Layoff wave: Vodafone plans hundreds of job cuts, biggest in 5 years; Report

Telecommunications player Vodafone is reportedly planning to slash hundreds of jobs, mostly at its London-based headquarters, to cut costs in the global economic slowdown.

The Financial Times reported that this will be the company's "biggest round of job cuts in five years."

Vodafone employs about 1,04,000 people globally and 9,400 people in the UK.

In November last year, the company said it will cut 1 billion euros ($1.08 billion) of costs by 2026.

Nick Read stepped down

Its CEO Nick Read stepped down at 2022 end, replaced by chief financial officer Margherita Della Valle for an interim period.

Read stepped down as Group Chief Executive and as a Director of Vodafone on December 31, following which he will be available as an adviser to the Board until March 31, 2023.

He had said that cost savings measures would "be achieved through streamlining and simplification of the group".

In a statement, Vodafone said it was reviewing its operating model, focusing on streamlining and simplifying the group.

"We will say more about the changes when we announce our third-quarter results on February 1," said the company.

This week, the corporation decided to sell its operations in Hungary to the Hungarian government and the local IT firm 4iG for $1.82 billion.

With inputs from Agencies.