Vodafone is planning massive layoffs as part of a $1.1 billion dollar cost-cutting effort, reported the Financial Times. Several hundreds of jobs are on the chopping block, and according to sources, most are located at the company’s London headquarters.
Vodafone has roughly 104,000 employees around the world, and recently has faced pressure from investors to rein in its expansive business following poor performances from many of its global units. The Financial Times also cited additional pressures that have hit the telecommunications industry at large, such as increasing energy prices and interest rates.
