Reuters: Technology News: NZ's Telecom to slash around 1,000 jobs to cut costs

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

NZ's Telecom to slash around 1,000 jobs to cut costs Mar 27th 2013, 21:00 WELLINGTON | Wed Mar 27, 2013 5:00pm EDT WELLINGTON (Reuters) - Telecom New Zealand on Thursday said it would cut around 16 percent of its workforce as part of a major restructuring plan to reduce its costs by up to NZ$110 million. Telecom said it expected to cut full-time employees to 6,300 to 6,600 by mid-year, from 7,530 at the end of 2012 as the country's dominant telecommunications firm struggles to compete in the broadband market while its business operations suffer. "This is an important step to build a leaner, more agile organization with a competitive cost structure, setting us up to win in the market," Telecom CEO Simon Moutter said in a statement. It added that the restructuring of its business, which also includes the Australian operations of its Gen-i unit, would incur a one-off cost of NZ$70 million ($58.51 million) to NZ$80 million in the current fiscal year. It kept intact its operating earnings guidance of NZ$1.04 billion -NZ$1.06 billion for the year, excluding the one-off restructuring costs.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions