Vodafone Denies Reports of Additional Job Cut Plans in Germany
Vodafone Group Plc (VOD) has no plans to cut more jobs at its German unit, it said, denying a German press report that the company may trim an additional 500 positions on top of those already announced.
“A reduction of an additional 500 jobs as speculated by Manager Magazin is not true,” Vodafone said in an e-mailed statement.
The Newbury, England-based company previously said its German operations will lose 500 jobs total, outsourcing some work to Romania and India and trimming support functions. It’s part of a plan to cut almost 2,000 jobs in Italy, Spain and Germany this year. Vodafone is reducing costs across Europe as an economic decline and high mobile penetration hurt sales of phone service.
European carriers will probably cut the number of telecommunications workers by 30 percent, or more than 300,000, in the next five years, according to the UNI Europa ICTS union.
Vodafone rose 1.7 pence to 195.2 pence in London trading today. The stock has gained 26 percent this year.
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