Telus Plans to Cut 6,000 Jobs Globally as Profit Slides
- Job cuts to cost telecom as much as $355 million this year
- CIBC Sees ‘tougher’ regulatory, competitive telecom landscape
A Telus store in Vancouver, British Columbia, Canada, on Tuesday, Sept. 6, 2022. Telus Corp. is cutting its global workforce by 6,000 people, the company announced Friday, as it reported lower gains despite a jump in revenues.
Photographer: Taehoon Kim/BloombergTelus Corp. said it’s seeking to eliminate 6,000 jobs, or 6% of its workforce, after posting second-quarter profit that missed analysts estimates.
The cuts comprise of 4,000 workers at Telus and 2,000 at Telus International and includes offers of early retirement and voluntary departure packages, the Vancouver-based telecommunications company said Friday in its earnings statement. The reductions will cost Telus as much as C$475 million ($355 million) this year, and are expected to yield C$325 million in annual savings. Telus had 108,500 employees at the end of 2022.