Virgin Media O2 outlines plans to lay off thousands as revenue falls

Virgin Media O2 (VMO2) wants to chop a third of its labor costs and is expected to lay off thousands of workers, giving staff more to think about than Christmas presents during the run up to year-end.

Shrinking the workforce is one of a number of cost reduction measures designed to save the UK's second largest telecoms provider some £800 million by 2029.

It currently employs 16,000 people and redundancies will "equate to roughly 30 percent of the company’s total people costs" over the next two years, VMO2 said on Tuesday.

The majority of the redundancies will come from "non-customer facing roles," it claimed. The Register asked the telco to be more specific on the headcount cuts and the type of roles are at risk.

A spokesperson refused to provide a number, saying those plans are being finalized and consultations are due to take place. …