Vodafone is looking to make hundreds of job cuts as part of a plan to save €1 billion by 2026.

The telecommunications firm wants to cut costs and improve its floundering performance.

Sources said most of the affected jobs are at its London headquarters.

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The European telecoms sector has had a challenging few years.

Some massive players, including BT and Vodafone in the UK, Telefónica in Spain, and Orange in France, have reduced their values by half.

Energy prices and rising interest rates have driven up costs for highly power-intensive and indebted businesses over the last year.

Vodafone, which employs approximately 104,000 people globally and 9,400 in the UK, has had a tough year.

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It comes as a number of investors pressed the company to streamline its vast business, eliminate underperforming units, and decentralise its global operations.

Vodafone has lost more than 40 percent of its value during Nick Read’s tenure as CEO.

The firm said in November about €1 billion in cost cutting by 2026 after revealing that group profits had fallen in the first half of the year, mainly due to poor performance in Germany, its largest market.

Vodafone said: “We are reviewing our operating model, focusing on streamlining and simplifying the group. 

“We will say more about the changes when we announce our third-quarter results on February 1.”

Source: Financial Times

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