Vodafone's to cut 11,000 jobs to regain competitiveness

Vodafone is cutting 11,000 jobs over three years to help cut costs and boost its financial performance, the telecoms group's chief ex Margherita Della Valle said on Tuesday.

"The circumstances of our industry and the position of Vodafone within it require us to change," Della Valle said.

"We need to take out complexity and simplify how we operate," she added.

Vodafone also reported the group revenue stood at €45.7 billion ($50 billion) in its financial year to the end of March, almost flat compared with 2021/22.

"Our performance has not been good enough," Della Valle said.

Vodafone's poor performance in Germany

She was mandated to turn Vodafone around when she permanently took on the top job in January, aiming to cut costs by €1 billion ($1.1 billion) by 2026.

"My priorities are customers, simplicity and growth," she said.

Vodafone has already started to cut jobs in big markets, shedding 1,000 in Italy this year, while a media report said it was looking to cut around 1,300 in Germany.

Germany, Vodafone's biggest market, was underperforming, Della Vall said.

She said the group's Spanish business was under strategic review, and "structural change," meaning a full or partial sale, was being considered.

The job cuts announced on Tuesday are the biggest in the history of Vodafone, which employed more than 100,000 people across Europe and Africa at the end of last year.

lo/jcg (AP, AFP, Reuters)