Virgin Media O2 confirms thousands of UK job cuts in £800m cost-cutting drive
Virgin Media O2 has confirmed plans to slash thousands of jobs in the UK under a push to cut its cost base by around £800m, as it grapples with firmer competition and “paradoxical” regulation in the fibre market. The telecoms giant said around £300m of the total savings would come from cutting its 16,000-strong workforce [...]
Virgin Media O2 has revealed plans to reduce its workforce in the UK by thousands as part of an £800m cost-cutting initiative. The telecoms company aims to cut staff costs by up to 30% by 2029, with £300m of the total savings derived from eliminating 16,000 jobs in the UK. The restructuring also seeks to simplify management structure and decrease spending on contractors and suppliers.
Analysts estimate that redundancy costs could generate £200m in annual personnel savings by 2028. The move comes amid competition from cheaper broadband providers, regulatory challenges in the fibre market, and a shrinking market. Virgin Media O2's CEO, Lutz Schuler, stated that the company is proactively addressing these challenges, emphasizing that standing still is not an option.
The restructuring will not result in the closure of any UK offices, including locations in London, Reading, Leeds, Manchester, and Glasgow.
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