News: Vodafone slashes jobs to restructure

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Hutchison Telecommunications Limited (ASX:HTA) owned Vodafone has announced plans to slash jobs under a major restructuring of the company.



In an attempt to rebuild its struggling operations, the telco will cut about 500 of its 5000 staff in the next month.



Vodafone Hutchison Australia’s chief says simplifying the business is vital to ensure growth in the long term.



The mobile provider cut 200 jobs earlier this year.  Vodafone will need to renew its 15-year spectrum licence that will cost about $700 million.



The mobile provider completed a three-year upgrade to its network last month, that cost about $1.7 billion.

 

Hutichison Booked a net loss of $131.3 million in the first half of 2012 financial year.