Vodafone expected to announce job cuts


­Considering the current state of the global economy, expect more news of this sad nature in the coming weeks. Carrier Vodafone is expected this week to announce a substantial job cut of its European workforce aimed at generating savings of £1 billion (US$1.6 billion). This news comes in addition to previous warnings from Vodafone that their sales have remained difficult in its UK and Spanish markets. Vodafone is expected Tuesday to post a half-year operating profit of £5.7 billion on sales of £19.8 billion.

“Whether they set a target now or in May, there will have to be a cost plan,” Terence Sinclair, telecoms analyst at Citigroup told the Sunday Times newspaper. “£1 billion is just 3% of sales.”

Hopefully big sales of the BlackBerry Storm 9500 following its launch on the 14th will help to save a few jobs for our European friends.

|via Sunday Times|