure and reviewing its reliance on contractors and suppliers to further cut costs, the report stated. The Financial Times had previously reported in July that the company's owners were exploring options to address its £22 billion debt load, while in September, the outlet suggested that shareholders were aiming to slash expenses by around £600 million. Virgin Media O2 did not respond to the Sky News report.
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