Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings
Summary
Virgin Media O2 plans to cut jobs and reduce other costs to save £800 million a year by 2029 as it seeks to address £22 billion in debt. The company said it has not specified the number of job cuts, and plans to increase its use of AI while limiting some network investment.Key Facts
- Virgin Media O2 is jointly owned by Liberty Global and Telefónica.
- The company said £300 million of its savings target will come from job cuts.
- The job cuts are expected to reduce the employee wage bill by 30% over two years.
- The company has not said how many jobs it will eliminate; the article estimates the cuts could affect as many as 25% of its 16,000 employees.
- Virgin Media O2 said most job losses will be in roles that do not directly serve customers.
- The company plans to use AI tools more in customer service, network planning and fault management.
- Other planned savings include reducing contractor use and reviewing suppliers and supply chain contracts.
- Virgin Media O2 has paused further investment in upgrading its network to full fibre beyond existing partner commitments; the upgrade is 50% complete.
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