Virgin Media O2 to axe 2,000 jobs

(Sharecast News) - Virgin Media O2 is to slash up to 2,000 jobs by the end of the year, the telecoms giant said on Tuesday. The move, which also includes around 800 previously reported job cuts, will affect around 12% of its workforce and comes two years after the business was created by the £31bn merger between mobile operator O2 and broadband and TV specialist Virgin Media.

"As we continue to integrate and transform as a company, we are currently consulting on proposals to simplify our operating model to better deliver for customers, which will see a reduction in some roles this year," a company spokesperson said.

"While we know any period of change can be difficult, we are committed to supporting all of our people and are working closely with the CWU (Communication Workers Union) and Prospect along with our internal employee representatives as we have open and honest conversations on the future direction of our business."

Earlier this year BT said it would axe 55,000 jobs by the end of the decade as it cuts costs and in May Vodafone said it was cutting 11,000 jobs over the next three years as the new chief executive Margherita Della Valle set out her plans to "simplify" the telecoms giant.

Reporting by Frank Prenesti for Sharecast.com