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Business

Leading Companies Announce Job Cuts

Several of Germany's big industrial players have announced they will slash jobs this year in an attempt to cut costs. T-Mobile, Germany's leading mobile phone operator, said Thursday it was planning to axe up to 2,200 jobs as part of a €1 billion ($1.3 billion) cost-cutting drive to boost profitability in face of difficult market conditions. T-Mobile, the mobile phone arm of German telecommunications giant Deutsche Telekom, said it also planned to spin off some activities, slash subsidies on mobile phone handsets and reduce the number of handset models on offer. Deutsche Bank plans to lay off from 4,000 to 6,000 employees in its investment banking operations as part of a restructuring plan, according to the Frankfurter Allgemeine Zeitung newspaper. At present, about 2,000 jobs are being cut in Germany, London and New York as Deutsche Bank merges its stock and bond departments. Automaker Volkswagen may slash several thousand jobs in the next few years as part of a drive to cut costs, Manager Magazin reports in a report to be published on Friday. By streamlining operating processes in IT, sales and distribution, and general administration, the company could cut 3,000 to 4,000 jobs at its Wolfsburg site alone, the magazine said, citing workers' representatives.

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