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Australian telecom giant slashes 8,000 jobs
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IANS | 20 Jun, 2018
Australia's biggest telecom operator Telstra is cutting 8,000 jobs in a
dramatic bid to bring down costs, the company announced on Wednesday.
Telstra
said in a statement that it will slash employee and contractor roles as
part of plans to reduce costs by A$2.5 billion ($1.8 billion) by 2022,
reports CNN.
It will also sell off assets to pare down debt.
The
company, which has 32,000 employees, said one in four executive and
middle management jobs will be eliminated over the next three years.
Telstra,
Australia's former telecommunications monopoly, is also planning to
split its infrastructure operations, which include data centres and
broadband cables, into a separate unit and will drastically slim down
the number of products it offers customers.
"The rate and pace of
change in our industry is increasingly driven by technological
innovation and competition," CNN quoted CEO Andrew Penn as saying.
"In this environment, traditional companies that do not respond are most at risk."
Telstra's stock fell 5 per cent in Wednesday morning trading.
The company's shares have lost more than half of their market value over the past three years.
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