- Virgin Media O2 has announced plans to axe thousands of jobs from its 16,000-strong UK workforce as part of a target to save £800 million annually by 2029.
- The planned job cuts are expected to reduce labour costs by around 30 per cent, generating roughly £300 million of the overall savings.
- The redundancies will predominantly focus on head office, IT, and support functions, with most customer-facing roles remaining unaffected.
- The telecommunications company is also reviewing its use of external contractors and suppliers to deliver further cost reductions.
- Chief Executive Lutz Schuler stated the tough decisions are necessary to adapt to market conditions, fibre regulation, and technological change.
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