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Vodafone to axe 11,000 jobs

Vodafone to axe 11,000 jobs

Vodafone is axing 11,000 jobs.

Margherita Della Valle, the telecom tech giant’s new finance director, deemed the company’s “performance has not been good enough” as the announcement they were cutting ten per cent of their staff across the world.

The business - which boasts 12,000 workers in the UK across seven offices, including its UK headquarters in Berkshire - currently 104,000 people internationally and already had plans for layoffs in some departments.

Vodafone has reported having a tricky few years with the increasing energy prices and falling revenue in key markets in Europe like Germany, Spain and Italy with the competition taking their market share.

Matt Britzman, an rep from investment company, Hargreaves Lansdown told BBC News: "Part of that can be tied to falling customer satisfaction levels in those regions.”

According to the UK communications regulator Ofcom, it was the second most complained major provider in the last quarter of 2022.

Ms Della Valle - who assumed her position in January this year - said: "To consistently deliver, Vodafone must change.

"My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness."

The labour cutbacks come after they recorded a rise in sales to £39.7 billion but a dip in pre-tax profits.

Mr Britzman agreed with the principle of the reductions in staffing and called it “refreshing” but noted that shareholders would need more to inspire confidence in her plan after the share price went down five per cent on Tuesday.

He said that they “make sense on paper, but markets will need to see tangible results over the coming year before they get more excited."

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