Layoff crisis: Vodafone plans massive job cuts, biggest in 5 years

Telecommunication player Vodafone is reportedly planning to slash hundreds of jobs, mostly at its London-based headquarters, to cut costs in the global economic slowdown.

The Financial Times reported that this will be the company's "biggest round of job cuts in five years".

Vodafone employs about 104,000 people globally and 9,400 people in the UK.

In November last year, the company said it will cut 1 billion euros ($1.08 billion) of costs by 2026.

Its CEO Nick Read stepped down at 2022 end, replaced by chief financial officer Margherita Della Valle for an interim period.

Read stepped down as Group Chief Executive and as a Director of Vodafone on December 31, following which he will be available as an adviser to the Board until March 31, 2023.

He had said that cost savings measures would "be achieved through streamlining and simplification of the group".

In a statement, Vodafone said it was reviewing its operating model, focusing on streamlining and simplifying the group.

"We will say more about the changes when we announce our third-quarter results on February 1," said the company.

Earlier this week, the company agreed to sell its business in Hungary to a local IT company called 4iG and the Hungarian state for $1.82 billion.

(KB/IANS)