Virgin Media O2 (VMO2) is reportedly planning to cut thousands of jobs as it looks to reduce costs amid growing concerns from investors about its ability to manage its £22 billion debt.
According to Sky News, the telecoms giant, which is jointly owned by Liberty Global and Telefonica, is preparing plans to make a significant number of its 16,000 employees redundant over the coming months.
Sources close to the company said the exact number of job cuts has not yet been confirmed ahead of its third-quarter results next Tuesday. However, sources admitted that the cuts are likely to run into the thousands, with one insider suggesting that as many as 4,000 jobs could be at risk.
Trade union representatives from the CWU and Prospect are understood to have already been briefed on some of the planned changes, the report stated.
Most of those affected are expected to work in non-customer-facing roles, according to one insider. A number of senior management changes are also already under way at the company, which is being led by chief executive Lutz Schüler.
“The final numbers on cost reduction are still moving around,” one person close to the situation told Sky News.
Meanwhile, a VMO2 spokesman declined to comment on the redundancy plans.
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