Deutsche Telekom to chop 32000 jobs

Deutsche Telekom AG, Europe's largest phone company, said it'll cut 32,000 jobs over the next three years in a belt-tightening move aimed at offsetting a slide in fixed-line revenue.

Deutsche Telekom said the restructuring, which will cost $3.95 billion over three years, was due to "massive changes in the industry." The tough competitive environment in Germany's fixed-network and broadband sector, where all the job cuts will take place, was especially to blame, the carrier said.

(2005-11-02 22:59:27 SGT) [Biz] Permalink

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