Vodafone will cut 11,000 jobs over the next three years

With Vodafone, the next group joins the list of mass layoffs. 11,000 jobs are said to be affected. At the beginning of January, there was still talk of several hundred employees.

There had already been reports at the beginning of January that the telecommunications group Vodafone had to cut costs. Several hundred employees were affected by the cuts, according to a report by the Financial Times.

But only now is the true extent of the cuts becoming known. Because as the new boss Margherita Della Valle has announced11,000 jobs are said to be affected by the cuts by the British group.

Vodafone cuts 11,000 jobs

According to new boss Margherita Della Valle, Vodafone will cut 11,000 jobs over the next three years. That is more than ten percent of the approximately 100,000 employees that the company employs in Europe and Africa.

My priorities are clients, simplicity and growth.

The group should be simplified and competitive again. For the current year, the Vodafone boss paints a bleak picture. Because she expects a decline in free cash flow of 1.5 billion euros.

Vodafone business in Germany is not doing well

“Our performance wasn’t good enough,” Della Valle explains the cuts. “We will simplify our organization in order to regain our competitiveness.” Germany in particular, as Vodafone’s largest market, performed below average.

The group reported a 1.3 percent decline in core profit to 14.7 billion euros in Germany for the fiscal year ended March. This is partly due to higher energy costs.

In addition to Germany, the business in Spain is not under a good star. In recent years, Vodafone would have suffered from cut-throat competition. That is why the business in Spain is being subjected to a strategic review.

Cuts also affect German jobs

Earlier this year, Vodafone had already started cutting 1,000 jobs in Italy. In Germany, too, 1,300 jobs are said to be affected by the cuts.

However, it can be assumed that the headquarters of the Vodafone Group in London will be particularly affected by the cuts.

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