T Italia Axes 4,000 More
10:30 AM -- Telecom Italia (TIM) will cut another 4,000 jobs in Italy in addition to the 5,000 job reductions announced in June by 2010, as part of a plan to save €2 billion (US$2.5 billion) over the next three years. The news came today as the Italian operator announced a new three-year strategic plan for 2009-2011. (See T Italia Wields Axe.)
Telecom Italia also wants to shed non-core assets worth some €3 billion ($3.8 billion). The operator said it will focus on fixed line and mobile broadband services in Italy, Brazil, and Argentina.
“Operations that fall outside these geographic and business priorities will be managed to enhance their value prior to divestment,” said CEO Franco Bernabè.
The operator has heaped the pile of job redundancies in Europe, following similar announcements from Virgin Media Inc. (Nasdaq: VMED), Cable and Wireless plc (NYSE: CWP), Telekom Austria AG (NYSE: TKA; Vienna: TKA), Nokia Networks , and Nortel Networks Ltd. . (See Europe Hit With Big Telecom Jobs Cuts.)
— Michelle Donegan, European Editor, Unstrung
Telecom Italia also wants to shed non-core assets worth some €3 billion ($3.8 billion). The operator said it will focus on fixed line and mobile broadband services in Italy, Brazil, and Argentina.
“Operations that fall outside these geographic and business priorities will be managed to enhance their value prior to divestment,” said CEO Franco Bernabè.
The operator has heaped the pile of job redundancies in Europe, following similar announcements from Virgin Media Inc. (Nasdaq: VMED), Cable and Wireless plc (NYSE: CWP), Telekom Austria AG (NYSE: TKA; Vienna: TKA), Nokia Networks , and Nortel Networks Ltd. . (See Europe Hit With Big Telecom Jobs Cuts.)
— Michelle Donegan, European Editor, Unstrung
