Vodafone Group PLC (LSE:VOD) is planning to axe several hundred jobs, many of which are at its London headquarters, according to a report by the Financial Times.
Last November, the telecoms giant announced its intention to implement cost-saving measures worth €1bn, with today’s FT report signalling the London culling, could be the first move to claw back on costs.
Vodafone chief executive Nick Read has stepped down since November’s half-year report - his tenure had resulted in the FTSE 100-listed firm's share price almost halving.
Earlier this week, Vodafone revealed that it will receive €1.7bn from the sale of its Hungarian arm, which was first announced in August last year. and separately confirmed a raft of management changes across Europe.
Activist investor, Coast Capital, also told Bloomberg this week that it no longer sees Vodafone as “an attractive business model” after dumping its holding.