Li Ka-shing’s U.K. Carrier Cuts 7% of Workforce in Revamp
- Last month, CK Hutchison vowed stringent but flexible spending
- Step mainly affects head-office staff in U.K., company says
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CK Hutchison Holdings Ltd., the Hong Kong-based conglomerate founded by tycoon Li Ka-shing, is cutting about 280 jobs at British phone company Three under new Chief Executive Officer Robert Finnegan.
The decision mainly affects head-office staff in the U.K. and represents a roughly 7% reduction to the company’s 4,300 workers, a spokeswoman for Three said in response to questions.