Virgin Media O2 plans staff cuts in £800m cost-cutting drive
Virgin Media O2 is planning to lay off up to 25% of its staff, around 4,000 people, as part of an £800 million cost-cutting push.
Most cuts will hit behind-the-scenes roles, all in an effort to shrink the company's hefty £22 billion debt.
Virgin Media O2 will use AI
To save about 30% on wages over the next two years, Virgin Media O2 will lean more on artificial intelligence for customer service, network planning, and fault management.
The company is also pausing its full-fiber network upgrade for now and may team up with other providers like BT's Openreach to expand coverage.
CEO Lutz Schuler says these changes are tough but necessary.
Lutz Schuler said, "Standing still and doing what we've always done is not an option and while many of these decisions are tough, they are necessary for our future success and growth."