Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings
Up to 25% of 16,000 workforce could go as telecoms group says it will increase use of AI in areas including customer service
TL;DR
- Virgin Media O2 (VMO2) is implementing an £800 million cost-cutting drive.
- This initiative includes job cuts that could affect up to 25% of its 16,000 workforce, aiming to reduce wage bills by 30% over two years.
- VMO2 will increase its use of AI tools in areas like customer service and network management.
- The company is also reducing contractor usage, reviewing suppliers, and making a lower-cost network upgrade to 2Gbps speeds.
- VMO2 is halting significant investment in full fibre upgrades beyond current commitments and exploring wholesale deals with partners like Openreach.
- The company is reviewing its dividend payments to shareholders.
- These measures are being taken amid customer losses and the company's substantial debt of £22 billion.